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City Surgeon: Can The Cleveland Clinic Save Its Hometown?

9/11/2013

Delos M. “Toby” Cosgrove arrived at the Cleveland Clinic in 1975 as an “incredibly poor” 34-year-old dreaming of a life as a cardiac surgeon. As the years passed he became well-known for pioneering the replacement of heart valves, eventually assuming the chair of the department of cardiothoracic surgery.

In 2003 he started looking for a second career, maybe as a venture capitalist in California, figuring that at 62 he was too old to operate. Then he was offered the job as the clinic’s chief executive. Over Cosgrove’s tenure the clinic’s revenues have nearly doubled to $6.2 billion.

True to his venture capitalist ambitions, he’s pushed to spin off companies from the clinic–60 of them in the past decade. Together they have raised $700 million in outside equity funding and created 1,000 jobs.


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