LifeScience Alley and The BioBusiness Alliance of Minnesota Form Strategic Affiliation
MINNEAPOLIS--(BUSINESS WIRE)--Minnesota’s two largest non-profit organizations representing the life science industry, LifeScience Alley and The BioBusiness Alliance of Minnesota, have announced a first-ever strategic affiliation to strengthen the state’s economy and leadership on an international scale. Beginning November 1, 2010, both organizations will be led by Dale Wahlstrom, current CEO of The BioBusiness Alliance of Minnesota.
“Through leveraging the resources of the two organizations, the affiliation will strengthen the regional economy by assisting in the growth of established and emerging companies, and attracting new companies, talent and capital”
“Through leveraging the resources of the two organizations, the affiliation will strengthen the regional economy by assisting in the growth of established and emerging companies, and attracting new companies, talent and capital,” said Dale Wahlstrom, CEO of The BioBusiness Alliance of Minnesota. “The life sciences in Minnesota need a strategic focus in order to sustain our state’s longstanding leadership edge.”
Under the new agreement, the executive committees of both boards of directors will form a joint strategic affiliation committee to guide overall strategy for the two organizations. Don Gerhardt, CEO of LifeScience Alley since 2001, had planned to retire in 2010. He will stay on for a period of time to assist with a cohesive transition. Both organizations will retain their separate missions, identities, staff and boards of directors. LifeScience Alley will remain a 501(c)(6) trade association primarily funded through membership dues and program fees. The BioBusiness Alliance of Minnesota will remain a grant-funded 501(c)(3) economic development organization.
“Rapid growth and convergence in the life sciences have the potential to spur huge growth in Minnesota’s economy but we face diminished funding, unpredictable regulation and strong, new competition from other states and countries trying to attract and grow these industries,” agreed Don Gerhardt, CEO of LifeScience Alley. “This strategic affiliation will help us to more nimbly capitalize on growth opportunities while dealing more effectively with urgent threats.”
Both Wahlstrom and Gerhardt believe that this strategic affiliation will preserve—and strengthen—projects and collaborations already underway within each organization.
Steve Mertens, senior vice president of research and development, Boston Scientific, and chair of the LifeScience Alley board of directors stated, “Dale is well suited to align the strategy and goals of both organizations. In his expanded leadership role, Dale will focus on the comprehensive implementation of Destination 2025, Minnesota’s long-term retention strategy for our life sciences industry.”
About Dale Wahlstrom
Mr. Wahlstrom is broadly experienced in high-tech start-ups and large company management. He left Medtronic after 24 years in 2007, culminating as vice president of Cardiac Rhythm Management Venture Programs. Prior to working in the medical technology industry, he worked in high-tech and clean-tech industries. He is uniquely positioned to understand and develop innovative solutions to the complex regional, national and international issues relating to the various segments of the life science industry. He became the CEO of The BioBusiness Alliance of Minnesota in 2007.
About LifeScience Alley
LifeScience Alley is an international leader in sharing best practices, and is the largest state-based life sciences trade association in the United States. With a membership base consisting of over 635 organizations, LifeScience Alley provides industry players with a powerful forum for communication and collaboration. Through education, networking and advocacy, LifeScience Alley facilitates business connections among its diverse members, providing insights into current trends and regulatory issues, supporting advancement in research and technological innovation and offering the power of one collective legislative voice.
About The BioBusiness Alliance of Minnesota
The BioBusiness Alliance of Minnesota is an industry-led, action-based 501(c)(3) not-for-profit organization dedicated to the advancement of bioscience-related industries to create jobs for the citizens of Minnesota. The charter of The BioBusiness Alliance of Minnesota is to bring together all related areas of the biosciences in a coordinated effort to help ensure the long-term health and success of Minnesota's bioscience industry. The organization has created a well-researched statewide roadmap and strategy, and is leading projects to implement its recommendations.
For more information see: www.LifeScienceAlley.org and www.BioBusinessAlliance.org.
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