Biden administration designates Minnesota medical tech hub for federal investment
MINNEAPOLIS — A consortium in Minnesota has been federally designated as one of 31 inaugural "Tech Hubs" across the country.
On Monday, the Biden administration announced the destination of the Tech Hubs, saying they will "catalyze investment in technologies critical to economic growth, national security, and job creation, and will help communities across the country become centers of innovation critical to American competitiveness." The regions were designated through the U.S. Department of Commerce's Economic Development Administration.
"For too long, economic growth and opportunity has clustered in a few cities on the coasts. Tech Hubs awardees were selected to represent the full diversity of America, selected from more than 370 applications spanning 49 states and four territories," the Biden administration said in a release.
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Minnesota MedTech Hub 3.0 was selected. Led by the Minneapolis Saint Paul Economic Development Partnership, the consortium's aim is to position the state as a global center for "Smart MedTech." This includes integrating artificial intelligence, machine learning and data science into medical technology, officials said.
Gov. Tim Walz celebrated the designation, saying the state leads the world in innovative medical technology.
"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," he said. "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."
Sen. Amy Klobuchar said the designation is a tribute to the state's "cutting edge businesses" and "incredible workers."
Federally-designated Tech Hubs are now eligible to apply for federal grants of up to $75 million. Funding is part of the CHIPS and Science Act, signed by President Biden in August 2022.