- Tech Hubs
WASHINGTON, DC — The Biden-Harris administration, through the U.S. Department of Commerce’s Economic Development Administration (EDA), today announced that Minnesota MedTech Hub 3.0 in Minnesota was designated as one of the 31 inaugural Tech Hubs in regions across the country that show potential for rapid growth in key technology sectors.
Minnesota MedTech Hub 3.0, a consortium led by Minneapolis Saint Paul Economic Development Partnership, will position Minnesota as a global center for “Smart MedTech” by integrating artificial intelligence, machine learning, and data science into medical technology. Leveraging its medical technology ecosystem and concentration of hospitals, research institutions, and medical device manufacturers, the MedTech Hub 3.0 will work to capitalize on regional assets to drive innovative collaboration in the MedTech sector.
This designation is part of the first phase of the novel Tech Hubs program, authorized by the CHIPS and Science Act, that will invest directly in high-potential U.S. regions and aim to transform them into globally competitive innovation centers. Designation is an endorsement of the region’s strategy to supercharge their respective technological industry to create jobs and strengthen U.S. economic and national security. Designated Tech Hubs are now eligible to apply for the next phase of the Tech Hubs Program that will invest between $50-$75 million in each of 5-10 Designated Hubs.
“President Biden’s Investing in America agenda is rooted in policies that will empower the United States to out-innovate and out-compete the rest of the world. Our Tech Hubs Program is fundamental to that mission and will supercharge innovation across the nation by spurring cutting-edge technological investments and creating 21st century job opportunities in people’s backyards,” said U.S. Secretary of Commerce Gina Raimondo. “Each of these consortia will help us ensure the industries of the future—and their good-paying jobs—start, grow, and remain in the United States.”
“These outstanding consortia exemplify place-based economic development strategies at their best: combining federal resources with regional assets, expertise, and coalitions to implement transformational opportunities,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “As each region develops its own strategy to catalyze innovation and job creation, the entire nation grows more secure and more competitive.”
“This Tech Hub designation is a tribute to our cutting edge Minnesota businesses and our incredible workers. It will provide federal support for partnerships between Minnesota hospitals, research institutions, and medical technology companies to accelerate innovation, improve healthcare, and create good jobs,” said Minnesota Senator Amy Klobuchar. “I pushed for this Tech Hub to ensure our state continues its global leadership in med tech for decades to come.”
“Minnesota leads the world in innovative medical technology, and as Governor I’ve made the case for critical investments in workforce development, education, research and more to bolster our position and keep us competitive,” said Minnesota Governor Tim Walz. “The selection of our Minnesota MedTech Hub 3.0 in this highly competitive process is a recognition of our incredible ecosystem of private companies, regional economic development partners, healthcare providers, and world-class research institutions. I’m proud that Minnesota landed this federal investment to accelerate production of next-generation smart tech, creating jobs at home and improving health care around the globe.”
“Minnesota has a long history of innovation in medicine. This exciting Smart MedTech Hub — a collaboration across business, industry, and higher education working to revolutionize healthcare by using technology — will accelerate that work,” said Minnesota Senator Tina Smith. “I can’t think of a more deserving recipient to be an inaugural Tech Hub. I am proud to have worked to help pass the CHIPS and Science Act, which is investing in American innovation and facilitating the Tech Hub program, and I look forward to seeing Minnesota continue to be a global leader in medical technology.”
The 31 Tech Hubs were selected from 198 applications from regional consortia that include industry, academia, state and local governments, economic development organizations, and labor and workforce partners. The Tech Hubs span regions across 32 states and Puerto Rico and represent a cross section of urban and rural regions.
For a full list of Tech Hubs, visit TechHubs.gov.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.