TNInvestco Designation is Another Step Toward a Bioscience Center of Excellence in Memphis

Last week, INNOVA, a wholly-owned subsidiary of the Memphis Bioworks Foundation, was selected for TNInvestco Status, granting the organization $20 Million in credit allocations from the State of Tennessee*. In the current economic climate, this ground-breaking program provides vital stimulus funding to help jump-start the Memphis and Mid-South economy and to create transformational new companies and critical jobs for the 21st century. We at Memphis Bioworks applaud the vision and creativity of the State of Tennessee in creating this innovative program.

INNOVA was selected for its expertise and track record of success.  Since Innova was first funded under the MemphisED Initiative of Memphis Fast Forward, the company has screened more than 200 potential business investments, and has made seven promising investments in the Memphis area.  These investments have attracted an additional $6 million in follow-on investment. The companies range from biotech and medical device companies to technology and tech service companies. All are performing well and ahead of expectations.

INNOVA is on a successful path because it is so much more than just an investment organization. Through its relationship with Memphis Bioworks Foundation, INNOVA has been able to provide entrepreneurs with access to incubator facilities, industry networks and rich academic research. INNOVA has the added expertise in early-stage capital and the talent and ability to support the “Cycle of Entrepreneurship” to provide the coaching and mentoring that is vital in the early phase of the start-up process. INNOVA’s president, Ken Woody provides the right background in the business of bioscience and the leadership skills to build a strong portfolio of companies.

In addition to Ken, Innova’s investment team now includes Jan Bouten, an experienced VC investor, formerly with The Aurora Funds in NC and who is now the Executive Director of TECWorks, another Memphis Bioworks Foundation initiative for entrepreneurship. I have full confidence that under the leadership of Ken and Jan, INNOVA will deliver upon the promise of TNInvestco and its goal of economic development and job creation for Tennessee. INNOVA and TECWorks are just two examples of the Memphis Bioworks Foundation’s progress in leading the transformation of Memphis into an international center-of-excellence for the establishment of bioscience and technology companies. 

The expertise and experience of the Innova team, the resources of the Memphis Bioworks Foundation and the support received as key initiatives of the Memphis Fast Forward and MemphisED programs, create an environment with the potential to achieve what the TNInvestco program is designed to enable – ‘transformational economic development’ in the State of Tennessee. We are honored to have been entrusted by the State for this landmark program.

*Note: The Tennessee Small Business Investment Company Credit Act was signed into law in July, 2009 and offers $120 million in gross premiums tax credits to insurance companies for investment in the six designated TNInvestcos. A total of six TNInvestcos were authorized to invest funds in qualifying Tennessee start-up and small businesses, focusing primarily in early-stage where companies have the greatest need for investment dollars.

MASE Gets Well Deserved Recognition in Tennessee

Earlier this summer, the Tennessee Legislature passed a resolution officially recognizing the accomplishment of MASE (Memphis Academy of Science and Engineering) for its 100 percent graduation rate for its senior class in May. It was the first senior class for MASE, so it was really a remarkable achievement.

Entrepreneurism Will Pave Recovery’s Path

The following BioBiz posting was published in the Commercial Appeal as a guest column on May 13, 2009.

Financial and economic optimism are hard to come by these days. Everyone is asking: When will the bleeding stop and what can possibly bring about a turnaround?

Perhaps a better question is: Who creates jobs?

Economic Stimulus Can Be a Great Local Boost or a Complete National Bust

Every day, the news is filled with stories about the uses of Federal dollars to stimulate the economy on a local and national scale. The argument, as it should be, usually centers around what is a good investment and what is a complete waste of dollars. Following some of the stories borders on the absurd; AIG and multi-million dollar bonuses being paid, for example. Others run more along political criticisms, such as the recent editorial criticizing Senator Bob Corker for both lambasting the federal appropriations bill as “pork-filled” and at the same time having his own earmark for Memphis Bioworks in that very bill. I responded to that editorial because I felt it was an unfair criticism. That response is reprinted below:

Can You Be a Thriving Bioscience Center without a Thriving Medical School?

We are all quickly becoming desensitized to the continuous flow of bad news about the economy and how it is causing closings, cutbacks and financial strain. I would even wager that many of us have even thought “I’m glad it wasn’t me” when news of another cut or layoff comes. That’s all a part of the defense mechanism that makes us humans so resilient.

The Bioscience of Reversing Capital Flight

On December 21 of last year, the “Commercial Appeal” ran a feature story titled The Great Migration: Taxpayers Pouring Out of Shelby County . I have been thinking about that story ever since it ran. Yes, Memphis has had a problem in recent years of losing more wage earners than it attracts, and of seeing higher wage jobs being “replaced” with lower wage jobs. Those are facts that can’t be disputed. What can be disputed is the fatalistic feeling that many have after reading such articles.

Innovative 50 Years Ago. Still Innovative Today

How often is it that a building is as influential when it turns 50 as it was when it first opened its doors? The building at 20 S. Dudley is a vital part of the Memphis bioscience community and it has been since it was completed 50 years ago.

MASE – A Success Story for Students and the Community

 

Five years ago, I helped open Memphis Academy of Science and Engineering (MASE), Tennessee’s first Charter School.  The goal was simple: Create the best math and science preparatory school in the state to help drive economic growth of the downtown medical center.  We are well on our way to achieving this. This year, MASE will graduate its first senior class.  The entire 68-student senior class is on track to graduate on time.   

 

InMotion: A Model for Recruitment to Memphis

I have said, many times, that buildings are important. Scientists need facilities to do their work. However, I’ve also said this: Buildings need scientists more than scientists need buildings.

UT-Baptist Research Park in the National Development Spotlight

Anyone driving down Union or Madison Avenues in the Memphis Medical District can’t help but notice the activity on the UT-Baptist Research Park site. Infrastructure is being developed, foundations are being poured and buildings are rising. The first two buildings under construction are the UT Health Science Center (UTHSC) College of Pharmacy and the Regional Biocontainment Laboratory (RBL). One of only 13 RBLs funded by National Institutes of Allergy and Infectious Disease, the UTHSC RBL will be focused on research to develop new drugs, vaccines and diagnostics to protect the general population from infectious diseases and bioterrorism. The new College of Pharmacy building will give the research campus a state-of-the-art building to provide educational and laboratory space for researchers to generate discoveries that lead to patents with commercial potential. The College of Pharmacy is at the forefront in the development of patents for the UTHSC.