At the quarterly Destination Medical Center Corporation (DMCC) Board of Directors meeting, a request was made by DMC EDA staff for direction regarding the development of a shared lab environment at Two Discovery Square. This would be a shared laboratory space for life sciences startups for technology, workforce, and economic development with accessible lease rates and terms. The environment has the potential to attract businesses by reducing their risk and barriers to entry in the life sciences field.
“This is one of the more important initiatives we are involved in,” said board member Rybak. “Given the research we have seen, the shared lab concept will be a game changer for the Discovery Square ecosystem. While this is next to Mayo, it’s really about birthing other medical-related enterprises so we create more drivers of employment opportunities in the community.”
The shared lab environment has come to even more importance with the designation of Minnesota as a “med tech” hub by the U.S. Department of Commerce. The initiative, called MedTech 3.0, has the goal of making Minnesota a global center for “smart med-tech.”
If all goes according to plan, the shared lab space could begin operation in late 2024.
The DMCC Board also received a report from Dr. Lori Carrell, chancellor of the University of Minnesota-Rochester. The focus of the update was on the UMR Campus and Climate Action planning process and the future direction of the university. The Campus and Climate Action plan is being created to support UMR’s commitment to excellence sustained through managed enrollment growth by identifying time horizons and criteria for strategic decision points in a phased approach to facilities expansion.
When asked what DMC can do to support the success of University of Minnesota-Rochester, Chancellor Carrell responded, “The reality is you have already been helpful, and we want to be more intentional as we move forward. One way is in the recruitment of new businesses to Rochester. The sooner we can be involved in that process, the sooner we can meet their workforce needs.”
The board also received a report on the requirements for the 2025 DMC Development Plan. According to the DMC legislation, the DMC Development Plan needs to be updated every 5 years. The last time the plan was updated was in 2020. The 2025 plan will represent the halfway point of the DMC initiative.
“This is a perfect moment to review what has been achieved in the last 5 years, as well as an opportunity to take an in-depth look at the near future of the DMC initiative and what that means for our community,” said DMCC Board Chair Wheelock. “Let’s sharpen our thoughts and think strategically about how to keep the broader community informed about our progress.”
Much of the Development Plan update work will occur in mid- to late-2024 with the Plan moving for approval by the DMCC board and Rochester City Council in May of 2025.
The next DMCC Board meeting is set for February 1, 2023 at 9:30. a.m.