Growing a Successful MedTech Innovation Ecosystem – Hint, it isn’t just the money
Investment in medtech and medtech ecosystems has surged over the last decade resulting in a diversifying geography of companies. Established hubs like Northern and Southern California, Boston, and Minnesota now see competition from fast growing hubs in other parts of the United States and world. While some see competition as zero sum and a threat, others see it as an opportunity to more rapidly advance medical technology worldwide and even grow the competitiveness of existing hubs.
This panel discussion will examine the factors that make for a successful hub and question some of the dogmatic wisdom like "it’s all about the money" in an effort to understand what does - and does not - influence ecosystem growth; and most importantly, contributes to medtech company success.
The panel discussion will consist of two moderators (Professor Hubert Lim, Director of Bakken Medical Devices Center; and Frank Jaskulke, Vice President of Avio Medtech Consulting) and five expert panel members knowledgeable in medtech and business ecosystems. The panel members will be asked a series of insightful and provocative questions on the session topic from the moderators and the audience.
Details
Joni Ekstrum, South Dakota Biotech
Joni Ekstrum
Executive Director
South Dakota Biotech
Joni Ekstrum serves as executive director of South Dakota Biotech, overseeing its advocacy, communication, education, and membership services and representing more than 60 companies in industries spanning agriculture to medical services and renewable fuels. Since assuming this role in 2012, Ekstrum has significantly impacted the biotech industry in South Dakota and energized the association. She is a tireless advocate and enthusiastic promoter for the association, its members, and affiliates. She has brought attention to the significant economic impacts of an innovation-driven economy and served as an effective liaison in advocacy issues to keep the progress of biotech moving. Joni serves on many boards, including BIO’s Council of State Biosciences Association, Sioux Empire Boys & Girls Club, SD Development Corporation, and SDSU College of Natural Sciences Advisory Board.
Mudit Jain, Treo Ventures
Mudit Jain, PhD
Founding General Partner
Treo Ventures
Mudit brings over 25 years of experience as a venture capitalist, founder, and operator in medical device industry. Mudit is a Founding General Partner of Treo Ventures, and the CEO and co-founder of NuXcel, a bioelectronics focused medical device accelerator. Mudit also co-founded three neuromodulation companies in the Twin Cities, ShiraTronics, Avivomed, and iVEAcare, where he serves as Chairman of the Board and has raised more than $170M in their Series A & B financings.
Mudit has served on the boards of several medical device companies, from early concept to commercial growth stage, resulting in successful IPOs and M&A transactions. Mudit currently serves on the boards of CVRx, (NSDQ: CVRX), Avivomed, Inc., iVEAcare, Inc., Neuspera Medical, Inc., ShiraTronics, Inc., Neochord, Inc., and SecondWave Systems, Inc.
Some of his prior investments/board responsibilities include Inspire Medical Systems (NYSE: INSP), iRhythm Technologies (NSDQ: IRTC), Aptus Endosystems (Acqd. by Medtronic), CardioMEMS (Acqd. by St. Jude Medical), and Impres Medical (Acqd. by J&J).
Mudit also serves on the External Advisory Board for Cleveland Clinic Innovations, External Advisory Board of John Hopkins University Center for Bioengineering Innovation and Design, and on the Board of One Heart Health, a healthcare focused non-profit focused on providing access to pediatric populations in underprivileged geographies.
Prior to founding Treo Ventures, Mudit was a General Partner with Synergy Life Science Partners. Before Synergy, Mudit led Johnson & Johnson Development Corporation’s medical device investment activities in the Midwest and East Coast.
Prior to his investing career, Mudit held operational roles in the Cardiac Rhythm Management Division of Guidant Corporation.
Mudit graduated with a B.E. in Electrical Engineering from VNIT, Nagpur, India, where he was a gold medal recipient for academic achievements. He received his Ph.D. in Biomedical Engineering from Duke University, and his M.B.A. from The Wharton Business School, University of Pennsylvania.
Co-Founder: NuXcel, ShiraTronics, Avivomed, iVEAcare
Eddie Pauline, Ohio Life Sciences Association
Eddie Pauline
President and CEO
Ohio Life Sciences Association
Eddie Pauline is the president and CEO of the Ohio Life Sciences Association and Foundation. He leads efforts to ensure that Ohio is one of the premier locations for discovering life-saving treatments and building companies based on those treatments. Under his leadership, OLS advocates, builds, and connects partners to initiatives that address the challenges related to talent acquisition, infrastructure, and access to capital, which impact industry growth.
Eddie's strategic vision for OLS is deeply informed by his previous role as the Director of Economic Development at The Ohio State University. In this capacity, he oversaw economic development and impact functions to attract new businesses to Ohio and to retain and expand existing ones.
Before his tenure at Ohio State, Eddie gained valuable experience in the digital media industry, working with startups and major corporations. He holds a Bachelor of Arts and a Bachelor of Science from The Ohio State University and an MBA from Franklin University. Additionally, he is recognized as an Ohio Certified Economic Developer.
Eddie is a member of the Governor’s Executive Workforce Board and Ohio’s Rare Disease Advisory Council and serves on the board of the Columbus Metropolitan Club.
Eddie resides in Worthington, Ohio, with his wife, Lindsey, and their three children.
