Megatrends point toward entrepreneurship, says Minnesota medtech chief

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Those megatrends all speak to a need for alliances, partnerships and entrepreneurship, said Dale Wahlstrom, who leads the Minnesota trade groups LifeScience Alley and BioBusiness Alliance of Minnesota.

’The adaptation that needs to occur goes far beyond technology,’ he told the audience at at his “State of the Industry” address at the 2011 Minnesota Bioscience Summit.

There weren’t many specifics (though one imagines medical devices taxes and the speed of FDA approvals couldn’t be far from his mind). But Wahlstrom praised the entrepreneurial spirit and said it needs to be built, creating an environment where risk is rewarded. This – along with investors helping bolster and rebuild companies they see value in – will help pave the way forward, he said.

Using examples from the not-so-distant past, Wahlstrom aimed to give a sense of how quickly things change and progress. He cited examples as varied as the human genome project, advancement in computer sciences and software (from large mainframe computers to personal computers and mobile devices), text messages and electronic tattoos. Those changes ushered in the age of biology and have changed everything.

’Our world is never going to be the same again,’ he said.

And he noted that adapting to the megatrends includes developing an understanding of language and concepts in order to prepare for a role that you define yourself.

“That’s what today is all about,” he said.

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