A large industry coalition backing plans for a new medical technology hub in Minnesota is pushing forward with the idea, with or without significant financial support from the federal government.
MedTech 3.0, which Greater MSP spearheads, calls for collaboration between hospitals, research institutions and medical device manufacturers in the state to integrate artificial intelligence, data science and device manufacturing as a way to make Minnesota a global center for the industry.
In October, President Joe Biden named it one of 31 tech hubs across the U.S. competing for awards of $40 million to $70 million. The groups turned in their proposals in February, but decisions on the five to 10 regional winners won’t come out until this summer.
But the Minnesota effort isn’t waiting on the results.
“We are ready to go. Realizing the strategy will create billions of dollars of new value,” said Peter Frosch, CEO of Greater MSP. “The federal funding would accelerate the implementation of this strategy.”
Greater MSP’s application sought $60.5 million from the U.S. Economic Development Administration (EDA). But the economic development group said organizations have already made commitments that have a market value of more than that requested amount.
“Private companies are stepping up now,” Frosch said.
Greater MSP previously competed in 2022 to land up to $100 million from the federal “Build Back Better Regional Challenge” for a biotech business cluster. The group was a finalist but ultimately unsuccessful in its bid.