Minneapolis-Saint Paul – A smart location for Indian investment
The region presents several opportunities for Indian companies focused on innovative healthcare solutions, among others.
- The Minneapolis-Saint Paul region of Minnesota is the largest metro region in the US. The region is unique because it is home to two major urban centres.
- The region is renowned as the global epicentre of health innovation and care.
- The tech talent pool in the region is over 136,000, over 60 per cent larger than Austin, Texas.
The Minneapolis-Saint Paul region of Minnesota is a place where people come together to solve big problems. Located in the upper Midwest part of the US, the region, known as Greater MSP, is the global epicentre of health innovation and care. The industry sector attributes its success to global accessibility, a significant concentration of many of the world’s largest corporate headquarters operations, and a highly educated and innovative tech workforce. Indian companies interested in solving the world’s greatest problems can benefit from investing in the Greater MSP region for access to the vibrant intersections of the region’s key sectors – including health and life sciences, food and agriculture, and financial services – and the significant talent pool that serves these sectors.
With a population of 3.6 million, the Greater MSP region is the 14th largest metro region in the US. The region is unique because it is home to two major urban centres, the city of Minneapolis and the city of Saint Paul. The Greater MSP region is globally connected through the MSP International Airport, which serves 32 international markets and is the 17th busiest US airport for passengers and 12th for aircraft operations. Travel into MSP is a pleasure for passengers – it was most recently named the top North American airport for efficiency excellence in its size category by the Air Transportation Research Society.
Minnesota and the Greater MSP region is a global community, home to more than 800 foreign-owned corporations representing more than 35 countries. About 40 per cent of all firms are in the manufacturing sector and another 20 per cent in the professional and scientific area. The top investors in Minnesota are the UK, Japan, Canada, Germany, Switzerland and France. Businesses located here tap into areas of expertise across the globe to enhance their research and development initiatives to serve growing markets. There are over 38,000 Indian Americans in the Greater MSP region and the population has grown by nearly 30 per cent over the last five years.
The Greater MSP region is globally known for the concentration of corporate headquarters. There are 16 Fortune 500 companies headquartered in the Greater MSP region, more Fortune 500 companies per capita than any other metro area in the US and the seventh most concentrated worldwide. Companies like UnitedHealth Group, 3M, Target, General Mills and Ecolab are headquartered here, driving innovation and global connectivity. The Greater MSP region is also home to Cargill, one of the world’s largest private companies, and the operational headquarters for Medtronic, a global leader in medical technology, services, and solutions. Minnesota is also home to the world’s best hospital, Mayo Clinic. One million patients from 140 countries travel to Mayo Clinic each year for medical care and there are international patient offices to ensure that distance and language are not obstacles to receiving world-class care.
Educated tech workforce
In the Greater MSP region, 41.7 per cent adults have a bachelor’s degree or higher, one of the highest educational attainments in the US. Our highly educated population stems from a strong tradition of quality education, but also the large pipeline of talent generated by the region’s 36 colleges and universities with an estimated annual enrolment of 144,000 students. The University of Minnesota’s flagship campus is ranked as a top-50 university worldwide by the Center for World University Rankings with total enrolment over 50,000 students, one of the largest universities in the US.
The tech talent pool in the region is over 136,000, over 60 per cent larger than Austin, Texas. The region has experienced a 10 per cent growth in tech jobs over the last five years due in part to the movement of workers out of Silicon Valley into more affordable markets with an educated workforce and an ability to attract and retain talent. With access to this talent, Greater MSP-based companies have been able to grow and thrive in a changing global economy because of their ability to digitally transform right here in Minneapolis-Saint Paul.
Tech has been embedded in every industry in the region, including medical innovation and care. The Greater MSP region has been known for its concentration of medical device manufacturing since the pacemaker was invented by Medtronic, but the cluster has grown and diversified beyond manufacturing. The Greater MSP region is now the most innovative health cluster in the world due to the region’s innovative history, but also due to the clustering of health technology firms like Boston Scientific and Smiths Medical, proximity to Mayo Clinic and the number one health insurance company in the world (UnitedHealth Group), and hundreds of smaller companies in digital health and diagnostics. There is no other place with such a high concentration of people and companies focused on one thing – keeping people healthy.
Corporations headquartered in the Greater MSP region are looking for innovative partners who understand global challenges. This is an invitation for new investments by Indian companies interested in solving the world’s greatest problems – like innovations critical to global health and wellbeing.
Peter Frosch is President & CEO of GREATER MSP, a partnership of more than 4,500 individuals from more than 300 leading businesses, universities, cities, counties, and philanthropic organisations working together to accelerate the competitiveness and inclusive growth of the Minneapolis-Saint Paul regional economy.