Because a growing, vibrant life-science industry is key to Minnesota's economic vitality, it's critical that Minnesota businesses, organizations, government agencies and educational systems work together to foster the next generation of life science companies.
While once epitomized by medical device firms like Medtronic, St. Jude Medical and Guidant, Minnesota's life-science industry now boasts scores of new players focused on food and agriculture, health data, diagnostics, nanotechnology, biotechnology, and a new wave of medical devices. Minnesota life-science companies are also making significant contributions to bio-agriculture, biomaterials, biofuels, and animal sciences.
Minnesota is rich in entities that support life-science entrepreneurs, including private-sector companies, the University of Minnesota, the Hormel Institute, Incubology, Mayo Clinic Ventures and Mayo Clinic Business Accelerator, Medical Alley Association of Minnesota, Minnesota High Tech Association, members of the Minnesota Venture Capital Association, MinnWest Technology Campus, University Enterprise Laboratories (UEL), and numerous venture and angel financing entities.
Also key to Minnesota's ecosystem for entrepreneurial success is a strong educational system — from our land-grant research institution to the numerous state and private colleges and universities — that attracts talent and produces well-educated and motivated innovators.
Minnesota has done a good job of nurturing new life-science companies, but with other states competing to lure life-science companies away, we must make sure these young companies can find what they need right here, when they need it. These needs include specialized facilities, expert advice and financing.
Specialized facilities include state-of-the-art laboratories and offices. Historically, Minnesota lacked high-end "wet lab" space — with expensive features such as fume hoods with ventilation systems to remove and filter chemical vapors before releasing air outdoors, flammable-material storage cabinets and lab-grade work surfaces. Now, there is a network of locations in Minnesota that meets this need. Companies can select from a range of options, including smaller spaces and shared facilities. Several organizations, including UEL, have announced plans to expand facilities friendly to life science innovation.
The Minnesota entrepreneurial community is buoyed by an extensive and experienced community of law, accounting, and consulting firms devoting considerable time and resources to providing expert advice to life science companies. Early-stage companies and entrepreneurs need assistance in corporate structure and governance, contracts and employment agreements, financial controls and reporting, tax compliance and regulatory. Also important is protecting the intellectual property of new companies through appropriate patent, trademark and trade-secret protection.
Access to funding is a make-or-break need. It's tempting to observe venture-capital activity in places like California, Massachusetts and New York and worry that Minnesota companies will not receive adequate financing.
