Mayo Clinic Kicks Off National Competition For Rights To License Mayo Tech
Mayo Clinic announced the return of its “entrepreneur in residence” competition, the Think Big Challenge, on Tuesday.
The national competition will pit innovators, entrepreneurs and businesses against each other for the opportunity to license Mayo Clinic technology and earn a $50,000 cash prize.
However, according to Jeanne Huddleston, medical director for the competition, “there’s a new twist to the Think Big Challenge this year.”
Previously, competitors were asked to develop a new technology and pitch a strategy to take it to market. Two companies won last year: Seattle-based Wellpepper for a platform that that delivered digital treatment plans to mobile devices and San Francisco-based Care at Hand for its smart survey and analytics platform that predicts and prevents hospitalizations.
Instead, in a revised format to the first-ever Think Big Challenge, Mayo will be providing the technology.
“We will be looking for the go-to-market strategy, savvy and energy that will launch one of Mayo Clinic’s technologies to make it available to patients all over the nation or world,” Huddleston said.
Interested applicants will select from a pool of four Mayo med-tech properties, which include its:
- Business Enhancement Analytics Tool (BEAT), which organizes and simplifies electronic health records
- TGR5-Targeted Therapies for Cholangiopathies, a therapy plan for treating polycystic liver disease and polycystic kidney disease
- Bedside Patient Rescue, which tracks a patient’s condition and can alert a patient’s provider if conditions worsen
- Ocular Counter Roll measurement tool, which diagnoses damage to the inner ear vestibular system
Mayo is currently accepting applications for the competition. Last year, more than 130 individuals and businesses applied.
A panel of venture capitalists, entrepreneurs, technical experts, and members of Mayo Clinic will choose five finalists. Those individuals will then compete before a panel of judges on September 15 during the Mayo Clinic Transform conference. The winner will be deemed an “entrepreneur in residence” at Mayo Clinic and oversee their plan carried out from Mayo’s Rochester campus.