Tech Hub Designation Brings Federal Funding to MSP’s MedTech Industry
17 Nov 2023
The Greater Minneapolis-St. Paul Region is an official Tech Hub according to the U.S. Department of Commerce – and Governor Tim Walz is wasting no time promoting this designation. Walz recently visited Australia for the state's first-ever trade mission with the country where he promoted the state’s dedication to education and medical technology.
The governor’s visit comes on the heels of MSP’s launch of Minnesota MedTech 3.0, a plan to use federal funding through the Tech Hubs program to grow the state’s MedTech industry. The Twin Cities were recently lauded by President Biden for their MedTech infrastructure and ability to produce next-generation medical device technologies.
“Certainly we would boast here in Minnesota that we have led the world – and do lead the world – in medical technology,” says Matt Lewis, vice president of strategic initiatives at Greater MSP, during a webinar announcing the designation.
Walz is proving that Minnesota MedTech 3.0 will have a significant impact on the MSP region and has the potential to bring in new businesses and economic partnerships from across the world.
Minnesota MedTech 3.0 Affects Several Industries & the Minnesota Technology Corridor
The Tech Hubs application was submitted with the help of a coalition of 20 organizations across the region, including the University of Minnesota, Allina Health, Boston Scientific, and the Mayo Clinic. GreaterMSP included stakeholders across a variety of industries in this coalition because they will all be impacted by the Minnesota MedTech 3.0 plan.
In a press release announcing the designation, representatives from GreaterMSP said this plan will, “deliver results that matter to patients, hospitals, insurers, and medical-device manufacturers, such as faster innovation, new products and better health outcomes, in ways that manage rising costs.”
The funding provided through the EDA will give Minneapolis-St. Paul the resources to grow its global market share of products and firms in the medical technology industry. It should achieve inclusive economic growth of good jobs and investment in the region.
“The Tech Hubs application brought together public, private, and academic partners from across the region,” says Greg Frahm-Gilles, director of economic development for the Anoka County Regional Economic Development. “We are thankful to the organizations who participated in this coalition and are excited to meet the new entrepreneurs and business leaders who get involved with the next phase.” He added, “The Minnesota Technology Corridor has available sites that support the growth of the MedTech industry. Businesses can build quickly here.”
Minneapolis-Saint Paul is one of 31 cities that received a Tech Hubs designation out of nearly 400 applications. The region will now compete against other Tech Hubs for $500 million in federal funding from the U.S. Economic Development Administration.
Get Involved in Minnesota MedTech 3.0. Grow in the Minnesota Technology Corridor.
For the Greater MSP coalition that developed the Tech Hubs application, the work is just beginning. The next step is to complete a 30-page proposal for funding by February 29, 2024.
One of the most common questions asked about the initiative is how local businesses of all sizes can get involved. First, sign up for updates at GreaterMSP.org/medtech. Lewis says the organization is developing a series of info sessions for different stakeholders to ask questions, share concerns, and get involved.
Local businesses can also follow or join Medical Alley, the world's foremost network of healthcare organizations with more than 800 partners across the globe. The organizations in Medical Alley’s network employ more than 500,000 people in Minnesota alone.
Residents can also follow the Minnesota Technology Corridor to keep up with the continued investment in the MedTech economy.
The technology sector in Minnesota has an estimated direct economic impact of $31.1 billion, which is roughly 9.3% of the state’s total economy. Minnesota leads the country in medical device patents and leads the world in healthcare technology. The industry is already strong, but Minnesota MedTech 3.0 will make this region stronger.