Through Innovation Scholars, students of economics, biology, and other medical-related fields receive hands-on experience in the business development processes for bio-medical innovations. Working at the intersection of science, healthcare, and entrepreneurship, a multidisciplinary team of four students led by a masters-level graduate student evaluates the market potential of intellectual property developed at the Mayo Clinic, early and mid-sized biomedical companies affiliated with Medical Alley, the Minneapolis Heart Institute, or NASA. After meeting with the scientists behind the idea, the team develops a recommendation for whether to advance the project toward next steps with written and oral reports presented to the host organization.
To learn more, consult the Innovation Scholars website; talk with Carleton’s faculty mentors, Debby Walser-Kunz (Biology), Matt Rand (Biology), Bruce Dalgaard (Economics), and Nathan Grawe (Economics); or reach out to campus liaison, Sara Nielsen, about this exciting opportunity.
“Learning to handle ambiguous situations, learning to work with colleagues from different disciplines, and learning how business and science are combined in the real world – these are the unique educational opportunities found only in the Innovation Scholars Program.”
– Dr. Susan Stoddard, Mayo Clinic
2025-26 Carleton Innovation Scholars Project:
This year, Carleton has been assigned a project originating from Egg Medical, a biomedical company. The project is a new patient monitor system integrated into Egg Medical’s EggNest product line used in a clinical environment.
Expectations
- Participating students, faculty and staff must sign a non-disclosure agreement to protect the intellectual property of the projects.
- Each student will invest approximately 150-160 hours into the project. Approximately 30 hours will be completed in person during the final month of fall term, 100 hours remotely during winter break, and 30 hours in person during winter term.
- The team will meet all deadlines for draft and final reports, practice presentations, and final presentation. The experience culminates with delivery of the team’s research and recommendations in the form of a business plan or other requested deliverables to the inventors and project managers.
Compensation
- Each student receives a $2,000 stipend.
Application Process
- Submit written application by October 1, 2025, 11:59 p.m.
- Finalists will interview with faculty advisors
- Team selections will be announced in early October
Eligibility
Participants must…
- Be available for in-person team meetings both fall and winter term and virtual team meetings over December break
- Perform significant, independent work during December break
- Possess a strong academic record
- Commit the time and energy required of the project (including all mandatory workshops and practice sessions which may include nights and weekends)
- Commit to work as a member of a high-functioning multidisciplinary team
- Demonstrate excellent written and oral communication skills
- Understand and respect confidentiality
It will be essential that the team include at least one member who is majoring or has completed significant coursework in economics and another who is majoring or has completed significant coursework in the sciences. However, not all team members must major in economics or the sciences.
Important Dates
- September 23, 2025, 12-1pm, Willis 204– Information Session
- October 1, 2025, 11:59 p.m. – Application deadline.
- October 29, 2025, 9:00 a.m. – 4:00 p.m. – MANDATORY off-campus orientation to receive an overview of the program; review roles, responsibilities, best practices; and meet the graduate student team leader and project manager.
- Winter Break & Winter Term – Students, their graduate team leader, and faculty mentors meet as teams research and explore the project.
- January 31, 2026 – Draft report due date
- February 15, 2026 – First oral presentation (with faculty advisors) due date
- February 24, 2026, 8:30 a.m. – 4:00 p.m. Final recommendation in the form of a business plan and off-campus presentation to inventors and project managers.
Additional Information regarding this program may be found on the Innovation Scholars website.