The Unsung Startup Heroes

Yesterday I wrote about the Kauffman Foundation and Minnesota startups. Check that out here.

There is another part of Medical Alley's startup community that deserves more accolades: Suppliers.

While much of the conversation, news coverage, and awards go to entrepreneurs starting new device, bio, and digital companies, far less goes to people starting product development companies, clinical research organizations, regulatory consulting firms, and others that bring services to device, biotech, and digital health.

If we gave those entrepreneurs the same level attention that we give others I think we'd have a different perception of "startups in Minnesota."

Think of Minnetronix Medical, a product development and manufacturing company in St. Paul. Started in 1996 the company has grown to hundreds of employees, contributed to bringing countless products to market, and now is developing their own.

Or Fang Consulting, a regulatory and quality consulting firm started in 1999 that has grown to over 30 employees (maybe even 40, I can't keep up with them!).

Or serial entrepreneur, Brady Hatcher, and his current companies Switchback Medical and Crossfire Medical. Brady started Switchback last year and Crossfire in 2016. Prior to that he was involved in starting Fast Forward Medical and Optinova.

There are hundreds of firms, big and small and they are secret sauce of the Medical Alley community. No where else can you find such a well developed, healthcare focused, supply chain.

That has 3 big benefits for the Medical Alley Region:

1. Time to market: Suppliers are around the corner, not around the world. Problems can be solved quickly and trust can be developed.
2. Capital stays in the community: When a startup raises money from the coasts it often is able to spend much of it in the region, stimulating growth.
3. Lowers the cost to start and scale: The high levels of trust and deep experience mean suppliers here do a lot of extra things like lend an office to a startup to have a private place to work, defer some payments or eat a bit of cost to see a good product move forward, or give of their time and knowledge.

Hats off to every supplier in the region that keeps this industry running.

And hey - if there a local supplier, consultant, or advisor you'd like to give thanks to, mention them in the comments.