US-based medical researcher Mayo Clinic is consolidating its corporate venturing unit, Mayo Clinic Ventures, and its Office of Business Development into a single division, Twin Cities Business has reported.
The functions will now be combined in a single entity called the Department of Business Development. The move is being made to simplify contact between Mayo Clinic’s research work and external partners such as corporations, venture capital funds or the government.
James Rogers, chair of Mayo Clinic Ventures since 2012, is chairing the venture, reporting to chief administrative officer Jeff Bolton.
Rogers told Twin Cities Business: “Through the foresight of our leadership and our trustees, we said, ‘Let’s think about a combined department, call it the Department of Business Development.’
“This way, we can still have the Mayo Clinic Ventures name, but it would be combined with a unit that could do everything from soup to nuts: startups, licensing, joint ventures, partnerships, collaborations, venture investing, acquisitions.”