Why Minnesota is better for digital health startups than the Bay Area
As the consumerization of health care increases, the importance of technology designed to connect with and motivate individuals rises in importance right alongside. Health care consumers are more empowered than ever and, as a natural result, health technology startups are popping up all over the country, from the Bay Area to the Upper Midwest.
Tom Wicka, NovuHealth CEO, recently made the case for why the Twin Cities are a vibrant and healthy environment for startups over at VentureBeat.
- Minneapolis ranked as the second best city for startups by the M25 Group.
- The exits of about two dozen technology companies in the Twin Cities amounted to $7 billion over the past 10 years.
- Minneapolis ranked #10 on the top ten list of Metros for Millennials, allowing for an influx of young talent and a stronger economy.
Here’s a preview of the article:
“The Twin Cities are experiencing strong activity in digital health innovation. And Minneapolis-St. Paul has some clear advantages over the Bay Area.
In 2016, 98 Minnesota health technology startups raised $420.3 million—well above other Midwestern states, according to Medical Alley, a Minnesota trade association. In addition to more companies being funded, digital health companies also saw an 80 percent increase in funding from 2015 to 2016, with the average first round five times greater in 2015 than in 2012.
First and foremost is the state’s legacy of health care, retail, and consumer-facing companies that enable it to foster innovation in digital health. With UnitedHealth, Medtronic, Boston Scientific, St. Jude (now Abbott), Mayo Clinic, and other world-class medical centers based here, the Twin Cities have one of the richest health care communities in the country. According to the U.S. Bureau of Labor Statistics, about 439,300 people are employed in the health care industry in Minnesota. Because we know and understand the health care model, we can see where we can break it to make it better.”
Click here to see the full article and read more about why the Twin Cities are uniquely positioned to lead the health-technology sector.
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NovuHealth is the leading healthcare consumer engagement company, offering rewards and incentive programs that improve consumer health and plan performance. NovuHealth applies proven loyalty and data science strategies and leverages its deep industry and regulatory expertise to motivate high-value consumer activities. Headquartered in Minneapolis, NovuHealth has worked with nearly 40 health plans and served more than 15 million consumers across all 50 states. Learn more at novuhealth.com.
Novuhealth is the leading healthcare consumer engagement company, driven to improve consumer health and health plan performance. NovuHealth motivates consumers to complete high-value healthcare activities by leveraging its sophisticated engagement platform, proven loyalty and behavioral science strategies, and deep industry and regulatory expertise. Headquartered in Minneapolis, NovuHealth has worked with nearly 40 health plans and served nearly 15 million consumers across all 50 states.
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