As a way to strengthen its role as a researched-based driver of economic development, the University of Memphis announced Tuesday the opening of a CommiTech Research Park.
Spearheaded by the University of Memphis Research Foundation, the research park will be launched in three phases, beginning Thursday with the opening of the first facility in the University District.
An inaugural cohort of 17 citizen companies and collaborator members will move into the facility. Working with university students and staffs, the companies will look to grow in the University District over upcoming years.
The seven citizen companies involved are:
• SweetBio, a Memphis-based biotech company in the wound-care industry with Manuka honey-incorporated products
• DayaMed, a Toronto-based B2B2C digital health and analytics company that provides real-time medication adherence
• Minute School, Waterloo-based learning management system solving continuing education opportunities in higher education and beyond
• BookLocal, a Memphis-based blockchain travel company enabling hotels to tokenize, manage, and rent their room inventory with the security of the blockchain
• Green Mountain Technology, Memphis-based technology company providing highly customizable parcel spend management solutions
• XYO Network, a San Diego-based blockchain company building a people-powered location network built on the blockchain
• Ops-Fuel, Memphis-based, veteran-owned company helping soldiers, athletes, and others achieve better health.
Ten other companies, including DexFreight, Blockchain901, Web3Devs, IBM, IMC Companies, Tech901, Epicenter, Memphis Women in Technology, Remedichain, and CodeCrew will also collaborate in the facility.
The grand opening of the initial phase will be held Thursday, January 17th from 3:00 to 4:30 p.m. at 460 S. Highland.
During the second phase later this year, an applied research facility will be developed at the U of M’s Park Avenue Campus. Finally, phase three will center on a public-private partnerships to attract research enterprises and labs to the University District.
The research park will help to create more jobs and opportunities in the city, U of M President M. David Rudd said.
“We are excited to create jobs and opportunities for Memphis and our students,” Rudd said. “We welcome companies from all over the world to work with our faculty and students, benefit from our world-class research, and engage an innovative community of companies and scholars.”