Silicon Valley of health tech | Data from Mars | Robotics breakthrough
“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." — Michelangelo
Today’s itinerary:
March 4, 2021
A CHAT WITH AN INNOVATOR
Minnesota wants to be the Silicon Valley of health tech 
Image courtesy Medical Alley Association
Minnesota’s Medical Alley Association wants to make Minnesota the Silicon Valley of health care tech. The association just launched the Medical Alley Starts program, to be led by Frank Jaskulke. Fast Future spoke to Jaskulke about what the Association and the goals of Medical Alley Starts.
First off, what is the Medical Alley Association?
Jaskulke: The Medical Alley Association is a nonprofit trade association based in Minnesota for the health care and health technology industry in the state.
The organization was created to make sure that our large and fast growing health care industry stayed fast growing, that it stayed in Minnesota, but had an opportunity to impact patients around the world. [You can read more about Minnesota's medtech heritage.] Thirty-five plus years later, that's what we're still doing. Our mission is to make sure that Minnesota is the global epicenter of health innovation care.
What was the impetus behind Medical Alley Starts?
Jaskulke: We looked at the startup community for gaps. What could we do that would make the startup ecosystem more vibrant? There are already accelerators, investors and academic programs. We spent about a year talking with the startup companies and just asking them, well, what else do you need? What isn't being taken care of or served well enough?
What are some examples of the gaps that you're hearing about?
Jaskulke: First, the desire to access capital. If you have an established set of relationships, getting capital—while not easy—is doable. If you’re a new entrepreneur or you come from an underserved community, you may not have existing relationships. There’s a lot more work to get to the point of generating capital. So we're pre-building the relationships to make it easier for companies to find the right kind of investors and make that connection.
"If a health company entrepreneur tells an investor that they’re in Minnesota, we want that investor to immediately think it must be a top quality health care startup."
— Frank Jaskulke, Medical Alley Association
So a startup company may reach out and say, hey, you know, we're doing a capital raise. Who can we talk to? We have a database tool of the investors that we know. And then I'll be on the phone or a colleague will get on the phone to talk with those investors and see if they'd be interested in a conversation. If they are, we make an introduction and then let the professionals do their work.
It’s the same sort of thing on the broad network of suppliers and talent. We would get calls all the time from companies that need something—a marketing consultant, for example. We spent a lot of time building this giant network where something might take one company a day or two to figure out, we can usually give them an answer in five minutes and save them that time.
You say you want to be the Silicon Valley of healthcare. What do you mean?
Jaskulke: We're working to build a brand for the place where we live. If a health company entrepreneur tells an investor that they’re in Minnesota, we want that investor to immediately think it must be a top quality health care startup. Share this story!
FEATURED PODCAST With Refinery Ventures
How do you achieve 100x growth? — S2: E5 Whether you're building a startup or an innovation ecosystem, you need to hear insights from Cleveland Foundation's Baiju Shah. The veteran executive, investor, and entrepreneur shares stories about his passion for growth, Cleveland, and the next generation of healthcare. You can find the Fast Frontiers podcast on Apple Podcasts, Spotify, Google, or their website.
Share this podcast!
PUDDLE HOPS
Data from Mars Impossible Sensing is a company in St. Louis that is working on deciphering data gathered from the NASA rover Perseverance on Mars. Its latest prototype is called “Merlin.” Robotics breakthrough The Human Fusions Institute at Case Western Reserve University is working on a robotic limb that can not only function like a human hand, but can also feel sensation. Purdue pursues cybersecurity focus Purdue University and MITRE are strategically partnering to advance innovation and workforce development in a broad range of critical sectors in order to tackle challenges to the safety and wellbeing of the nation. Battling counterfeit drugs NeoHealth built technology to help solve a problem in developing countries: counterfeit drugs at pharmacies. The company is now working with the Grow with Google program to get more Black and Latinx developers into the digital health fields. Nominees for Mira Awards TechPoint has announced the nominees for its 22nd annual Mira Awards program, which recognizes "The Best in Tech in Indiana." The nominees include individuals, community organizations, investors, education institutions, and tech employers with remarkable achievements in the prior year. Share these stories!
FROM THE FLIGHT DECK With InvestMidwest
Midwest Venture Showcase — April 27-28, 2021 
With a blend of on-demand and live sessions, the virtual 2021 program is designed to provide you with the latest industry updates and flexibility to view content and company pitches according to your schedule. Co-produced by InvestMidwest and the Midwest Growth Capital Symposium. Register HERE. Share this event!
FUELING THE FUTURE
What is fueling Fast Future Country innovation? In this weekly feature, we share a variety of announcements covering funding, acquisitions, exits, grants, and everything in between. Got something to celebrate? Click here to share your story.
Share these stories!
NAME THAT Fast Future CITY!
It's time for our favorite trivia game!
Here are this week's questions:
Can you identify the city in which each of these writers was born?
Click here for today's answers.
REACH OUT Share stories, offer suggestions, or send comments!
|
