How We Got Here
About Us
Memphis' Economic Development Growth Engine took the lead to align with organizations and efforts such as The City of Memphis, More For Memphis, Shelby County Government, and The University of Memphis who identified that the region could be doing more in terms of economic growth; and started exploring how it could take a more innovative approach especially as it pertains to all stages of business activity and talent to grow productivity. Understanding that there are various constraints that practitioners are dealing with (capacity, risk aversion, policy limitations, resources, entrenched funding, data & technology, etc.) Memphis must invest in economic systems that better align the region’s assets, people, and strategies for success. Start Co., a venture development firm, was engaged to create a strategic framework that drives an innovation driven economic model to serve as both a new standard and a galvanizing agent for regional strategies in the hopes of better alignment and a shared values approach for regional economic growth. The framework serves as the charter and vision for MEMx and the strategies and focus areas it will embark on.
Vision
MEMx has a vision to start a regional innovation movement
“The product of economic, social, environmental, and other place-based factors. It requires innovative companies, but also talent with education, skills, and creativity, and livable communities that provide a quality environment, one that is attractive and supportive for people and commerce. It also requires effective regional governance—the ability of public and private entities to work together across boundaries to strengthen economic, social, and environmental assets that are the key to regional vitality and quality of life.”
as defined by Collaborative Economics Innovation Driven Economic Development Model
Focus Areas
Grow the number and success of our local firms wherby MEMx will broker regional and global assets (talent, technology, talent) in support of them at all stages; and where the region is deficient MEMx must work hard with partners to bring new resources and assets to fill those gaps. Below are a few areas MEMx is focusing on today.
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Policy Development & Implementation
MEMx aims to develop and implement new policy with regional partners; policy that drives the support of entrepreneurship, future of work, and ensuring the region has future ready infrastructure. It will drive the need for a shared values approach for alignment in needed economic investments.
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The Innovation Exchange
MEMx will create an exchange (events, conferences, site visits, memberships, digital platform) of talent, organizations, and corporations both locally and nationally to drive more business transactions, ideas and best practices, as well as attract talent, capital, and firms to the region. It will serve as a strategic marketing and storytelling platform for Memphis and other members of the exchange.
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Build an Economic Development Fund
MEMx will structure a community benefit agreement model for the region for how Memphis packages resources and incentives; the goal being to streamline and make new investment into the region find its way to economic and community priorities so not to discourage, but encourage external investors.
The Experimentation Gap
MEMx has assessed that local talent, entrepreneurs, governments, and corporations would be better served if the region had more assets and resources to assist them with the building and EXPERIMENTING of new products and services at all stages of development, startup to commercialization to market expansion. At the same time it is critical to invest in talent to meet the future needs of a region that is investing in this type of innovation and entrepreneurial pursuits.
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