The University of Minnesota is teaming up with private developers to establish a venture-backed commercialization hub adjacent to the school’s Biomedical Discovery District. Construction could begin next year on The Minnesota Center for Life Science Technology Commercialization, a 60,000-square-foot building designed to convert ideas and technology from university biomedical researchers into viable start-ups. A key component to the center is a $20 million private VC fund that will support the companies. The center is the first step in establishing the Minnesota Science Park, a planned $750 million, 500,000-square-foot series of facilities. Designed to be Minnesota’s answer to North Carolina’s Research Triangle Park, Minnesota Science Park will enable academics, scientists, investors, and entrepreneurs to create breakthrough innovations developed and sold by homegrown companies, says Peter Bianco, director of lifescience business development at Halleland Health Consulting in Minneapolis, who is spearheading the project.<\/p>\n
The Minnesota Science Park represents a watershed moment for the University of Minnesota, which developed the Biomedical Discovery District to combine the school’s most prized biomedical assets, including its McGuire Translational Research Facility and Center for Magnetic Resonance and Research. The park would add private sector muscle to the school’s intellectual know-how, according to Tim Mulcahy, UMinn’s vice president of research. “The development of this public-private partnership represents recognition of the value of our innovations,” he says. The park will follow the best practice standards developed by the Association of University Research Parks — mainly proximity to a major research university in a dense urban area, experienced developers, and a dedicated venture fund. Under Bianco’s plan, the developer and university each will invest in the venture fund.<\/p>\n
Major obstacles remain, however. Facing state budget cuts, the university has limited financial resources. For construction to start, the school must lease a good portion of the commercialization center and commit tech transfer and research assets to the facility. So far, the university and developer have not reached an agreement. “At this moment, we have alignment on wanting to do it but the economy presents a challenge in that we need agreement from the major stakeholders to move forward,” Bianco says. “If we get this agreement, it would likely be nine months to having a spade in the ground.”<\/p>\n