Jennifer Thomas
(Photo Credit: Jennifer Thomas)
Name: Jennifer Thomas
Current Job: Managing Director, Plug and Play Cleveland
Favorite restaurant in town? My husband is an amazing chef and during Covid, he’s been on an Asian kick! But when he’s not cooking, we love to go to Map of Thailand.
Favorite thing about Cleveland? The tenacity of the residents. I’m a big fan of Cleveland’s grassroots efforts and startups. It not always easy to launch here, and I admire those who persist despite the obstacles.
Q: Jennifer, you are currently the managing director of Plug and Play in Cleveland. What is Plug and Play and what does your role entail? Plug and Play essentially connects the world’s best startups with our corporate partners so they can bring technology and innovation to market faster. As the need for innovation has exploded, I get to work with large corporations to understand their digital challenges and needs. I also get exposure to fascinating new developments in digital health that can really change the way healthcare is delivered. Plug and Play Cleveland is one of 36 locations across the globe and I manage and grow Plug and Play’s Cleveland office. Fortunately, I get to work with my fantastic team - Julianne Roseman as senior ventures associate, Nathan Sundheimer as program manager, as well as super-smart colleagues from across the globe.
Q: As someone who is interacting frequently with many big companies in healthcare, what are some of the changes you are seeing in the industry? 2020 and Covid-19 forced a lot of changes in healthcare on many levels. The CEO of Amwell said, 'it’s like healthcare discovered the internet in 2020'! To name a few, we saw hospitals scramble for digital solutions to connect patients virtually, not only for appointments but also for ways to diagnose patients and manage chronic disease in the home. We’ve seen a huge interest in using AI in medicine, whether to get insights from data or track and predict disease. The pharmaceutical industry is very interested in medication adherence to get a better understanding of a patient's journey. Finally, it was the largest funding year ever for digital health, with an estimate of around $12 billion through the end of the year.
Q: Why did Plug and Play choose to build its healthcare business in Ohio? Cleveland is well known for our renowned hospitals, top healthcare talent, and we are the perfect access point for healthcare companies in the eastern half of the country. Plug and Play launches a new location when there is a strong asset and an authentic desire to succeed - and Cleveland has both!
Q: What advice do you have for companies looking to raise money from Plug and Play? Plug and Play is one of the most active early-stage tech investors and makes investments all over the world, including 6 so far in Ohio. We are a family office that invests in primarily B2B seed-stage companies, making over 200 investments per year, with most first checks ranging between $50-$150K. Plug and Play is more than an investor though; we also run regional business development programs around the globe in most major industries. A startup that's interested in investment should first get into our system via the website www.pnptc.com, then one of our venture associates will reach out. In Cleveland, we’re currently focused on health but we can make a connection to any of our other industry verticals. I’d also encourage startups to join the many free webinars we hold.
Q: In your free time, you have a passion for music. Can you tell us about that and how it helps you balance your work life? When I was 11, I came down for breakfast one day and my mom said, 'do you want to play the piano or the cello'? I chose the piano, studied for many years, and then began picking up the guitar and bass as an adult. I am fortunate to have a number of friends in town with whom I can informally have jam sessions, including my brothers. Jamming is actually better than exercise because you get to do something physical, have fun, and have a beer at the same time. I highly recommend it! One of the benefits of WFH has been my ability to pick up a guitar mid-day and not feel guilty about it!