Minnesota Launches Med-Tech Partnership To Attract New Business
With a number of the world’s top medical innovators housed in state, Minnesota is well regarded internationally for its med-tech prowess. Nevertheless, the state has not only struggled to attract workers to the area, but also spur new business growth without enough of a financial bargaining chip.
That could soon change. The Minnesota Medical Manufacturing Partnership (MMMP) launched on Tuesday, joining 23 other U.S. communities chosen under the Obama administration’s Investing in Manufacturing Communities Partnership (IMCP).
The economic development group MMMP is led by Greater MSP and includes a 20-member committee of representatives from Medical Alley Association, the Minnesota High Tech Association, the University of Minnesota, MnDOT, and economic development groups from St. Cloud, Rochester, Mankato, and the Twin Cities.
“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 U.S. Secretary of Commerce Penny Pritzker in an announcement of MMMP’s IMCP acceptance. “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.”
As part of the IMCP, med-tech businesses in Minnesota will be eligible to receive support from a more than $1 billion pool of funds overseen by 11 federal agencies.
“Joining [the IMCP] may not only fast track the process for federal money,” said Gita Sitaramiah, spokesperson for Greater MSP, “but it also stamps the region as a strong medical device region as seen by the federal government.”
MMMP has already established six working committees to develop strategies for the region. Each working committee will target growth opportunities (as indicated by its title):
- Workforce and Training
- Supplier Network
- Research and Innovation
- Infrastructure and Site Development
- Trade and Investment
- Operational Improvement and Capital Access
“The companies that get involved with the effort, there’s obviously a motivation to keep growing the sector here—it’s a key sector here,” Sitaramiah said. “Between growing the workforce, the research and development, continued project expansion by company—it’s good for everybody.”