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Federal Way to study potential for turning city into medical device hub
The city council, Tuesday, approved $75,000 for a market feasibility study that is designed to measure whether Federal Way could serve as an incubator for the innovation and commercialization of medical devices.
The study is slated to take six months and will be completed by enterpriseSeattle, an economic development company serving King County. The money for the study is being shifted from the city center redevelopment fund.
The organization is proposing a three-phase process, to begin with the market feasibility study. If that is favorable, development of an incubator program and business plan would proceed implementation of the idea. In total, the project is expected to cost around $2 million for all three phases. The city would likely look for financial partners for phases two and three.
To learn more about the incubator idea, read the May 9 Mirror article titled "Federal Way sees potential as a regional health care hub" at www.federalwaymirror.com or read the July 7 city council meeting agenda on the city's Web site at www.cityoffederalway.com.