Memphis Fast Forward

MTV has launched an innovative mix of internet and television programming based on Memphis director Craig Brewer’s $5 Cover.  With its all-local cast and crew, and support from the Memphis & Shelby County Film Commission, Brewer’s original blend of reality-inspired fiction, music videos and documentaries is a global showcase for Memphis music and film - two growth industries targeted by Memphis Fast Forward.

The L.A. Times sees MTV’s aggressive support of $5 Cover evidence that the network hopes Brewer’s innovative media format is its “Next Hot New Thing”, pointing out that MTV is already scouting other cities around the world as sites for replicating the unique music/video/internet approach.  For Craig Brewer, though, “The great thing about this whole series is that it gives people so many different ways to experience the music that makes Memphis so special.”

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Leading scientists have named Memphis based Vaxent as a finalist for the world’s ”best prophylactic vaccine”, putting the young company head-to-head with pharmaceutical giants Merck & Co., Wyeth, Novartis and Sanofi Pasteur.  Vaxent was launched with funding from Innova - MemphisED’s strategy for investing in young, promising companies. 

Vaxent has received recognition for a vaccine that tackles the virus that causes infections as common as “strep throat” and as serious as “flesh eating disease.”  The vaccine, developed by a professor at the University of Tennessee Health Science Center, is in the second phase of early-stage human clinical trials.

Since its opening a year and a half ago, Innova, early stage investment fund for companies with high growth potential in Memphis, has made five equity investments and two loans, resulting in twenty-four new jobs averaging $126,000 per year.  Its portfolio companies have also executed 40 intellectual property licenses to secure the use of technology and processes developed elsewhere.

For More Information Contact: Ken Woody (901) 448-2440

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Nine of Memphis’ biggest corporations have joined with the Midsouth Minority Business Council (MMBC) in a workplace initiative to strengthen the local economy with greater diversity.  Charter member companies of MMBC’s “Model Diversity Corporation Initiative”, including local giants FedEx, AutoZone, and International Paper, have dedicated staff to diversity goals including increasing contracts with local minority-owned businesses.

The Model Diversity initiative takes a multi-prong approach to promoting minority economic development through supplier and work force diversity, institutional inclusion and community giving.  Member companies pledge to increase their commitment to all aspects of the program.  Nine Memphis-based companies are charter participants, including AutoZone, FedEx Express, First Tennessee, International Paper, Memphis/Shelby County Airport Authority, Methodist Le Bonheur Healthcare, Pinnacle Airlines, ServiceMaster and St. Jude Children’s Research Hospital.

The MMBC, a nonprofit economic development agency that offers resources and training for minority and women-owned businesses, are working with charter members to familiarize representatives from participating companies with the new program.  The organization will also conduct a seminar of the initiative at the MMBC’s annual Economic Development Fair on August 26-28 at Memphis Cook Convention Center.

For More Information Contact: Luke Yancy (901) 525-6512

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Memphisconnect.com, a new on-line community where locals share what makes Memphis a great place to live, work and play, has attracted visitors from more than 540 cities around the world and over 60 bloggers posting on topics including neighborhoods, schools, and entertainment.  Local employers see the site, launched by the Leadership Academy, as a forum for the city’s positive features to help attract and retain talent in the Bluff City.

Leadership Academy President Nancy Coffee explains that the site gives “Memphians a chance to narrate the story of this city as they see it…the fervor Memphians have for this great place can be brought to life through our site.”  Contributors can post information about all aspects of life in Memphis, as well as upcoming events and programs all around Shelby County.  Memphis “ex-pats” can also share what they miss about the city, continue dialogue with old friends and associates, and keep tabs on Memphis’ forward momentum.

For More Information Contact: Nancy Coffee (901) 527-4625

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Shelby County residents will soon enjoy a new 7-mile hiking and biking path connecting Midtown to Shelby Farms.  The Shelby Farms Park Conservancy will provide $4.77 million in private grant funds to buy an unused railroad line and begin work on the trail, delivering a new amenity for quality of life to attract and keep residents in Shelby County.

The next step, according to Park Conservancy Executive Director Rick Masson, will be to start work on the trail with the community’s input.  The $1.5 million on construction funds will come mostly from federal grants, as well as a local match of $375,000.  The new 7-mile hiking and biking path, which could be the first of many “green” trails connected through the county, could be ready as early as December 31st, 2009.

