John Beadle

And it really differs at every place how we go about it, just depending on how they organize themselves and how they like to go about those types of needs-finding analyses.

But to generalize across all of them, we will spend a lot of time with the C-suites.

They will tell us what their strategic plans are, where they're deploying technology, what's working, what's not, and where there's places where new companies could fill in gaps.

At Northwell, we heard directly from the COO of the health system that they were having a huge challenge with this particular set of workflows.

And from there, we ended up spending a lot of time shadowing the teams that were doing that set of workflows, thought about how could we build a technology that could really turbocharge their productivity and enable us to drive ROI and impact for the health system.

And then it comes down to, can you recruit the right leadership team?

Is the technology going to work as effectively as we want it to?

is there a broader market need for this?

And so once we find that there's a need within a particular health system that brought us the challenge, we also want to triangulate that with the rest of our consortium to make sure that we're not building a solution that is overly bespoke to one health system, given that we want to build scaled venture-backed businesses that can succeed in the market independently.

And so we have a pretty structured process from going from hearing a problem

prototyping a solution, testing that in the market broadly, recruiting the team and standing that up, and then launching the company.

And it's different depending on each time that we do it, but I think we've created a blueprint or a playbook that is relatively systematic across the board.

It's a great question.

So we've launched five to date.

Four of the five are now past Series A and so are kind of spun out, independent, have fully independent management teams.

They are all scaling in the market broadly.

They've gotten great external funding rounds.

And we will put anywhere from $7 million to $12 million in every company.

And then after that, look for them to raise money from the venture community.

And so four of the five are now past that phase.