Rochester, Minn.-based Mayo Clinic has received a $50 million philanthropic gift from Florida donors Gilchrist and Amy Berg to support its Innovation Exchange, now renamed the Mayo Clinic Berg Innovation Exchange.
The endowment is intended to help Mayo address complex and underserved healthcare challenges through global collaboration and patient-focused innovation, according to the organization. Established in 2019, the Exchange has served as a launchpad for startups and entrepreneurs working in diagnostics, therapeutics, medical devices and digital health. With the new funding, Mayo Clinic said it plans to expand the Exchange’s reach and impact. The platform does not take equity in the companies it supports.
“This endowment allows us to cement the foundation we’ve built,” Jennie Kung, vice chair of the Exchange, told Becker’s. “It gives us the foundation to grow, scale and accelerate our mission to shape what healthcare can look like in the future.”
Unlike traditional accelerators and venture-backed incubators, the Exchange operates as a philanthropy-driven initiative, according to Mayo Clinic. Its model focuses on supporting innovation without financial return.
“We’re a steward of healthcare innovation,” Ms. Kung said. “Our role is to reframe, bring structure and shape what’s next to make sure breakthroughs reach the people who need them most.”
The Exchange’s global footprint is a key part of its strategy to drive impact. The platform has a presence in countries including Singapore, Spain and the United Kingdom. It connects early-stage companies with Mayo’s clinical and scientific experts and collaborates with government agencies, researchers and non-healthcare entities such as NASA.
“Healthcare innovation is a global team sport,” Ms. Kung said. “We’re embedding ourselves in local ecosystems and connecting the dots between what’s happening in, for example, Norway, Brazil and beyond.”
The Bergs, early supporters of the Exchange, have contributed to shaping its mission. Their donation will help fund early-stage research, mentorship and cross-disciplinary collaboration. The goal, according to Mayo Clinic, is to support promising ideas with the potential for real-world impact.
Operating in alignment with the Mayo Clinic Model of Care, the Exchange aims to remove barriers to innovation while ensuring equitable access to resources. It functions as a mission-driven, neutral platform focused on accelerating the development of new healthcare solutions.
“There’s no ROI metric here,” Ms. Kung said. “Our return is simple: did we help change a life?”
Mayo Clinic said the Exchange now has a presence on six continents, with a growing network of partners aimed at advancing innovation in healthcare.
