Here is this week’s top stories from Rochester’s entrepreneurial, startup, and small business scene.
From the web:
- 2016 Leaders in Health Care Awards Finalists Announced. This week, Minnesota Business Magazine announced the 2016 Leaders in Health Care Awards Finalists, honoring those who have made major impact in the Minnesota healthcare scene. Two startups with links to Rochester, Geneticure and Sonex Health, are finalists for the Innovation in Medical Device Award. The winners will be announced on October 27th at a ceremony in Saint Paul.
- Mayo Adds to its List of Gut Microbiome Startup Collaborators. This week, Mayo Clinic formerly announced a collaboration with the Cambridge, Massachusetts based startup Evelo Biosciences as part of the Clinic’s efforts to be a leader in human microbiome research. The microbiome is a hot topic in health right now and consists of all the microorganisms that live inside the human body and contribute to gut maintenance and other health issues. This is the fifth microbiome-focused startup with which Mayo Clinic has partnered.
- Business Startups Rise in Nearly 2/3 of States. New business development rose in two-thirds of all US states in 2015, according to a recent study released by the Kauffman Foundation. The Kauffman Foundation is a Kansas City-based private foundation that supports and fosters entrepreneurship. Texas, Florida, California, New York, and Colorado saw the biggest leaps in startup growth. Minnesota ranked 21st overall, and had the most new business development in the upper Midwest.
- National Heart, Lung and Blood Institute Provides $7M in Funding for Personalized Medicine Cardiovascular Trials. The National Heart, Lung and Blood Institute awarded $7M to a team of researchers at both Mayo Clinic and Peter Munk Cardiac Center in Toronto to support a personalized medicine trial for coronary balloon angioplasty patients. The researchers will enroll close to 5,300 patients in the trial, which began in 2013. The trial will conclude around March 2020.
- Heard on the Street: No Word on Future of Former Michaels Property. There is still no indication from the Chicago based developer Harbor Bay Real Estate Advisors on plans for the former Michaels restaurant building in downtown Rochester. The developer purchased four parcels of the restaurant, which closed its doors in early 2015.
From Rochester Rising:
- Where’s the Wet Lab? Focus Group and Tour Outcome of Potential Wet Lab Space in Stewartville, MN. Life science entrepreneurs in Rochester and the surrounding communities are lacking wet lab space, an area where researchers can safety handle biological materials, chemicals, and have access to shared lab equipment. Last week, Community and Economic Development Associates (CEDA) and Stewartville Economic Development Authority led a focus group and tour of a potential wet lab facility in nearby Stewartville, Minnesota. The building is one of three former Bard Medical facilities in Stewartville, with a sale price of $4.5M.
- How to Align Investments with Values: Impact Investing. Impact investing involves investing in a company that is providing some form of measurable social impact as well as a financial return. Last week, the Saint Paul based Hill Capital Corporation hosted a panel discussion about impact investing and how to align local investment with individual values.
- How to Raise Capital: Consider Crowdfunding. Crowdfunding is changing traditional business financing methods. Crowdfunding involves raising money to fund a business or idea from anyone; involvement is not limited to accredited investors. In equity crowdfunding, financial backers receive shares of the company. In reward based crowdfunding, backers receive prize incentives for financial support.
- Rochester Rising Episode 7: How to Run a Kickstarter Campaign with Adam Ferrari. Rewards based crowdfunding has been popularized by websites like Kickstarter and Indiegogo. In this podcast, Rochester architect Adam Ferrari provided insight from his effort to fund the mobile design studio Charette Happens using Kickstarter. He said the keys to a successful Kickstarter campaign include telling a compelling story and offering something new and scalable that would not happen organically.
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