For More Information Contact: Rick Masson (901) 767-7275

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The Memphis City Council and Shelby County Commission have approved new rules for the Memphis and Shelby County Industrial Development Board’s payment-in-lieu-of-taxes (PILOT) program.  Driven by the Greater Memphis Chamber, the changes are designed to help boost Memphis Fast Forward’s economic development goals by making it easier to recruit businesses to Shelby County.

The changes are designed to make Shelby County more competitive with tax incentives offered by nearby markets, including DeSoto County.  The Chamber demonstrated that the 58 PILOTs approved in 2004-2008 helped companies provide 7,721 new jobs in Shelby County with a median wage of $45,935, delivering an economic benefit of $104.6 million minus forgiven taxes.  However, recent changes in the current years have decreased the number of PILOT programs from a high of 16 in 2004 to six in 2008 and none so far in 2009.

One change is to remove the requirement that PILOT company employees live in Shelby County, although economic development officials would encourage and assist employers in hiring Shelby County residents.  The new rules also enhance compliance monitoring of individual PILOTs and streamlining the process for applicants.

For More Information Contact: Reid Dulberger (901) 543-3561

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The Memphis Music Foundation made Memphis music a dominant force at this year’s South by Southwest (SXSW), the industry’s most important annual event.  With nearly 20 Memphis acts, several high-profile showcases, and tie-ins with director Craig Brewer’s Memphis-based MTV short film series “$5 Cover,” the Foundation delivered a big win to help bolster Memphis music’s leadership position on the world stage.

The Music Foundation had planned the Memphis “invasion” of the prestigious festival for two years.  Nearly 60 local musicians, staff and fans were transported by bus to Texas to raise the visibility and credibility of today’s local music scene to top industry players at the high-profile event.  In addition to the Foundation’s official SXSW showcase, Memphis music generated high attendance and buzz with a Foundation-sponsored outdoor day party at Brush Square Park.

For More Information Contact: Dean Deyo (901) 527-1158

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Memphis continues to grow as a hot spot for medical device innovation, with researchers from the University of Memphis and InMotion Musculoskeletal Institute featured in recent local and national showcases.  Memphis will host more orthopedic conferences later this year, further boosting its visibility as a leader in the biosciences, one of the Fast Forward’s target industries.

In early 2009, the FedEx Institute’s Medical Technology Showcase featured University of Memphis researchers and their inventions.  Local independent laboratory InMotion Musculoskeletal Institute had big presence at Orthopaedic Research Society conference in Las Vegas with five scientific posters and leadership of panel discussion.

Two new industry conferences will come to the city later this year.  The ODT Forum, an event focused on orthopedic manufacturing, will bring suppliers to the orthopedic industry in late May.  The American Society of Orthopaedic Physician’s Assistants and the National Association of Orthopaedic Technologists will meet here in August

For More Information Contact: Reid Dulberger (901) 543-3561

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Memphis dominance as a global logistics leader continues to grow stronger in 2009.  With the Memphis International airport in its 17th consecutive year as the world’s top air cargo airport, Memphis recently forged a new international trade partnership with Halifax, Nova Scotia, played host to airport cargo’s top industry conference and landed several other industry conferences - all fueling Fast Forward’s goal of logistics growth.

Political and business leaders from Memphis and Halifax, including the Memphis Regional Logistics Council and the Halifax Gateway Council, as well as other Memphis and Halifax political and business leaders, will pursue mutually beneficial cargo connections and promote each other for global trade.  Memphis’ logistics industry got more visibility as the host of The Airports Council International-North America’s annual Air Cargo Conference for 200 industry executives.

Memphis will also host upcoming industry conferences, including The Global Green Initiative: Transportation in Transformation, with Fred Smith as keynote speaker, and the Multi-Modal Logistics conference on May 11-12.

For More Information Contact: Jim Covington (901) 543-3531

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The Mid-South Minority Business Council delivered $35.5 million in new business deals to minority-owned companies last year through its corporate “match-making” program.  The program introduced 250 minority and women-owned businesses to purchasing agents from 33 major local corporations, and arranged follow-up interviews and coaching to help the minority companies secure vendor contracts.

In 2008, the MMBC secured a number of new corporate partners, including International Paper, AutoZone, and St. Jude, as first-time participants in its match-making program.  After initial introductions, corporate purchasing agents picker their top three vendor candidates.  MMBC facilitated follow up visits and interviews, resulting in $35.5 million worth of new contracts for minority vendors.

For More Information Contact: Luke Yancey (901) 522-6512

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