News Summary
Ray Cohen, co-founder of Axonics, spoke at the Innovator of the Year Awards, emphasizing Orange County’s potential as a medical technology innovation hub. Cohen highlighted the importance of teamwork, creativity, and persistence in the MedTech field. The region is attracting attention for its supportive ecosystem for healthcare innovation, bolstered by initiatives like Octane’s partnership with Experian to establish an AI innovation hub. Local organizations are also working to support underserved entrepreneurs, addressing challenges in accessing venture capital investments.
Irvine, California – Ray Cohen, co-founder and former CEO of Axonics, highlighted Orange County’s potential as a leading innovation hub, particularly in the field of medical technology, at the Business Journal’s 11th annual Innovator of the Year Awards on September 10. Cohen, who previously won the Innovator of the Year award in 2024 before Axonics’ acquisition by Boston Scientific for $3.7 billion, emphasized the region’s vibrant ecosystem for healthcare innovation during his address.
Founded in 2013, Axonics specializes in developing devices that treat urinary and bowel dysfunction and made its public debut in 2018. In his speech, Cohen shared key insights into success in the MedTech industry, focusing on essential factors such as creativity, a strong work ethic, persistence, and the importance of teamwork. He encouraged attendees to maintain close relationships with top team members, asserting that all Innovator of the Year winners had carefully selected teams that contributed to their successes.
In a recent development, Cohen joined the board of InspireMD, a Miami-based company known for its innovative carotid stent system. He was joined by Dan Dearen, another co-founder of Axonics, who also took a position on InspireMD’s board. Dearen is concurrently on the boards of Beta Bionics and JenaValve Technology. Beta Bionics, which is developing an artificial pancreas, is currently valued at around $1 billion. Meanwhile, JenaValve is in the process of being acquired by Edwards Lifesciences for $1.2 billion.
Cohen and Dearen previously collaborated at Vessix Vascular, which Boston Scientific acquired for $425 million in 2012. Earlier this year, Axonics reached a settlement in a patent infringement lawsuit against Medtronic. At the Innovator of the Year Awards, Medtronic’s Brett Wall, another award recipient, echoed Cohen’s thoughts on the significance of Orange County in the healthcare technology landscape.
Orange County’s Innovation Ecosystem
Orange County is increasingly recognized for its thriving ecosystem supporting healthcare innovation, bolstered by institutions and entrepreneurs committed to advancing technology in this field. PROBusiness accelerator Octane is spearheading an initiative to establish Orange County as an AI innovation hub in partnership with Experian. The initiative aims to raise $5 million to create a facility within Octane’s Newport Beach office that will include labs, conference rooms, and resources for entrepreneurs to engage with potential investors.
To support this hub’s development, local and state grants are being sought, with a focus on educational programming tailored to AI. The hub’s mission includes providing free and low-cost educational opportunities in AI to foster talent development within the region. There is a rising demand for AI technology, highlighted by significant investments from major companies such as Meta.
Despite the enthusiasm surrounding AI initiatives, concerns have emerged about the effectiveness of some government-led programs, such as California’s “Ask CAL FIRE” chatbot, which has faced notable challenges. Meanwhile, the Leatherby Center for Entrepreneurship at Chapman University has received a $1 million grant intended to support local entrepreneurs, particularly from underserved communities. The center also secured an additional $500,000 innovation grant and assists startups in acquiring funding without diminishing ownership equity.
Statistics underscore a pressing need for support, particularly for women and minority entrepreneurs who encounter significant barriers in accessing venture capital investment. The Leatherby Center is actively working to address these challenges through mentorship programs and practical hands-on support to help entrepreneurs scale their businesses. Grants available through the center can range from $25,000 to $100,000 for qualifying startups, reinforcing the commitment to fostering innovation and inclusivity within the local business landscape.
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Additional Resources
- Orange County Business Journal: Octane, Experian Plan AI Innovation Hub in OC
- OC Register: CAL FIRE’s Innovation Theater
- Public CEO: ACC-OC Celebrates Innovation
- LA Times: Chapman University Supports Entrepreneurs
- Orange Coast: The Face of Innovative Nonprofits 2025
- Wikipedia: Innovation
- Google Search: Healthcare Innovation
- Google Scholar: Entrepreneurship in Healthcare
- Encyclopedia Britannica: Medical Technology
- Google News: Orange County Entrepreneurs
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
