Memphis Bioworks launching Biotech accelerator with $11.5M

Tech Journal South
October 8, 2007

MEMPHIS, TN--The Memphis economic development initiative, MemphisED will provide $11.5 million over five years to help the Memphis Bioworks Foundation launch Innova, a business accelerator for biotech startups.

MemphisED is a Memphis Chamber of Commerce initiative. Steve Bares, president and executive director of the Bioworks Foundation. says in is BioBiz blog that “We will use the funds to invest in small technology or service-based technology companies.”

In a statement, Bares said, "Technology commercialization and incubation is one of the most difficult and complicated business endeavors. A service like this is vitally important in Memphis to achieve bioscience business growth.

"We are looking forward to working with local incubators to grow and develop new technology-based businesses in our community."

"To ensure its viability, each new venture will be required to undergo a thorough new business start-up process and analysis by an independent investment board. This will allow new companies to quickly establish a strong foundation for future growth."

INNOVA also will license intellectual property from local and national universities and companies in order to pair entrepreneurs with promising technologies. Efforts will focus on key industries in which Memphis already has clear advantages – biomedical, biologistics, and bioagriculture.

On his blog he adds, “I consider the formation of INNOVA as a call to action for entrepreneurs in Memphis. A business accelerator has always been in our plans because it is a natural fit with our goals of promoting entrepreneurship and building the bioscience infrastructure.

"This will be an opportunity for a company, university or individual with a new technology, patent, or idea to undergo the initial start-up process, build a viable business plan to establish a strong foundation, then work with area incubators such as EmergeMemphis or the FedEx Institute of Technology to continue its growth and continue to attract outside funding.”

The Memphis Bioworks Foundation, a not-for-profit organization, was formed in 2001 to establish the Memphis region as an internationally recognized center for biomedical technology through education, research, job training, and commercialization.

On the Web: www.memphisbioworks.org