Ryan Nolander was hired as president of the Rochester Area Economic Development, Inc. (RAEDI) four months ago after long-time president Gary Smith retired. With significant experience in the economic development field, Nolander is committed to helping local and regional businesses and developers tackle issues such as site selection, financial packaging, business planning, and business advocacy.
Destination Medical Center (DMC) chatted with Nolander recently to learn more about his top priorities in the coming year and why Rochester is such an attractive city.
A new program added to the tax code by the Tax Cuts and Jobs Act of 2017 provides Rochester, Minnesota with new economic development opportunities.
An “Opportunity Zone” is an economically-distressed community where under certain conditions new investments may be eligible for preferential tax treatment. Areas qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury through his delegation authority to the Internal Revenue Service.
Minnesota Governor Mark Dayton identified the Minnesota Opportunity Zones approved by the federal government. Two of those are in Rochester. A portion of the Opportunity Zones overlaps within the Destination Medical Center (DMC) district in downtown Rochester.
Ranked as one of the Top Ten Cities for Entrepreneurs by Livability in 2018, Rochester is not a stranger to innovation. Spark DJ is a Rochester-based music streaming service co-founded by John Boss and James Jones. The duo utilizes artificial intelligence to power their Spark DJ mobile application and deliver personalized music directly to smartphones nationwide, offering users a musical experience tailored specifically to their preferences. Spark DJ was recently selected as one of only ten startups to participate in the 2018 Techstars Music Class.
DMC recently connected with co-founder John Boss to find out more about the business and why Rochester is a great place to launch a startup of your own.
A global destination for health and wellness, Rochester is home to many innovative healthcare entrepreneurs.
Brothers Scott and Eric Snyder launched their personalized medicine business, Geneticure, in Minnetonka in 2014. But four years later, the Rochester-born siblings recognized the mounting opportunity in their hometown as a result of Destination Medical Center and expanded the business to Rochester. The group originally occupied space in the Mayo Clinic Business Accelerator but recently moved to their own location now operating out of the offices above Grand Rounds Brewing Company in downtown Rochester.
DMC sat down with Scott Snyder, Geneticure’s CEO, to learn more about the company and its decision to return to its Rochester roots.
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.
As we transition into another year, it is a prime opportunity to examine the state of the Rochester entrepreneurial community, take stock of our achievements over the past year, examine our losses, and assess the future direction of this city’s innovation sector.
2017 brought several significant ongoing programs to Rochester. February saw the launch of 1 Million Cups Rochester, a monthly educational program for entrepreneurs that takes place in 163 communities across the United States. This event gave fourteen different Rochester startups the opportunity to share their story and gain input from the community on pressing business issues.