Excitement filled the auditorium at the Walleye Tank: Ice Fishing Edition, held recently at Mayo Clinic in Rochester, Minnesota.

Thirteen teams took the stage to present their healthcare innovations to a panel of judges and an audience attending in person and online. Projects ranged from addressing the needs of patients with rare or chronic diseases to improving lives through assistive technology.

Each team had two minutes to pitch its innovation, followed by three minutes of Q&A with the judges. Presenters addressed five key questions: Why is it a problem? What is your solution? Why you? Why now? And how is it a business?

Modeled after the TV series "Shark Tank," the Walleye Tank is Minnesota's premier life sciences pitching competition. It provides medical and life science startups with an opportunity to raise capital and network with potential partners. Contestants pitch their projects to a panel of judges, or "Walleyes," vying for cash prizes while receiving valuable feedback and exposure that may advance their innovations.

"Walleye Tank is where innovation meets opportunity here in Minnesota," said Waleed Brinjikji, M.D., medical director of Mayo Clinic Research Innovation, in his opening remarks. "Walleye Tank is a testament to the power of innovation and the potential of entrepreneurs to shape a dynamic and resilient future, both here in Minnesota as well as throughout the globe."

The event was co-sponsored by Mayo Clinic, the University of Minnesota, Launch Minnesota and the Medical Alley Association. Judges representing Mayo Clinic were Alan Gonzalez Suarez; Christine Lee, M.D., Ph.D., Radiology-Diagnostic; Emanuel Trabuco, M.D., Obstetrics and Gynecology; Jason Tri, Cardiovascular Research; and Marina Walther-Antonio, Ph.D., Obstetrics and Gynecology.

Meet the winning teams

Participants competed in three divisions, sharing a total of $20,000 in funding. The winning teams were:

Junior Division: Entrepreneurs in the early stages of business development

• Winner: GroLimb ($2,500)
  Below-knee, adjustable pediatric prosthesis.
• Runner-up: Minneapolis Veterans Medical Center RECOVER ($1,500)
  Upright mobility scooter for older Americans.

Mid-Level Reeler Division: Incorporated companies in the early stages of fundraising

• Winner: One Health Biosensing Inc. ($3,500)
  Health sensing platform for continuous glucose monitoring.
• Runner-up: NorthStar Cryo ($1,500)
  Device enabling long-term cryopreservation of islets from donor or stem cell-derived sources.

Professional Division: Established life science businesses with active sales

• Winner: Zepto Life Technology Inc. ($8,000)
  Invasive fungal infection diagnostic solution.
• Runner-up: SENSE-ational Spaces LLC($3,000)
  Custom sensory-friendly spaces for families.

Bridging the gap between invention and commercialization

Support from pitch competitions like the Walleye Tank helps innovators bring their ideas to market and improve the lives of people with health challenges.

Stefan Madansingh, Ph.D., of Mayo Clinic Ventures, outlined the journey of turning a novel healthcare device, therapy or technology from concept to market ― a process that he said can take years to even decades.

"Healthcare startups fundamentally start with the unmet patient needs," Dr. Madansingh explained. However, he emphasized that most innovations fail to bridge the gap between invention and commercialization.

"The technology is almost always only 25% of the solution when you want to actually get it to patients," he said. "Everything we've talked about here ― the IP (intellectual property), the business model, the sales strategy, the fundraising, the leadership ― matter as much or more."

Ron Thacker, Ed.D., entrepreneurial education program coordinator for Mayo Clinic Research Innovation, and Maria Ploessl, chief of staff for University of Minnesota Technology Commercialization, served as co-masters of ceremonies. Alisha Peters, project assistant for Mayo Clinic Research Innovation, and Katie Breslin, office manager and event associate for University of Minnesota Technology Commercialization, co-organized the event.

Walleye Tank is one of several pitch competitions sponsored by Mayo Clinic Research Innovation, which provides education, consultation, project management and funding to accelerate Mayo Clinic innovations in patient care.

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