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.
By Lisa Clarke, DMC Economic Development Agency executive director
Recently, biotech startup Vyriad announced it would build out 25,000 square feet of space on the former IBM Campus in northwest Rochester. Vyriad’s decision to grow its business locally demonstrates both investment and confidence in Rochester and Minnesota.
High-potential startups that originate in the Midwest are often encouraged to relocate to the coasts in order to maximize business opportunities, but Vyriad, which is developing genetically-engineered viruses for the treatment of numerous forms of cancer, found it important to remain in Rochester.
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.