ROCHESTER, Minn. — Mayo Clinic and Rochester area business development officials today announced the opening of the new Mayo Clinic Business Accelerator at the Minnesota BioBusiness Center. The space may be leased by existing companies, entrepreneurs, venture capitalists and professional service providers. The goal of the accelerator is to stimulate growth of health care-related businesses in Rochester. The accelerator is a Mayo Clinic initiative supported by Rochester Area Economic Development, Inc. (RAEDI) and the city of Rochester.
"The Mayo Clinic Business Accelerator supports Mayo Clinic's commitment and support of additional economic growth in Rochester," says John Noseworthy, M.D., president and CEO of Mayo Clinic. "The accelerator is an example of the strength of a strong partnership between Mayo Clinic and the community to make it easier and more affordable for companies to start and locate in Rochester."
"RAEDI is happy to be part of this collaborative partnership with the city of Rochester and Mayo Clinic Ventures that will help stimulate the growth of new business and strengthen our area economy," says Gary Smith, RAEDI president.
"The accelerator represents a continuation of the partnership we forged over the past several years starting with the downtown master planning effort and continuing with the Destination Medical Center initiative," says Doug Knott, the city of Rochester's development director. "Mayo, the city and RAEDI have strategically leveraged our resources to create a facility that will stimulate the growth of new businesses and jobs in our community."
Officials also announced multiple founding tenants, including:
"We hope to provide a nurturing space for new company formation in Rochester. This space is potentially unique in the country because we have blue-chip venture capital groups located with local entrepreneurs," says Jim Rogers of Mayo Clinic Ventures. "We are very excited about the potential of these companies and the positive impact they could have on Rochester."
Dr. Noseworthy adds that the accelerator fits nicely with the recently announced Destination Medical Center initiative.
"Startup companies are willing to locate in Rochester but need the infrastructure to stay here," he says. "Without that, they are vulnerable to leaving not only Rochester, but the state of Minnesota."