Memphis Medical District launches business plan contest
Several hospitals, colleges and other organizations in the Memphis Medical District are launching a “Buy Local Business Plan” competition to support business growth and to harness the city’s talent.
Supported by the Memphis Medical District Collaborative, the competition is seeking local solutions to supply-chain challenges for organizations that together spend $1.2 billion for services and supplies.
The experience is expected to help would-be and existing entrepreneurs, innovators and companies start or expand their businesses.
“The universities and hospitals that anchor this district are all terrific local institutions who employ thousands of Memphians and contribute to our regional economy in many, many ways, Tommy Pacello, president of the Memphis Medical District Collaborative, said in a statement.
“This new effort is about finding smart, efficient ways that they can amplify that impact by directing some of their purchasing and sourcing power to more small, locally owned businesses.
“By developing other parts of the supply chain in the business categories that they have identified, these anchor institutions are creating more jobs and are helping more small business owners grow,” Pacello said.
Four areas have been targeted for solutions in the competition:
- Efficiency in end-to-end transportation management for patients and families.
- Modular/mobile on-site maintenance for fleet and industrial equipment.
- On-demand “burst” staffing platform for quick turnaround projects.
- Software solutions for managing contract relationships.
With the support of the Hyde Foundation, four prize packages will be offered, including $20,000 in business support capital, $5,000 in business development training from EPIcenter and an opportunity to meet with purchasing representatives to pitch their businesses.
The institutions participating are Baptist College of Health Sciences, Bioworks Foundation, Methodist Le Bonheur Healthcare, Regional One Health, St. Jude Children’s Research Hospital/ALSAC, Southern College of Optometry and the University of Tennessee Health Science Center.
The institutions are working with the Memphis Medical Center Collaborative, U3 Advisors and the Entrepreneurship-Powered Innovation Center.
The Medical District “Buy Local Business Plan” competition will kick off with a free event and more details on Oct. 26.
It will be held at the High Cotton Brewery, 598 Monroe, from 4:30 to 6 p.m. With space limited, those planning to attend are asked to respond online.