Mayo Clinic is an economic engine for its hometown of Rochester, Minnesota. The health care research leader is the city’s largest employer and the largest driver of visitors to the region, with an estimated 1.2 million patients and their families traveling annually to the region to receive care. But Mayo Clinic’s economic reach extends beyond these direct impacts, sparking the development of businesses in multiple industries.
Mayo Clinic has spun out a number of health-related businesses. More than 170 startups have used intellectual property developed at Mayo Clinic, and more than 2,000 technologies are available for licensing, according to Mayo Clinic Ventures, the organization that manages this commercialization.
Since 1 Million Cups Rochester launched in Rochester, Minnesota in February 2017, the organization has provided a platform for thirty-two emerging startups and businesses to share their story.
This educational opportunity offers a supportive environment for entrepreneurs to learn and grow their business while gaining feedback and support from the local community. A regional startup less than five years old with an innovative new idea or an established business that is launching a new disruptive product can apply to make a 1 Million Cups presentation.
Access to capital is a common obstacle faced by entrepreneurs looking to launch and grow businesses. Communities that offer diverse funding options for innovators tend to be healthier and more prosperous than those without.
Since there is no single blueprint for financing the launch or expansion of a business, area leaders have worked tirelessly to create new funding sources to help enhance the local entrepreneurial environment and get these businesses off the ground.
These funding sources will be of critical importance to Destination Medical Center (DMC) as the DMC Development Plan positions Discovery Square as a keystone to the DMC economic strategy, resulting in the need for multiple sources of readily available capital for new and growing businesses.