Tiger Buford – retained recruiter dissecting orthopedics 
If you don’t know OREF, you are living in a cave. OREF was founded in 1955 by orthopedic surgeons to fund independent research and education in the musculoskeletal space. OREF is one of the most respected organizations in all of orthopedics.
When I talked with Lee Grossman, CEO of OREF, a few weeks ago, I realized that OREF has a Fund and an Accelerator program called Orizon, so I invited him onto BoneChat to discuss.
Below is the video recording and 10 takeaways from our discussion.
Origins and Purpose
The Orizon Fund is a logical extension of OREF’s 70-year history of funding over 4,700 grants for orthopedic research. It aims to bridge the gap between research and commercialization, helping vetted ideas from OREF grant recipients reach surgeons’ hands to improve patient outcomes.
Target Audience
Initially, the fund focuses on OREF grant recipients—primarily researchers (MDs or PhDs) with proven data from a rigorous peer-review process. Since its launch in May of the previous year, it plans to expand eligibility to anyone with promising early-stage orthopedic ideas.
Venture Studio Model
Orizon operates as a venture studio, not just a fund. It partners with a venture capital (VC) group to provide hands-on support, including a management team that assists inventors with marketing, regulatory processes, funding further research, and commercialization—either by flipping to a strategic buyer or taking products to market.
Inventor Protection
Unlike typical VC models where ownership dilutes over funding rounds, Orizon guarantees inventors a fixed percentage of ownership upfront, ensuring they know their payout at the point of sale or exit, addressing the common issue of inventors being shortchanged.
Funding Structure
The VC partner provides initial investments ranging from $500,000 to $2 million, with additional funding as needed to reach commercialization. OREF contributes staff and board resources rather than direct cash, leveraging its prior research funding as its stake.
Application Process
Interested parties start at Orizonfund.com, submitting minimal initial info. The management team engages quickly, discussing NDAs and helping develop a pitch deck. Inventors then present to the Orizon board, which decides on funding after a collaborative process.
Broad Scope
The fund is “body part agnostic” within musculoskeletal (MSK) health, supporting innovations across trauma, spine, biologics, AI, genomics, robotics, and societal issues like healthcare equity, avoiding implant comparisons to focus on advancing science.
IP and Institutional Challenges
Intellectual property (IP) is addressed upfront with inventors and their affiliated medical centers, which may claim ownership. While not yet a roadblock, OREF acknowledges some institutions may refuse collaboration, requiring case-by-case navigation.
OREF’s Benefit
A percentage of successful exits flows back to OREF via a “waterfall” model, directly funding more research. OREF board members on the Orizon board donate their remuneration back to OREF, reinforcing the nonprofit’s mission.
Early Challenges and Goals
Launched recently, Orizon seeks more applicants, with Lee Grossman noting a need for better marketing or awareness (e.g., a push before the San Diego meeting). Success hinges on early wins to build credibility, with flexibility to involve more VCs if needed.