University of Tennessee Health Science Center
U3 Advisors was engaged by the University of Tennessee Health Science Center (UTHSC) and the Memphis Bioworks Foundation to develop a strategic roadmap for the proposed Memphis Innovation District. The Innovation District would expand the existing Science Research Park in the Memphis Medical Center District and capitalize on UTHSC’s growth and mission to increase academic/private sector partnerships and Bioworks’ mission to commercialize technology and engage industry.
U3A first prepared a “scan” of the proposed Innovation District in order to understand the existing innovation ecosystem across UTHSC and Memphis Bioworks, as well as the greater Memphis region and the potential demand for innovation space. The scan involved three major streams of work: 1) meeting with local and national experts to understand the potential for innovation space demand, 2) interviewing tech transfer representatives to identify key drivers of the innovation district (including the translational research pipeline, areas of focus, and amount of funding), and 3) working with UTHSC, Memphis Bioworks, and other anchors in the Memphis Medical District to understand the potential future demand for innovation space, including shared demand, overlap in facilities, and demand for new facilities. With this baseline understanding, U3A worked with UTHSC and Memphis Bioworks to develop a high-level vision for the Innovation District and how it connects to the development of the Memphis Medical District and greater Memphis region.
U3A is now translating the potential demand of the district into high-level recommendations for innovation district facilities. U3A will develop a real estate strategy for the implementation of the Innovation District, including recommendations for implementation and management structure, necessary transactions, and future development framework. This high level strategy will serve to define ownership and the best way to leverage real estate assets for implementation.