The University of Tennessee Health Science Center
Location |
Memphis, TN |
|---|---|
Project Name |
A year-long planning and business plan development initiative to stimulate the next phase of an urban science research park that will promote technology transfer and research commercialization. |
Program |
Science & Research Park Development Grants |
Award Amount |
$498,577 |
The overall goal of the project is to complete an in-depth planning, feasibility, and marketing study to determine the best plan for marketing, funding, and constructing the next phase of The University of Tennessee Health Science Center Biotechnology Research Park (Research Park). The Research Park will be co-located on the adjacent properties of the University of Tennessee Health Science Center and Memphis Bioworks in Memphis Tennessee.
The region shows significant potential for economic development, particularly in the biomedical and biologistics segments which leverage the FedEx low-cost hub and headquarters in Memphis. In addition, the strong industry and clinical base and the growing capability for increased commercialization of research are well positioned. The key gap is facilities to support new companies and a place to extend University, private industry, and entrepreneurial collaborations, a primary role for the research park.
An analysis developed by a Professor of Economics at the University of Memphis projects that the development of the Research Park would result in the creation of 1571 jobs within its first 3 years, and an additional 2790 jobs within its first 5 years, with an average wage of approximately $43,000.