Mayo Clinic Civic Center
Rochester, MN
7 May 2025
1:00-5:00pm

The innovation workshop is exclusively for Mayo Clinic clinical staff and will be held at the Civic Center. If you are not a member of the clinical staff at Mayo but wish to attend, please contact us at Mayo Clinic Innovation Summit MCInnovationSumm@mayo.edu. Participation will be granted based on availability.

Synopsis:
An idea for a new medical device can hatch in many ways.  Maybe you are frustrated with the tools or standard of care you see in daily practice, and you think you have a new solution.  Maybe you are working on a promising new technology but have yet to find the right application.  You are excited about the potential.  You are strongly motivated to help patients.  But time is a precious resource… how do you assess what the journey may entail?

In this workshop we provide a dynamic and practical crash course in translating an idea into a product and business opportunity.  We draw upon the lessons learned in our decades of industry experience to cover essential areas in medtech development:

• Defining the value proposition – how do patients, physicians, hospitals, payors, and companies each find benefit in the new product vs the standard of care?
• Product development – being both open-minded and ruthlessly critical
• Protecting your intellectual property
• Navigating the pathway through regulatory approval, clinical evidence, and reimbursement
• Fundraising
• Finding partners and building a team
• Importance of storytelling

Case examples from our experience in developing products for cardiology and structural heart will be incorporated.

Presenters:

• Andrew Cleeland – CEO, Fogarty Innovation
  • Experience: 36 years
  • Companies: Medtronic, Twelve, Ardian, Radiant, Baxter, Telectronics, Therapeutic Goods Administration (Australian Gov)
  • Expertise: general management, governance, fundraising, M&A, clinical & regulatory affairs, organizational development
  • Boards & Advisory: Director Saluda Medical, Zenflow (Chairman), MMI (Chairman), Francis Medical (Chairman), atHeart Medical, Medical Device Innovation Consortium. Advisor: Arboretum Ventures, Longitude Capital, UCSF-Stanford Pediatric Device Consortium, Biomedical Advisory Council - Agency for Science, Technology and Research, Singapore
• Denise Demarais – COO, Fogarty Innovation
  • Experience: 28 years
  • Companies: Medtronic, Ardian (Co-founder), Bacchus, Aneurx
  • Expertise: general management, research & product development, intellectual property, quality management systems, operations
• John Morriss – Director, Invention Accelerator Program, Fogarty Innovation
  • Experience: 27 years
  • Companies: The Foundry, Medtronic, Twelve (Co-founder), Acclarent, Coapt, Soundmatters
  • Expertise: research and product development

Target Audience:
This workshop is aimed at healthcare professionals who are assessing unmet needs, exploring solutions, developing a product, evaluating company feasibility, or are just curious about the process of turning an idea into a product.

Learning Objectives:
Participants will leave with an educated perspective on the opportunities and risks involved with turning an unmet need into a product idea.