Often, explained Ted Townsend, when international companies enter the U.S., they’re drawn to major hubs in the Northeast or West Coast.
But, thanks to a new distinction, the UMRF Research Park at the University of Memphis has gained an edge in luring foreign businesses.
“What this does is set an equilibrium,” said Townsend, U of M’s chief economic development officer and government relations officer. “They understand there are other markets in the U.S that are focused on attracting international businesses, and Memphis is now one of those.”
Recently, the UMRF Research Park earned the “Soft Landings” designation from the International Business Innovation Association (InBIA), a global nonprofit of more than 1,200 entrepreneurship support organizations in 30 countries.
Now, it’s part of the “Soft Landings” network, which supplies an array of resources for international companies entering new countries, and provides them with an accelerated introduction to a nation’s business practices, regulations, and culture.
According to Townsend, joining the network can be a boon for organizations that want to attract foreign businesses — like the Research Park — because it shows you have resources to support them. But becoming a part of it, and gaining the designation, isn’t easy.
You must prove you’re qualified, and earning the distinction was a two-year process for U of M. Over time, however, the park has built up its offerings for international groups, and the resources it can now provide include entry assistance, translation services, language training, domestic market research, access to capital and potential investors, and intellectual property protection assistance.
Because U of M has a government relations division, it can also advise companies on various government regulations, and import/export laws.
The Research Park is the first organization in Memphis to score the title, and just the second in Tennessee (the other is located at Eastern Tennessee State University).
“It’s validation that we’ve assembled all of the resources and services together, so that we are attractive to international businesses that are looking to enter US market,” Townsend said.
He intends to advertise the distinction internationally, and through U of M’s partnership with the Greater Memphis Chamber, which he’s leading. (Townsend was named the Chamber’s economic development chief in September, and juggles roles at both institutions).
Currently, though, it houses businesses across the medical device, technology, transportation, and logistics sectors, the UMRF Research Park doesn’t host any foreign companies.
It is, however, in advanced negotiations with two medical device firms in the Czech Republic, who could launch their U.S. Operations in Memphis. While they haven’t been secured yet, Townsend maintained the process is moving along.
And, the “Soft Landings” designation can only bolster their efforts.
“It’s really instrumental in telling our story, and showing we are truly open to all businesses, both domestic and international,” Townsend said. “It’s a good day for Memphis to have this distinction."
