MoU to Establish Presence in Northern England
At the end of March, Nashville-based investment and strategic advisory firm Briovation signed a Memorandum of Understanding (MoU) with three key partners to establish a presence in Greater Manchester and Northern England, in order to facilitate transatlantic investment and acceleration of promising health and healthcare companies.
Officials with Briovation said the intention of the agreement is to establish the joint planning and co-development of a comprehensive approach to identifying, investing in and optimizing innovation in health and wellbeing to facilitate the extension of Greater Manchester/North of England Partnership-based businesses to the U.S. and vice versa. Briovation has identified Greater Manchester and the North of England as an important worldwide center of healthcare innovation and envisions this collaborative partnering relationship as highly complementary to its existing U.S. business.
"The Greater Manchester region has developed a healthcare ecosystem that is recognized globally for its leadership in health and social care, and its dynamic entrepreneurial environment creates an ideal opportunity to implement our proven approach outside of the U.S.," said Vic Gatto, Briovation's CEO and co-founder.
The U.K. partners - which include Health Innovation Manchester, Manchester's Oxford Road Corridor, and TRUSTECH - are creating a dynamic Greater Manchester health innovation ecosystem and are continuing to develop partnerships to enhance the growth of this initiative. "We are excited to partner with Briovation to broaden opportunity for local and regional healthcare businesses that are looking both for strategic investment and the ability to introduce their offerings into the complex U.S. healthcare market," said Jackie Oldham, director of Strategic Initiatives, Oxford Road Corridor & Health Innovation Manchester.
The U.K. partners will facilitate access to and relationships with new and existing companies and potential funding partners across the region and will assist Briovation with the development of specific entrepreneurial programs. Briovation intends to replicate its U.S. business model - which includes Health:Further, its strategic healthcare advisory group, seed fund Jumpstart Foundry, and the Jumpstart Capital growth fund - in the U.K. The partnership is originally structured for three years, and the partners have already begun the development of a comprehensive implementation plan which will be launched in the second half of 2019.