A feasibility study of the proposed biobusiness hub Discovery Square is expected in February of 2016, according to Economic Development Agency Director and Mayo Clinic Chief Administrative Officer Jeff Bolton.
The study, which is being funded by Mayo Clinic, will evaluate the extent to which Mayo Clinic and DMC might attract investment and entrepreneurs to Rochester, in addition to potential developer revenue streams and other types of industries that might be interested.
“We’re hoping this serves as a hotbed of innovation that pushes us toward new modes of development,” Bolton said.
Discovery → translation → commercialization
Mayo Clinic has put an institutional focus on converting research into better healthcare products and possible new revenue streams, Bolton said. And, the institution has opted to pursue and fund Discovery Square as a way to support not only its own financial future but the future of Rochester and Minnesota.
“It’s very important that we pursue a more diverse economic base” in Rochester, Bolton said.