Overview
What is Biohealth Innovation?
Biohealth Innovation is a nonprofit organization situated in Rockville, Maryland. Their primary mission is to bridge the gap between market-relevant research assets and suitable funding, management, and markets, ultimately facilitating the creation of commercially viable biohealth products and companies. They achieve this through various initiatives, such as offering support to biohealth companies in preparing applications for federal funding and providing resources for entrepreneur-in-residence programs. The entrepreneur-in-residence program aims to source, fund, and grow high-potential biohealth products by partnering with research institutions and universities. Biohealth Innovation also collaborates with organizations like the National Institutes of Health (NIH) and the Food and Drug Administration (FDA) to identify, evaluate, and support the development of new start-up companies based on technology license agreements. Additionally, they offer applied training programs for post-doctoral fellows and researchers interested in commercializing biomedical technology, such as the Innovate UMBC program.
Official website here: www.biohealthinnovation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 88% - Three-Star out of Four Stars .ating.
Biohealth Innovation has received a solid Three-Star rating from Charity Navigator, based on its accountability and finance score of 88%. The organization demonstrates strong governance with 95% independent board members and an effective audit and oversight committee. It maintains a low liabilities-to-assets ratio and a high program expense ratio, indicating that a significant portion of its funds is directed towards its programs.
Despite its overall positive score, there are some notable limitations. The organization lacks certain policies such as a conflict of interest policy and document retention and destruction guidelines, which could raise concerns regarding transparency and governance practices. Additionally, user reviews from platforms like Great Nonprofits highlight issues with communication, specifically regarding difficulties in managing mailing list subscriptions.
One user expressed frustration over their inability to remove themselves from Biohealth Innovation's mailing list, suggesting potential challenges in customer service and responsiveness. While the organization shows promise in its financial management and governance, addressing these operational shortcomings could enhance its overall effectiveness and public perception.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Biohealth Innovation legitimate?
Biohealth Innovation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Biohealth Innovation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $522,326
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,235,342
For more financial information, click here
Official website here: www.biohealthinnovation.org
What is the mission statement of Biohealth Innovation?
Biohealth Innovation's mission is to connect market-relevant research assets with appropriate funding, management, and markets. This aim is to facilitate the development of commercially viable biohealth products and companies. They accomplish this by offering support to biohealth companies in preparing applications for federal funding, such as SBIRs and STTRs. Biohealth Innovation also has an Entrepreneur-in-Residence (EIR) program, which works with research institutions to source, fund, and grow high-potential early-stage products. The EIR program supports the formation of new companies based on innovative discoveries in areas like drugs, vaccines, therapeutics, diagnostics, and medical devices. Additionally, they have partnerships to evaluate, identify, and license intramural technologies from institutions like the NIH and FDA. The Innovate UMBC program provides applied training for post-doctoral fellows, researchers, and professionals interested in commercializing biomedical technology.
Official website here: www.biohealthinnovation.org
Who is the CEO of Biohealth Innovation?
Richard Bendis is the President & Ceo of Biohealth Innovation. The CEO's salary of Biohealth Innovation is $522,326 and their total compensation is $559,329.
Official website here: www.biohealthinnovation.org
What is the revenue of Biohealth Innovation?
Biohealth Innovation's revenue in 2022 was $4,065,006.
Official website here: www.biohealthinnovation.org
Who are the executives of Biohealth Innovation and what are their salaries?
The average compensation at Biohealth Innovation during 2022 was $125,548. There are 14 employees and 24 volunteers at Biohealth Innovation.
Here are 28 key members and their salaries (Biohealth Innovation's CEO's salary is $522,326 and their total compensation is $559,329):
- Compensation: $522,326
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- Compensation: $260,858
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- Other: $13,042
- Compensation: $222,960
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- Other: $7,039
Official website here: www.biohealthinnovation.org
Where can I find the form 990 for Biohealth Innovation?
Biohealth Innovation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.biohealthinnovation.org
Learn more at the official website: www.biohealthinnovation.org
Mission Statement of Biohealth Innovation
Biohealth Innovation, a connecting entity, is dedicated to bridging market-relevant research assets with suitable funding, management, and markets. Its mission is to facilitate the development of commercially viable biohealth products and companies. By doing so, Biohealth Innovation aims to transition groundbreaking research findings into practical applications, ultimately benefiting the broader healthcare sector.
The organization accomplishes this mission through various initiatives. One such initiative is their Entrepreneur-in-Residence/Small Business Innovative Research (SBIR) program. This program offers assistance to biohealth companies as they prepare applications for federal funding, including SBIRs, STTRs, and other federal government awards. Biohealth Innovation's Entrepreneur-in-Residence (EIR) program is designed to partner with research institutions, source, fund, and grow high-potential, early-stage products through project-focused companies. The EIRs support the formation of new companies based on innovative discoveries in areas like drugs, vaccines, therapeutics, diagnostics, and medical devices from intramural research programs at partner organizations, universities, and businesses.
Moreover, Biohealth Innovation employs and places EIRs within the National Institutes of Health (NIH) and the Food and Drug Administration (FDA) under an NIH/OTT Partnership Intermediary Agreement. These EIRs identify, evaluate, and support the development of new start-up companies based on technology license agreements from technology transfer offices or equivalent units within the research institutions. This approach enables Biohealth Innovation to contribute significantly to the commercialization of groundbreaking biohealth technologies, ultimately benefiting the healthcare industry and the general public.
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Impact
July, 2024
Biohealth Innovation connects market-relevant research assets to appropriate funding, management, and markets to facilitate the development of commercially viable bio health products and companies. Through programs like the Entrepreneur-in-Residence (EIR) program and the Innovate UMBC program, Biohealth Innovation plays a crucial role in supporting the formation and growth of high-potential, early-stage bio health companies. By working closely with research institutions and partnering with organizations like the National Institutes of Health (NIH) and the Food and Drug Administration (FDA), Biohealth Innovation helps to bridge the gap between innovative discoveries in areas such as drugs, vaccines, therapeutics, diagnostics, and medical devices and the commercialization of these technologies. With a focus on commercializing biomedical technology, Biohealth Innovation's impact is evident in the growth of the bio health industry and the translation of research into impactful products that benefit society.
This information is meant to be a general summary of Biohealth Innovation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $660,147
- Gross Receipts: $4,065,006
Assets and Liabilities:
- Total Assets: $5,438,812
- Total Liabilities: $344,877
- Net Assets: $5,093,935
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONTRACT REVENUE
Revenue
$660,147
Organization Details
Founding Year
2011
Phone
(301) 637-0699Principal Officer
Richard Bendis
Main Address
1 CHURCH STREET 801, ROCKVILLE, MD, 20850
Website
www.biohealthinnovation.orgNTEE Category
Code: H02 - Medical research
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