Memphis Fast Forward

One of the nation’s premier magazines for logistics professionals cites Memphis’ location, infrastructure, affordable warehouse space, talented logistics workforce and the FedEx hub as key reasons why the area dominates as a global logistics center for air, water, rail and ground distribution.  Inbound Logistics Magazine also highlights Memphis’ aerotropolis initiative and biologistics leadership — both of which, along with the logistics industry, are key growth targets of Memphis Fast Forward.

The sixteen-page feature emphasizes Memphis’ relatively unique “quadramodal” status, with the world’s busiest air cargo airport, the second largest inland Mississippi port, the nation’s third-largest rail center, and a major highway system with connections to Canada and Mexico.

The FedEx hub provides superior time-definite delivery that has attracted a major cluster of biomedical device manufacturers and other bioscience shippers, including the world’s larger overnight drug testing center.  Time-sensitive shippers from a range of other industries have also located in Memphis to take advantage of late FedEx shipping times.

The article also notes the abundance of talented logistics professionals and the most affordable distribution real estate among other quadramodal cities.  A critical mass of third-party logistics providers rounds out the infrastructure that makes Memphis a global logistics leader.

Memphis’ emerging status as “America’s Aerotropolis” was also highlighted, citing improvements already underway in and around the airport.  The article pointed out the importance of the public/private Aerotropolis Steering Committee in driving forward planning efforts as well as coordinating policy and investments.

For More Information Contact: Reid Duhlberger (901) 543-3500

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Two recent conferences from the Memphis Bioworks Foundation, in partnership with local industry leaders and the Tennessee Department of Agriculture, furthered Memphis’ leadership in two rapidly growing national bioscience sectors.  The success of the fifth annual Musculoskeletal New Ventures Conference reinforced Memphis’ global status as a leader in orthopedic and medical device manufacturing, while the New Crops Conference built regional momentum in the emerging biofuels and biobased manufacturing arenas.  Both industry niches are essential to Fast Forward’s bioscience growth plan.

The Memphis Bioworks Foundation and MB Venture Partners attracted hundreds of entrepreneurs from around the county to the Musculoskeletal New Ventures Conference for the fifth year in a row.  The conference builds on Memphis’ global leadership position in musculoskeletal research and manufacturing, a foundation asset of Fast Forward’s strategy for biosciences industry growth.  The conference, held at the FedEx Institute of Technology at the University of Memphis, allowed small companies to pitch their businesses to venture capitalists.  Hosted by local life sciences venture capital firm MB Venture Partners in partnership with the Memphis Bioworks Foundation, the event was sponsored by major local industry leaders Medtronic, Wright Medical, and Smith & Nephew.  Ted Davis, vice president of business development at Wright Medical, called the annual conference a “great community development” event for Memphis.

Memphis Bioworks AgBioworks, an initiative of the Memphis Bioworks Foundation and BioDimensions, hosted the New Crops Conference in partnership with the Tennessee Department of Agriculture.  The conference was designed to further a strong local bioeconomy that supplies agricultural products for abundance food, biofuels and other biobased manufacturing.  The conference brought farmers, ag and bioproducts professionals, technology developers, educators, researchers, government officials and entrepreneurs from around the region together to explore the many opportunities available in today’s emerging bioeconomy.  The conference focused on the use of non-traditional crops in high value food, health and industrial applications, as well as the challenges of developing a “new crops” business.

For More Information Contact: Steve Bares (901) 448-8800

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Just six months after opening its doors, the Music Resource Center has more than 1,000 members — 500% of the 200 members projected for its entire first year.  The local music community has enthusiastically embraced the MRC, a key Fast Forward investment, to help them grow their music businesses.

The MRC, which offers a range of educational and professional development resources and programs, has attracted a wide variety of members from all musical genres and backgrounds.  Members can access mentoring, workshops, industry showcases, and facilities to take on-line courses, create marketing materials and set up on-line distribution.

The MRC also serves as a “connector”, hooking members up with events and other community resources for their careers.  It is now the “go to” place for organizations that want to engage or partner with the local music industry, and its weekly e-letter keeps the community up to speed on music news around the city.

For More Information Contact: Dean Deyo (901) 527-1029

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Memphis’ biotech initiative got kudos for its “dead-on mindset” from BusinessWeek writer and renowned blogger Sarah Lacy, who was “blown away” after her visit with Bioworks Foundation Executive Director Steve Bares.  Lacy’s assessment that Bioworks is “doing a lot of things right” was reinforced by the Memphis Business Journal’s recent observation of biotech as a “bright spot” in an otherwise sluggish local economy, citing a range of recent successes from Fast Forward’s comprehensive strategy for growing the local biotech industry.

Lacy noted the wisdom of the Bioworks strategy of playing to local strengths, rather than trying to be the next silicon valley.  Lacy notes that “Bioworks is focusing on companies that would actually benefit from being in Memphis” by taking advantage of unique assets like new UT Baptist Research Park facilities and local biologistics capabilities.

