Economic Development

Beyond the walls of Mayo Clinic

The need for innovation expands broadly beyond the confines of Mayo Clinic. 

Fostering an environment of bold ideas and breaking down barriers that have traditionally slowed development and adoption of health care disruption requires a dynamic pool of talent, infrastructure and capital. 

Mayo Clinic is committed to investing in assets and resources to support entrepreneurs, help build companies, and attract the most sophisticated health care trailblazers and thought leaders worldwide, paving the way for increased economic development opportunities in the process. 

From establishing and sustaining accelerators and strategic partnerships, to scaling inventions and businesses, to tendering seed funding and sponsorships, the scope of Mayo Clinic’s contributions to economic growth span local, regional, national and international sectors.

Economic Development

Minnesota

Destination Medical Center (DMC) is the largest public-private economic development initiative in Minnesota and a catalyst for growth in Rochester, MN.

The city of Rochester, Olmsted County, the state of Minnesota, Mayo Clinic and others are working together to attract health care professionals, students, entrepreneurs and educators from across the globe. With Mayo Clinic at the heart of the city, efforts within the initiative will support Mayo Clinic research and innovation.

The Discovery Square component is a 16-block sub-district in a connected urban life science hub that enables easy access to Mayo Clinic Ventures staff for routine reviews of new intellectual property, as well as evaluation and co-development of new and existing technologies.

Construction of Two Discovery Square, the second building in the DMC Discovery Square sub-district, is expected to be completed in mid-2022 and will house tenants engaged in life science research and innovation.

Mayo Clinic’s Anna-Maria and Stephen Kellen Building, set to open in the fourth quarter of 2023, will complement the community and industry partners within the Discovery Square district.

Bringing together physicians, researchers, and health care technology and services companies will speed delivery of medical discoveries to patients, the marketplace and stimulate related businesses.

Collider Foundation supports local entrepreneurs and small businesses with navigation, education, space, and storytelling to help foster an inclusive, diverse, and healthy entrepreneurial ecosystem in Rochester, Minnesota.

Mayo Clinic is a proud sponsor.
gBETA Medtech is a free, seven-week accelerator that works with medical device, health care-related software, biotech and diagnostics start-ups with cohorts receiving mentorship support from Mayo Clinic. gBETA works exclusively with start-ups focused on health care.
Launch Minnesota is a collaborative effort spearheaded by the Minnesota Department of Employment and Economic Development to accelerate the growth of start-ups and amplify Minnesota as a national leader in innovation.
Founded in 2013 and expanded in 2015 by Rochester Area Economic Development, Inc. (RAEDI), the City of Rochester, Mayo Clinic Treasury Services, and Mayo Clinic Ventures, the Mayo Clinic Business Accelerator provides collaborative space for new companies, venture capital firms, and entrepreneurs. It also works with existing companies and service providers to support entrepreneurial ventures.
Founded in 1984, the Medical Alley Association champions and facilitates an environment that enables health technology and care organizations to innovate, succeed and influence the evolution of health care.

Mayo Clinic is a foundational member and James Rogers, Mayo Clinic Chief Business Development Officer, serves as Chair of Medical Alley’s Board of Directors.
Rochester Area Economic Development, Inc. (RAEDI) assists existing and potential businesses in the Rochester, MN area secure the private and public resources needed to execute their growth plans. RAEDI leads and supports economic, community, and workforce development initiatives that grow and diversify the greater Rochester area economy.
Southeast Minnesota Capital Fund is a privately funded angel venture fund that invests in high-growth start-ups within southeast Minnesota, several of which are part of Mayo Clinic’s Business Development portfolio. The fund was spearheaded by RAEDI and launched in 2017.
Southeastern Minnesota Initiative Foundation (SMIF) invests for economic growth in the 20 counties of south central and southeastern Minnesota with the aim to create a prosperous region with vibrant communities, innovative and successful economies and engaged and valued citizens. 

Mayo Clinic is an investor and has staff representation on the Board of Trustees.
Walleye Tank is Minnesota's life science pitch competition providing an educational and promotional opportunity for emerging and established medical and life science companies with a focus on removing barriers for entrepreneurs.

Mayo Clinic is a proud sponsor.

Florida

Mayo Clinic launched the Innovation Exchange as part of a broad strategy to bring break-through biomedical innovations to patients as quickly as possible. The Innovation Exchange’s platform-based model connects both external start-ups and internal innovators to a vast network of academic collaborators, industry partners, top-tier advisory services, sources of venture funding, and Mayo Clinic physicians and scientists. 

The launch of Mayo Clinic Innovation Exchange was supported by a highly competitive, three-year U.S. Department of Commerce grant – one of only 26 Regional Innovation Strategies i6 Challenge grants awarded in 2019. The Innovation Exchange team is proud to work in close collaboration with the JAX Chamber, the Florida Chamber Foundation, and other regional organizations to advance Florida’s economy and the health care and life sciences sectors.

Arizona

 

Health Futures Center

Founded in May 2021, the Health Futures Center, home of Mayo Clinic and ASU Alliance for Health Care, was designed to support medical research, learning and entrepreneurship.

The alliance aims to accelerate cutting-edge research discoveries, improve patient care through innovation, and transform medical education to enhance health outcomes at individual, community and national levels.  

Housed within the Health Futures Center, the Mayo Clinic and ASU MedTech Accelerator is a flagship program of Mayo Clinic and Arizona State University Alliance for Health Care, providing early-stage medical device and health care technology companies with an entrepreneurial curriculum and personalized business development plans to accelerate go-to-market and investment possibilities.

International

In November 2019, Mayo Clinic partnered with Abu Dhabi Health Services Company (SEHA) to establish a joint venture to operate Sheikh Shakhbout Medical City (SSMC). 

Over a 10-year journey, Mayo Clinic, along with SEHA, aims to transform SSMC into a destination medical center, bringing to fruition the vision of the nation’s leaders to establish world-class health care in the United Arab Emirates.

Mayo Clinic Healthcare - London

In September 2019, Mayo Clinic opened a new state-of-the-art health clinic in central London—its first facility in the U.K.

The venture aims to drive clinical innovation that improves patient care, advances medical research and education, and ultimately delivers better patient outcomes.