OC50 2023: Mike McKinnon

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MIKE MCKINNON
CEO, President
Innovation Institute

WHY: In March named top exec of La Palma-based for-profit healthcare startup incubator after a decade of work as the institute’s general counsel since its founding. Nearly three decades of healthcare-focused legal experience, previously partner at the Costa Mesa office of law firm Sheppard, Mullin, Richter & Hampton LLP. Business lines include the Innovation Lab; the $100 million healthcare fund by VC firm LRVHealth and the firm’s Enterprise Development Group (EDG), which comprises of over a dozen acquired companies whose cash flow underwrites the incubator.

BY THE NUMBERS: In 2015 secured $20 million in investments, inked deals with three industry partners and signed the first license agreement for a product from the institute’s portfolio. The company generated roughly $150 million in revenue that year; today reports annual revenue of over $220 million, with over 700 employees in 21 states. Institute currently counts six investors, who are each nonprofit health systems that are required to put down a minimum of $10 million into the company. Local backers include Children’s Hospital of Orange County.

FUTURE PLANS: Aims to double the size of the institute in the next five to 10 years and launch a hiring spree for the internal teams and portfolio companies.

IN THEIR WORDS: “This would be my first foray into management, but I’ve been very involved in advising companies and advising boards for many years. It seemed like the natural progression for me to go into this role because I’ve done a lot of work in structuring and advising businesses on M&A transactions, joint ventures and healthcare.”

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