Johnson & Johnson Innovation, JLABS (JLABS) today released its 2018 Impact Report, an annual update on the state of the incubator’s residents and alumni companies. Among the findings, JLABS companies have secured $11.6 billion through financing and strategic relationships, a 23 percent increase from 2017’s total. In addition, 26 percent of companies reported having products on the market, with another 26 percent with therapies in clinical trials. In the past six years, JLABS has grown to support over 450 companies working to impact health for humanity at 13 sites worldwide.
Diverse Entrepreneurs, Cutting Edge Innovation
From first-time entrepreneurs to serial scientific founders, JLABS residents represent diverse experiences across academic, start-up, corporate, and venture worlds.
JLABS supports a diverse group of entrepreneurs:
- 111 companies, or 26 percent of the total, are led by women, a 56 percent increase from last year.
- 98 companies, or 23 percent, are minority-led, a 78 percent gain from 2017.
- Across sectors, 65% of companies work in pharma, 21% medical device, and 12% in consumer.
- In 2018 JLABS received over 4,000 applications from companies in more than 70 countries.
A Model for Growth and Commercialization
Health startups face challenges unlike any other emerging company and require different kinds of support to grow and make it to market. JLABS emerged in 2012 as a new model to address these specific challenges to accelerate healthcare innovation and commercialization at each of its hubs and around the world. Six years in, JLABS now has 13 locations worldwide, with Shanghai opening in 2019.
The 2018 Impact Report details how resident companies at every stage have found success:
- 12 companies are now publicly traded.
- 88% of JLABS companies are still in business or have been acquired.
- 26% of residents who responded to a survey have therapies in human trials,
- 25% of residents who responded to a survey have a commercial product on the market.
Support, With No Strings Attached
JLABS’ no-strings-attached model has helped residents without taking any equity or intellectual property, and encourages collaboration while providing access to the world’s leading experts, executives and businesspeople to help resident companies grow.
The 2018 Impact Report provides an in-depth look at how JLABS adds value for residents:
- JLABS has grown to support 450+ companies within 6 years, a 44 percent increase in 2018.
- 170 JPALs — industry-leading experts and high-ranking business leaders from the Johnson & Johnson Family of Companies' global network coached and mentored JLABS residents throughout the year.
- 100+ companies participated in JLABS “Inside Scoop” pitch day events, with over 1100 attendees gaining access to venture capitalists, angel investors and other strategic funding sources.
- $6 million in grant funding and residency costs was awarded to residents in more than 30 Quickfire Challenges focused on key issues like health tech wearables and lung cancer treatments.
The 2018 Impact Report provides case studies of startups on the cutting edge of health innovation in the industry's most promising trends and new markets. Download the full report here.
For more information about JLABS and its sites, please visit: https://jlabs.jnjinnovation.com.