Originally Published MX November/December
2001
BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
Medical Alley Gears Up for Tighter Race
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Minnesota has long
been a hotbed of medtech activity, and the state’s economic development
officials are not resting on their laurels. According to Department of Commerce
figures, more than 65 new medical device manufacturers were established there
between 1990 and 1998, an increase of 45%.
The
shortage of skilled labor that plagues other regions in the country doesn’t
seem to faze Medical Alley. In fact, according to Patricia Neuman, an official
with the Minnesota State Department of Trade and Economic Development, her state
has the fifth-highest per capita ranking for residents with at least a bachelor’s
degree level of education. Nor is venture capital a problem, as the region has
the highest intensity of venture capital investment per capita in the United
States, adds Neuman.
However, the phrase per capita appears frequently in Medical Alley data, and
it has a flip side in the game of comparisons. If having a cluster of similar
companies nearby is an important factor in success, then Medical Alley’s
future growth could be limited by the number of people attracted to the region.
Already there is growing public concern over traffic congestion and other quality-of-life
issues. Such concern for the future is one of the major reasons why Governor
Jesse Ventura threw his support behind a new light-rail system in the Twin Cities
almost immediately after he took office, breaking a long-standing political
logjam over the issue.
Copyright ©2001 MX