Mickayla Rosard, Groove Capital
Mickayla Rosard, BAA
Partner
Groove Capital
Mickayla is Partner at Groove Capital and Groove Investment Group, a pre-seed venture fund and angel network focused on Minnesota companies. Mickayla is the creator and visionary behind the annual conference, Angel Fest, which has quickly become the largest early-stage investor conference in the upper midwest.
Mickayla also serves as a Fellow at Forge North, leading their statewide initiative to engage more angels, especially women and underrepresented investors. Additionally, Mickayla is a columnist at Twin Cities Business Magazine writing on early-stage investing.
Previously, Mickayla first started out in private equity through her work at the North Dakota/Minnesota EB-5 Regional Center – which helped local companies secure foreign investments through the federal EB-5 investment program. Mickayla quickly earned the trust of her board and respect of industry peers. At 25, Mickayla took over as the Director of the Regional Center where she led the organization to its first year of profitability and grew their portfolio from $1M to $138M in foreign investments over her tenure. As a result this investment created a total of 52,650 direct and indirect jobs. Mickayla then went on to serve as the Chief Strategy Officer of Proxy Financial. Mickayla was also asked to sit on Proxy Financials’ board, serving as their first female board member. Mickayla also worked at the Department of Homeland Security's Center of Innovation, working with industry giants like Intel and IBM. Mickayla first cut her teeth in venture in 2009 at Dakota Venture Group.
Mickayla has been recognized as 40 Under 40; Minnesota business leaders to watch in 2023; and 2022 Women in Business Honoree, among others. She holds a series 82 and series 63 license.
Mickayla stays active within her community both through volunteering and philanthropic giving. She is passionate about supporting women in leadership; coaching entrepreneurship and startups; and ensuring Minneapolis is a more equitable community. For 13 years, Mickayla has served on a Facility Corporation Board and currently holds the Treasurer seat. The board owns and manages a historic 100-year-old facility, which is rented by 50 college students. In 2020, Mickayla served on a capital campaign committee raising $30,000 to help offset the financial pressure caused by COVID-19.
Boards and Volunteer Involvement:
> Dakota Venture Group – Advisory Board Member
> UND Center of Innovation – Board Member
> Impact 100 – Founding Member
> UND - Mentor
> Heilicher School – Finance Committee Board Member
> Women Venture – Small Business Essentials Mentor
> Kappa Alpha Theta – Facility Corporation Board, Treasurer
> Kaela Berg Campaign, MN House District 56b – Volunteer
Chris Schad, Mayo Clinic
Chris Schad
Director of Business Development
Destination Medical Center
Mayo Clinic
Chris leads the ecosystem-building activities for Discovery Square, a mixed-use urban life-science hub adjacent to Mayo Clinic. Responsibilities include partnering with support companies, growing the entrepreneurial ecosystem, attracting investment capital to the region, partnering with K-12 and higher education organizations for workforce development, and creating access points into Mayo Clinic for businesses operating in Rochester. Chris has a BS degree in Biology and an MBA with an emphasis on entrepreneurship. He is a published author on peer-reviewed scientific papers, has developed technology licensed into the marketplace by Mayo Clinic, and holds an academic appointment as an Assistant Professor of Laboratory Medicine in the Mayo Clinic College of Medicine.
Frank Jaskulke, Avio MedTech
Frank Jaskulke (Session Co-Organizer)
Vice President Sales & Business Development
Avio Medtech Consulting
Frank Jaskulke is committed to making the job of medical innovators easier. He spent 20 years at the Medical Alley Association building community assets to help startups access capital, customers, and talent. Now, he is at Avio Medtech, partnering with entrepreneurs to help their ventures take flight.
Hubert Lim, Bakken MDC
Hubert Lim (Session Co-Organizer)
Director, Earl E. Bakken Medical Devices Center
Bakken Professorship for Engineering in Medicine
Endowed Lions Professorship in Otolaryngology
Institute for Translational Neuroscience Scholar
Co-Director, Center for Neural Engineering
Professor of Biomedical Engineering and Otolaryngology
University of Minnesota, Twin Cities
Dr. Hubert Lim is a Professor in the Biomedical Engineering and Otolaryngology Departments at the University of Minnesota and was hired as an Institute for Translational Neuroscience Scholar. He is currently serving as the Director of the Earl E. Bakken Medical Devices Center and the Co-Director for the Center for Neural Engineering, as well as the Bakken Professor for Engineering in Medicine and Endowed Lions Professor in Otolaryngology. He completed a B.S.E. in Bioengineering at UC-San Diego, followed by a dual Masters in Biomedical Engineering and Electrical Engineering & Computer Science and then a Ph.D. in Biomedical Engineering at the University of Michigan. At the University of Minnesota, his translational research lab focuses on neural engineering, neuromodulation technologies, sensory neuroscience, neural plasticity, neuro-immune physiology, and integrative health approaches with the aim of developing new stimulation treatments for hearing disorders, pain, and inflammatory conditions in collaboration with multiple clinicians and companies. Dr. Lim has been awarded the Peter and Patricia Gruber International Research Award in Neuroscience from the Society for Neuroscience, the Institute for Engineering in Medicine Faculty Career Development Award, and the Institute for Engineering in Medicine Outstanding Service Award. Beyond his academic activities, Dr. Lim is serving as the Chief Scientific Officer of Neuromod Devices (developing a tinnitus treatment device), Chief Scientific Officer of SecondWave Systems (developing a wearable phased-array ultrasound device for various health conditions), and Chief Technology Officer of NeoAcoustics (developing novel types of sensory technologies).