Memphis Touts Strong Medtech Base as Part of Selection for Federal Funding to Spur Manufacturing

The U.S. Department of Commerce recently named 12 communities throughout the United States that have received designations under the Obama Administration’s “Investing in Manufacturing Communities Partnership” (IMCP) initiative.

One of the areas named by the department is Memphis, Tenn., which has put its medical device and life-sciences sectors front and center, as part of its petition to take part in the program.
This program, which the Greater Memphis Chamber applied for, is designed to accelerate the resurgence of manufacturing in communities nationwide by supporting the development of long-term economic development strategies. The designated communities will have access to coordinated support for their strategies from eleven federal agencies with more than $1 billion available in federal economic development assistance.

“We are pleased to receive this designation by the U.S. Department of Commerce which recognizes that Memphis has a strong network of public-private collaboration,” said Phil Trenary, president and CEO, Greater Memphis Chamber. “We have seen major investment by manufacturing companies who are choosing Memphis because of our workforce capabilities and world-class assets such as our high quality, low cost water and competitive infrastructure. Attracting more manufacturing investment to Memphis is a top priority for the chamber.”

One of the criteria for receiving this designation and federal funding is the strength of each community’s public-private partnership.

“This award recognizes our region’s ability to come together and focus on our shared economic future, and builds on the work of our Regional Economic Development Plan,” said A.C. Wharton, Jr., mayor of Memphis. “This focus on our core manufacturing strengths, enhanced by a preference for future federal grants and programs, will help us create good jobs in the city and surrounding communities. We applaud all the partners who helped bring this program to the Memphis region. Now the real work begins.”

A critical partner in the growth of the Memphis region’s manufacturing industry is the biomedical industry led by Memphis Bioworks, a partner in the Made in the Mid-South Manufacturing Alliance. The other Alliance partners include the Greater Memphis Alliance for a Competitive Workforce, the Memphis Medical Device Council of the Bartlett Chamber of Commerce and the University of Memphis.

“The medical device research, innovation and expertise in this region are unparalleled, and we believe that Memphis is the best place to start and grow a medical device company,” Steve Bares, Ph.D., president and executive director, Memphis Bioworks Foundation. “This designation demonstrates an opportunity to leverage that strength to develop even more resources for medical device inventors and entrepreneurs through initiatives like EPIcenter and the ZeroTo510 Medical Device Accelerator.

Other communities named in the IMCP competition include: Pittsburgh, Pa.; San Antonio, Texas; New Orleans and Baton Rouge, La.; Madison, Wis.; Peoria, Ill.; Minneapolis, Minn.; Twin Falls, Idaho; the Wasatch Front region of Utah; the Pacific Northwest Partnership Region in Oregon and southwest Washington; Hartford, Conn.; and Fresno, Calif.

The federal agencies participating in the program, in addition to the Commerce Department, are the Agriculture, Defense, Housing and Urban Development, Labor and Transportation departments at the cabinet level.

U.S. Secretary of Commerce Penny Pritzker announced the 12 new communities during remarks at the U.S. Manufacturing Summit at Walmart’s headquarters in Bentonville, Ark.

In May 2014, Secretary Pritzker announced the first 12 communities to receive the designation under this U.S. Commerce Department-led program, which is designed to accelerate the resurgence of manufacturing in communities nationwide by supporting the development of long-term economic development strategies.

“An IMCP designation is an important signal to potential investors that these communities are a good place to spend their money, and this is smart government at work,”  said Pritzker. “By breaking down silos and encouraging communities to take a more thoughtful, comprehensive approach to their strategic plans, we are ensuring that precious federal dollars are used on the most high impact projects and in a way that maximizes return on investment.”

From the communities that applied this round, 12 were selected by an interagency panel, based on the strength of their economic development plans, the potential for impact in their communities, and the depths of their partnerships across the public and private sectors to carry out their plans. As demonstrated by this year’s designees, leaders from the private sector, local government, higher education, local economic development organizations, and other nonprofits worked together to identify a sector of manufacturing where their community has a comparative advantage and drafted a strategic plan that addresses: workforce and supply chain challenges; infrastructure; research and innovation; trade and investment; capital access; and operational improvement for manufacturing companies.

For more information on IMCP, please visit: http://www.eda.gov/challenges/imcp/index.htm.