New York-MINTing Presbyterian’s Innovation

A startup firm called Lumendi obtained the rights to manufacture and market ESP (an extension of Endosurginet) in January 2015. Lumendi donated a portion of the funds it collected to MINT for potential future research and development. Mint had acquired the second source of funding from Helmsley Trust.

The history of MINT involves a convergence of numerous trends. The program’s first ten years of operation were overseen by Dr. Jeffrey Milson, chief of colon and rectal surgery. It was also used in the development of an endoscopic surgical platform known as the ESP (Endolumenal Surgical Platform). The source of financing for mint came from NYP Presidents and the Departmental Fund of Dr. Milsom. The funds acquired were used in the development of concepts and the creation of initial prototypes. The Mint program starting in early 2007where Dr. Milsom was the executive director. At the end of 2007, Mint had two broad-based initiatives: EndoSurginet and Cerebral Aneurysm.

In May 2009, MINT’s first projects had been shepherded through the initial development stage. The projects required massive amounts of capital to invest hence priority projects had to be chosen. The progress achieved by MINT had to be evaluated hence a performance criterion was established which involved the steps such as the move of generally one commodity into the market in five years, setting an iterate revenue cascade that guaranteed MINT’s future, and finally contracting and building up the best group of surgeons.

The leadership and management of MINT have poured an enormous amount of effort and work in creating the powerful organization that is MINT.

Work Cited

Hamermesh, Richard G. & Norris, Michael. “MINTing Innovation at NewYork-Presbyterian.” Havard Business School. 2015, pp. 1-25.