Rochester MN (+ Phoenix + Jacksonville). $17.6B revenue (2023). Not-for-profit academic medical center. Mayo Clinic Ventures: commercialization arm, 150+ licenses/yr, $100M+ annual IP revenue. Major AI/digital health partnerships (Google, Microsoft, Epic). "Destination medicine" model. Research budget $900M+.

The University of St. Thomas is a private Catholic university in St. Paul, Minnesota.