The international startup community is expanding, with many new companies originating from the Far East, and many new partnerships being forged across continents — including a new initiative launched by Mayo Clinic Ventures seeking talent and ideas from Israel.
The firm's goal is to build relationships with Israeli companies through co-development or research grants, according to the Post-Bulletin. The project is an offshoot of an existing collaboration between Mayo Clinic and the Merage Institute in California, a philanthropic organization, which has been active for about a year.
Merage awards grants of up to $150,000 for Israeli firms working with Mayo to develop technologies, such as EyeYon Medical, which designs non-invasive medical devices to treat corneal conditions, according to the Post-Bulletin. This initiative is the first time Mayo has focused on a specific country to explore business opportunities.
Guy David, PhD, a health care management professor with the University of Pennsylvania Wharton School in Philadelphia, told the Post-Bulletin that for being such a small country, Israel's technology business output is significantly larger than many larger nations.
"Israel is hugely innovative," Dr. David told the Post-Bulletin. "There is no market in Israel. Israel is tiny. If they invent something, they know it has to be global product."