Small technology, big dreams

Nanotechnology- the ability to coax unique benefits from matter less than 100 nanometers- is widely considered the technology of the future. Unfortunately for Seagate Technology, that future is too expensive right now.

The California-based maker of hard disc drives had sunk over $110 million to build a state-of-the-art nano research and manufacturing hub at a 58,000 square foot facility in Edina. Seagate presumably hoped to use nanotechnology to create drives that could hold infinitely more data than its current products.

But Seagate, which lost more than $3 billion in FY 2009, has shelved its nano plans, leaving behind an empty building with expensive equipment.

Dale Wahlstrom, CEO of the BioBusiness Alliance of Minnesota, sees an opportunity though. He hopes to create a public/private partnership called the Minnesota Center Excellence in Nanotechnology, where companies and researchers can use the facility to create and commercialize nanotechnologies and not break the bank.

Wahlstrom has enlisted the support of some heavy hitters in government, academia, and business, including Tim Mulcahy, VP of Research, University of Minnesota, Darrel Untereker, VP Research & Technology, Medtronic, Dr. Gary Sieck, Deputy Director of Research, Mayo Clinic, Steve Mertens, Senior VP Research & Development, Boston Scientific Corp., DEED Commissioner Dan McElroy, and Rep. Tim Mahoney, Chair of the House Bioscience and Workforce Development.

This month, Wahlstrom will visit SUNY Albany in New York State, home to the College of Nanoscale Science and Engineering, the first college in the world devoted to the science and business of nanotechnology. The college has already attracted $2 billion in public and private investments and formed partnerships with 250 global companies. Wahlstrom hopes the school will be an advisor and/or partner in the Edina facility.

Wahlstrom got good news this week when Seagate extended its deadline for bids on the site until Nov. 15.

"That is GREAT news for this collaborative approach to securing the site, as it gives us that much more time to develop a solid business plans for a variety of scenarios- vs. purely anecdotal narratives- and that much more time can be devoted to gaining more concrete support form potential site users," Lynn Osterman, a lobbyist for MN Nano, wrote in a recent e-mail.

Speaking of which, does anyone know how to write such a business plan? Osterman says the group is looking for a financial advisor, a skillset of "the utmost importance as this individual or team of people will be able to anticipate questions/concerns from Seagate management that we would like the opportunity to adequately address in advance of a conversation with them shortly after the Nov. 15 deadline."

For more information, contact Osterman at LynneOsterman@gmail.com or Wahlstrom at dwahlstrom@biobusinessaliance.org.