“Investments here will generate a superior return to investments made elsewhere. And we are trying to lean into that a bit, ya know, do more work to connect those investors to the companies and tell the story so that more investment finds its way in. For 2019 we tracked 1.2 billion dollars of capital that came in. The first time the State of Minnesota crossed the billion dollars in venture capital in any fashion since 2001 just before the .com bubble blew up”
How do you support a rapidly growing industry both in care delivery and in technology?
Frank discusses that Medical Alley was started to make sure we had a forum to raise issues that were important to us, to build peer networks, and connect companies so they could partner and support each other. Connectivity has value in social capital in addition to financial Capital. We also need excellent manufacturer and supplier infrastructure, access to first-rate healthcare, universities and research facilities, clustered med-tech startups, and access to funding. He thinks it is vital to promote the industry, work on public policy issues, and connect leaders in the industry so they can more easily collaborate.
“What we’ve observed over the last, maybe, 5-10 years is a lot of device companies have found new models for starting and developing early-stage companies. They’ve lowered the cost to start and to get early evidence which then reduces the risk that an investor takes in that company. FDA has done really fantastic work in getting to be more efficient, more predictable, and more productive. And I think companies are now starting to figure out the reimbursement environment and develop products that solve, not just for the clinical issue but for the economic issues. The result is there’s good returns to be generated in medical device again, and that’s attracting investment.”
Today’s Podcast Topics:
- Frank tells our audience about the Smithsonian recognizing “Great Places for Invention in the US” Medical Alley receiving this esteemed distinction.
- How Venture Capital firms are recognizing the innovation occurring within Medical Alley in a profitable way, thus adding increasing value?
- How Medical Alley promotes the development of new and existing companies through innovation, thus contributing to economic growth and job creation.?
- What are the ideal elements for forming a successful Medical Alley Association?
- Finally, Frank’s perspective to people who are newly entering the Med Tech Industry?
Links and Resources Mentioned in this Podcast:
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