Shashank Priya, Vice President for Research and Innovation; Rebecca Cunningham, University of Minnesota President; Tom Emmer, Congressman of Minnesota’s Sixth District and Jakub Tolar, dean and vice president for Clinical Affairs attend the celebration of record startups launched.
A University on the Rise
Since 2020, the University of Minnesota's Technology Commercialization team has supported the launch of over 120 startups, creating more than two dozen new companies annually. These research-driven ventures span a wide range of fields, including health, agriculture, advanced materials, and clean technology.
“The milestone we’re celebrating today—120 startups since 2020—is nothing short of remarkable. It speaks to the incredible talent, ambition, and resilience right here in Minnesota,” said Congressman Tom Emmer of Minnesota’s Sixth District. “That’s not just impressive—that’s transformational. That’s jobs created, industries reshaped, and thriving communities all supported by innovation happening right here at the University of Minnesota.
Minnesota: A Hub for Innovation
Speakers highlighted Minnesota's growing reputation as a center for research-driven entrepreneurship, with the University of Minnesota as a driving force behind this momentum. The state's deep tech startups are attracting national attention and investment, while creating solutions that improve lives and provide lasting economic value.
“Universities should never be a place just where knowledge is generated, but where we take that knowledge and we make it matter to people. We move it off the shelves into communities, into people's lives in a whole myriad of ways here at the university as a public land grant institution. That is our mission,” said University of Minnesota President Rebecca Cunningham.
An Innovation Powerhouse
With more than 120 companies launched in just five years, the University of Minnesota is gaining recognition as an innovation powerhouse for Minnesota—an institution that consistently produces a high volume of quality ventures. This strong pipeline of innovation solidifies Minnesota's standing as a national leader in entrepreneurship and technology commercialization.
“We are elite in producing startups. Not just good, not just above average as we are in Minnesota, but we are elite,” said Rick Huebsch, associate vice president for research and innovation - Technology Commercialization. “Only four universities—MIT, Stanford, Arizona State, and the University of Minnesota—have created more than 20 startups a year for five years running.”
Shashank Priya, vice president for research and Innovation, added, “Deep tech is different. It must meet a very high bar—regulatory, safety, manufacturability, reliability. And that’s exactly why universities matter, and why the University of Minnesota’s integrated ecosystem matters.” He also noted that companies born at the University "tend to be much more durable, with an average lifespan exceeding ten years.”
Economic and Societal Impact
Many University of Minnesota startups address global challenges, from sustainable agriculture to medical technology, while also benefiting Minnesota's economy through new jobs, investment, and revenue.
On the University's impact, Huebsch said, “Since 2006, the University has launched more than 285 startups. Those startups have gone on to raise $3.4 billion in capital and create over 1,500 high-tech jobs. That’s economic impact. This last fiscal year, we set a new record: 450 disclosures—well over one a day. We’re bubbling with innovation.”
Leaders Across Sectors Join the Celebration
The event featured remarks from key leaders, including Congressman Tom Emmer of Minnesota’s Sixth District, University of Minnesota President Rebecca Cunningham, and Vice President for Research and Innovation Shashank Priya, along with Associate Vice President, Technology Commercialization, Rick Huebsch. Guests included Neela Mollgaard, executive director of the Minnesota Department of Employment and Economic Development’s Small Business and Innovation office; Ben Wright, vice president of 3M Ventures; and startup founders Jonathan Rowntree (CEO - Niron Magnetics), Linda Kinkel (CSO - Jord Bioscience), and Ping Yeh (CEO - Vocxi Health).
Jonathan Rowntree, CEO of Niron Magnetics, spoke about his company’s beginnings. “Back in 2013, Professor Jian-Ping Wang proved that iron nitride was the most powerful magnetic material known to science. That was an idea in the lab—and today we’ve grown it into a company that is working to reshape industries around the world.” He also offered advice to other founders: “Breakthrough ideas matter. To change those ideas to reality, talent is key. But the difference we’ve seen is in the ecosystem and the strength of the ecosystem you build. That’s what turns research into companies, and that’s what turns ideas into impact.”
Shashank Priya shared the ultimate goal: “What’s the end game? It’s very simple: outcomes that matter for Minnesotans—better health, energy supply, critical materials, resilient supply chains, national security, and companies that anchor these outcomes here and create economic opportunity.” He added that “The next 3M or Medtronic—it’s not hyperbolic to say it could be incubating in this room” and that “Minnesota is at its best when we pair scientific rigor with practical problem solving. That’s the spirit of today.”