How We Got Here
Background
Memphis' Economic Development Growth Engine (EDGE) worked with Start Co., a venture development organization, to launch MEMx: Partners for Exponential Economic Growth. The City of Memphis, Shelby County Government, Epicenter, The Black Chamber of Memphis, The Greater Memphis Chamber, The University of Memphis, and several other partners joined this cooperative who believed that the region could be doing more in terms of economic growth. 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 an economic delivery system that inserts entrepreneurship led economic development in the middle of traditional economic development and traditional workforce development efforts.
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
Open Innovation
Economic development must now change because the nature of business development in the global economy has fundamentally changed. Business development today is based on an open innovation model where firms seek innovation assets- ideas, talent, capital- from many sources, often outside the firm itself. Under this model, the role of economic development is to intervene at appropriate times to help firms achieve higher value and productivity by gaining access to appropriate innovation assets at each stage of the business development process- start up, expansion, production and marketing.
Our Challenges Require an Open System of Innovation
Regional Assets
Talent
Current Workforce (managerial, technical, sales/marketing)
Workforce advancement efforts
(K-12, universities, technical schools, community college)
Technology
Business/technical service & expertise
(consultants, lawyers, networks)
R&D Systems
(universities, national labs, corporate)
Capital
Early stage investing Expansion Financing
Local Firms
Startup Stage
new investment of regional & global assets
Commercialization Stage
new investment of regional & global assets
Market Expansion Stage
new investment of regional & global assets
Global Assets
Talent
Data & Engineering Management Sales & Marketing
Technology
Sourcing/acquisition R&D partnerships
Global industry networks
Capital
Joint venture Foreign Investment