“The Twin Cities may well be one of the world leaders in treating obesity—diabetes is another one.” Longhini says. “I think that these chronic, long-term conditions and therapies will be where medical devices start to find a resurgence in the Twin Cities area.”
Longhini notes other potential for the industry and his company. “The future is really going to be in combination devices, with a combination of mechanical or electrical device with biologic activity,” he says. Think of devices that respond to our bodies, much like an artificial heart. “We are enhancing our devices by making them more biologically active,” he adds.
Regardless of product focus, Minnesota’s medical device companies foresee a future in the state. “There’s a lot of engineering talent in the Twin Cities,” Corbett says. “A great financing market is available in Minneapolis. It’s the epicenter of medical device companies.” That concentration means there is a common support system with resources such as distribution channels and experienced consultants.
Curt Miller says availability of start-up financing in Minnesota is another draw for entrepreneurs. “It’s a good place to start a company to raise capital,” he says. “People have had the experience of investing in Medtronic and in cardiac pacemakers at St. Jude—there [have] been fortunes made in Minnesota in medical investments.”
Minnesota is set to become an even bigger player in the medical device industry as small and midsize companies proliferate and grow. For people with a passion for business and improving health care, Minnesota has proved to be fertile ground. “It’s not easy to do, and not everybody likes it,” Corbett says, “but for those who do, it’s a fun place to be.”
