[Updated] Innova Memphis President Ken Woody and parentco Memphis Bioworks Foundation President Steve Bares make clear in a release this afternoon -- issued, we understand, after a celebratory lunch at Innova HQ in Memphis -- they're ready to make investments and mentor entrepreneurs through Innova Fund II. The pair note in their release, "Since Innova was first funded under the MemphisED Initiative of Memphis Fast Forward, the company has screened more than 200 potential business investments, and has made seven promising investments in the Memphis area. These investments have also attracted an additional $6 million in follow-on investment. The companies range from Biotech and Medical Device companies to Technology and Tech Service companies. All are performing well and ahead of expectations..." 3:07 p.m. Update: Steve Bares added this afternoon, "Memphis Bioworks Foundation is honored to have been selected by the State. The designation for INNOVA is confirmation of the impact that the Memphis Bioworks Foundation has made on the region in leading the transformation into an international center-of-excellence for bioscience companies. We believe INNOVA was selected for its expertise, track record of success and focus on early stage mentorship and investing. I have full confidence that under the leadership of Ken Woody, INNOVA will deliver upon the promise of TNInvestco’s goal of economic development and job creation in Tennessee."
Thursday, November 05, 2009
[Updated] TNInvestco: Innova will employ its model
[Updated] Innova Memphis President Ken Woody and parentco Memphis Bioworks Foundation President Steve Bares make clear in a release this afternoon -- issued, we understand, after a celebratory lunch at Innova HQ in Memphis -- they're ready to make investments and mentor entrepreneurs through Innova Fund II. The pair note in their release, "Since Innova was first funded under the MemphisED Initiative of Memphis Fast Forward, the company has screened more than 200 potential business investments, and has made seven promising investments in the Memphis area. These investments have also attracted an additional $6 million in follow-on investment. The companies range from Biotech and Medical Device companies to Technology and Tech Service companies. All are performing well and ahead of expectations..." 3:07 p.m. Update: Steve Bares added this afternoon, "Memphis Bioworks Foundation is honored to have been selected by the State. The designation for INNOVA is confirmation of the impact that the Memphis Bioworks Foundation has made on the region in leading the transformation into an international center-of-excellence for bioscience companies. We believe INNOVA was selected for its expertise, track record of success and focus on early stage mentorship and investing. I have full confidence that under the leadership of Ken Woody, INNOVA will deliver upon the promise of TNInvestco’s goal of economic development and job creation in Tennessee."
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