Physician entrepreneurs, technologists, investors, service providers, patients and other innovation stakeholders
have embraced biomedical and health innovation and entrepreneurship in an effort to provide higher value care and lower
the discovery and development costs of drugs, devices and digital health products and services. To that end, traditional
brick and mortar cluster innovation models are being supplemented with virtual networks that are online, decentralized
and community based.
This paper reviews the evolution of these models and their future development and presents examples of virtual
organizations that support biomedical and health innovation and entrepreneurship, fundraising, and new product
development and clinical trial recruitment using crowd sourcing.
Community based innovation and biomedical and health online innovation networks have the potential to speed new
product development, offer alternative financing platforms for early stage ventures, provide education, information and
support to those with particular diseases and help to lower the costs and speed of clinical trials. However, questions
remain about their effectiveness in creating value, security, commercial and clinical validity, legal status and