Mayo Clinic’s Venture Into Entrepreneurship



By Don Jacobson, Twin Cities Business

“When he looks out from his small office in the Mayo Clinic Business Accelerator, veteran Rochester entrepreneur Al Berning says he sees something special going on in his city’s business start-up scene.

CEO of one-year-old Ambient Clinical Analytics, Berning certainly knows his way around a Rochester start-up. After 15 years at IBM, he founded electronics manufacturer PEMSTAR in 1994, leading it through a $115 million initial public offering six years later. From 2007 to 2012, he ran Hardcore Computer/Liquid Cool Solutions, developers of a new type of liquid-cooled computing technology, which by 2013 had raised $18.5 million in venture funding.”

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  • Jeff Pesek

    “It recently capitalized a $100 million venture and growth fund ($35
    million has been invested thus far) and set up the incubator­—complete
    with offices for five well-funded coastal venture capital firms…”

    “It’s also a research powerhouse, producing enough new drug therapies,
    medical devices, software and other ideas to help spawn 94 company
    start-ups over the last 15 years through licensing deals.”

    “And through a pair of seed funds, it invested $12.2 million through 148 awards since 2005.”

    “Rogers is optimistic, contending there are signs that “critical mass” is
    being reached in the push to turn Rochester into a self-perpetuating
    start-up hotbed.”

    “During its initial public offering in November 2014, Celyad issued to
    Mayo 20,833 shares of common stock worth about $500,000 as part of its
    licensing deal. The city invested $600,000 in the new facility, while
    the Minnesota Department of Employment and Economic Development offered
    to kick in $357,000 more if Celyad invested at least $1.5 million in
    Rochester within a year and creates at least 33 good-paying jobs by