This strategy is bearing fruit with the steady growth of UT Baptist Research Park, the region’s emerging biotech hub that builds on the area’s robust established medical center.  The University of Tennessee Health Science Center College of Pharmacy building is under way, construction will begin next year on a research and development building, and the Research Park’s $22 million biocontainment lab is slated for an early 2009 completion.  These projects will bring a total of 400,000 square feet of new research space to Memphis within the next two years, with a total of 1.4 million square feet of research space by 2017.

As envisioned, new facilities are attracting new businesses.  New York-based Biopeptides Corp. recently announced the relocation of its research staff to Memphis in part for proximity to the new Regional Biocontainment Laboratory.

Businesses are also attracted to the region’s unique biologistics capabilities.  For example, Idexx Laboratories is building a new 8,000-square-foot lab and adding 50 new high paying jobs.  Memphis will give the company a competitive edge with faster shipping turnaround time for customized products from its lab.

For More Information Contact: Steve Bares (901) 448-8800

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The Riverfront Development Corporation is transforming a parking lot behind the old Front Street Custom House into a landscaped public walkway and plaza overlooking the Memphis waterfront.  The plaza’s completion will coincide with the reopening of the building as the University of Memphis Law School in fall of 2010, delivering a boost to Fast Forward’s strategy of riverfront revitalization.

RDC President Benny Lendermon describes the planned public area as “part green space, part plaza, part walkway.  It’ll be just a nice public space behind the law school.”  The $2 million project also includes a pedestrian bridge over Court Avenue to connect the plaza and walkway with Confederate Park.

Private donations are funding $500,000 to $750,000 of the new plaza, with the balance provided from the city’s capital budget.

For More Information Contact: Benny Lendermon (901) 312-9190

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Memphis Fast Forward is prominently featured in the current edition of Northwest Airlines NWA WorldTraveler magazine.  The six-page story highlights momentum in target industries including logistics, biotech and music, and makes special note of Memphis’ airport as an economic powerhouse, with the U.S. Secretary of Transportation stating “there is no place in America that understands [the global importance of air transportation] more at its core than Memphis.”

The feature, entitled “Movers and Shakers: When it comes to business, this town’s got rhythm,” makes the case that Memphis Fast Forward is accelerating the city’s business growth with innovative strategies and partnerships that build on the area’s strengths.  In addition to acknowledging the importance of established corporate leaders like FedEx, St. Jude, Smith & Nephew, and Medtronic, the feature highlights strategies to foster vibrant entrepreneurialism with support from Fast Forward-funded resources like the INNOVA investment fund and the Memphis Music Resource Center.

For More Information Contact: Reid Duhlberger (901) 543-3561

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MemphisConnect, the Leadership Academy’s innovative talent attraction and retention strategy for Memphis Fast Forward, earned the organization an invitation to participate in the Brookings Institution-facilitated 24th Young Leaders Conference of the Council for the United States and Italy.  The Leadership Academy joined 46 other participants chosen from the United States, Italy and other European countries to share strategies in the international “war for talent” — a key concern of the Fast Forward plan.

The conference, held in Torino, Italy, examined the transformation of the global economy and the workplace as it affects competition for staff, domestically and internationally, between and within governments, the private sector, and other non-governmental organizations.

For More Information Contact: Nancy Coffee (901) 527-4625

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Innova, an early stage investment fund at the core of Fast Forward’s strategy to accelerate growth of biotechnology and other technology ventures, has made its second investment in Memphis-based Vaxent.  The company develops vaccines for childhood and adult diseases based on research from the University of Tennessee Health Science Center in Memphis.

Innova was created by the Memphis Bioworks Foundation in 2007 to drive innovation by supporting early-stage companies focused on commercializing research by local scientists.  It was jumpstarted with initial funding through Memphis Fast Forward.

Innova made its first investment in arGentis Pharmceuticals LLC, a local specialty pharmaceutical company, in April of 2008.  Its second investment in Vaxent supports product development of vaccines against “strep throat” in children as well as several adult diseases.

For More Information Contact: Ken Woody (901) 448-2440

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The world’s premier association for urban revitalization has awarded the Center City Commission its highest honors for the “Downtown Alive!” program.  This innovative program which brings live events to Court Square and Main Street Mall is part of downtown’s continuing rebirth, a key Fast Forward strategy for building on Memphis’ high quality of life.

The award from the International Downtown Association puts Memphis in a league with cities like Singapore, Cape Town, South Africa, and Los Angeles for successful strategies in downtown revitalization.  The series also serves as a showcase for the wide range of high quality talent that distinguishes Memphis as a center of creativity.

For More Information Contact: Jeff Sanford (901) 575-0540

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Former Stax Records owner and current Memphis Music Foundation board member Al Bell was awarded the Ahmet Ertegun Leadership Award from the Philadelphia-based Rhythm & Blues Foundation.  Mr. Bell continues 50 years of visionary influence as a leader in today’s reemerging Memphis music industry, a key focus for Memphis Fast Forward.

This award recognized Mr. Bell for his many achievements in the recording industry, many of which were in Memphis, and for his influence on American culture.  His membership on the Memphis Music Foundation Board allows him to continue to shape the local music industry as the Foundation launches the Memphis Music Resource Center to support local artists and music entrepreneurs.

For More Information Contact: Dean Deyo (901) 527-1029

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