The Minnesota Department of Employment and Economic Development (DEED) has awarded $1.08 million to the University of Minnesota to build a new facility for the Medical Devices Center on the Minneapolis campus.
The funding, awarded under the agency's Innovative Business Development Public Infrastructure Grant Program, will be used to convert part of a campus parking space into a new, larger facility for the Medical Devices Center, which has outgrown its current space on the University's East Bank.
The University of Minnesota's College of Science and Engineering will contribute the remaining funds for the $2.2 million project.
"The medical devices sector is a vital industry in Minnesota, employing more than 29,000 people, the highest number per capita in the United States," said DEED Commissioner Mark Phillips. "The Medical Devices Center is critical to the state's infrastructure, serving as an integral partner to industry and an incubator for innovative new devices."
The Medical Devices Center, which includes laboratories, equipment, support facilities, training programs and expert personnel, is a world-renowned model for turning research and development ideas into marketable products. With the help of the center, many products are eventually licensed to existing Minnesota companies or produced by medical device start-ups.
"The Medical Devices Center is a great example of how a partnership among the University of Minnesota, state of Minnesota and industry can strengthen the state's economy," said Steven L. Crouch, dean of the University of Minnesota's College of Science and Engineering. "With more than 100 invention disclosures in just the last four years, our Medical Devices Center has a proven track record of success that we hope to expand even further with additional space."
Officials estimate that a new, larger Medical Devices Center will contribute to the creation of anywhere from 80 to several hundred jobs in Minnesota annually once the new facility is fully developed.
The Innovative Business Development Public Infrastructure Grant Program provides funding for up to 50 percent of the cost of public projects that create or retain jobs through the growth of innovative businesses and organizations. Projects that target manufacturing, technology, warehousing and distribution, research and development, business incubation, agricultural processing, or industrial, office or research park development are eligible for funding under the program.
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.