Minnesota’s medtech sector wins access to $1B grant pool

The medical technology industry in Minnesota has gotten the attention of the U.S. Commerce Department, who named the mid-west medtech sector 1 of 12 new “Manufacturing Communities” in the U.S., giving them access to 11 federal agencies with more than $1 billion in economic development funds.

The announcement was made by U.S. Secretary of Commerce Penny Pritzker on Wednesday as part of the Obama Administration’s Investing in Manufacturing Communities Partnership initiative.

The program is designed to hasten the resurgence of manufacturing nationwide by supporting long-term economic development strategies.

“An IMCP designation is an important signal to potential investors that these communities are a good place to spend their money, and this is smart government at work. By breaking down silos and encouraging communities to take a more thoughtful, comprehensive approach to their strategic plans, we are ensuring that precious federal dollars are used on the most high-impact projects and in a way that maximizes return on investment,” Pritzker said in a press release.

Each of the designated communities will also receive a “federal liaison and branding and promotion as a designated Manufacturing Community to help attract additional private investment and partnerships,” according to the White House.

“The medical technology sector is a tremendously important industry in Minnesota, accounting for more than 28,000 jobs. This designation will help us build on that success and ensure that Minnesota remains a leader in the industry,” Commissioner Katie Clark Sieben of the Minnesota Department of Employment and Economic Development said in prepared remarks.

Manufacturing communities were selected by an interagency panel that evaluated the strength of economic development plans, potential impact and the depth of partnerships across public and private sectors.

Greater MSP, a Minneapolis Saint Paul Regional Economic Development Partnership, was named the leading partnership for the Minnesota medtech community.

“The federal designation sets our state and region apart. It confirms and will strengthen our global leadership in medical technology,” Greater MSP CEO Michael Langley said in a prepared statement.

The communities will receive support from the Environmental Protection Agency, National Science Foundation and Small Business Administration as well as the U.S. Departments of Agriculture, Commerce, Defense, Labor, Transportation and several others.

The post Minnesota’s medtech sector wins access to $1B grant pool appeared first on MassDevice.

from MassDevice http://ift.tt/1HqNbkx