Memphis Logistics Leaders Convene to Bolster Innovation in the Industry

In June 2024, representatives from five major logistics companies in Memphis, Tennessee, gathered for a problem-discovery process led by Alchemist Accelerator and Epicenter Memphis. This event marked the first phase of the Industry Opportunity Challenge, aiming to pinpoint critical issues in the logistics sector and invite startups to develop innovative solutions.

During the two-day problem discovery session, four key challenge areas were identified: traceability and visibility across the supply chain, automating customer interaction, real-time insights into changing business conditions, and data analysis and prediction.

Memphis, synonymous with logistics excellence, boasts the busiest cargo airport in North America, the third-busiest trucking corridor in the United States, and the fifth-largest inland port. Despite these strengths, the local logistics industry faces technological lag and outdated practices. As one attendee remarked, “I’m amazed how many physical phone calls it takes to get one transaction completed.” This sentiment underscores the pressing need for innovation, a view shared even by direct competitors at the event who recognize that industry-wide advancements benefit everyone.

Epicenter and Alchemist are accepting applications for the Industry Opportunity Challenge now through August 31, 2024. Applications are open to both existing startups and entrepreneurs interested in solving the stated challenges with a new startup. Applications will be reviewed by Epicenter, Alchemist, and logistics industry experts. Innovations deemed a good fit will have the chance to pursue pilots with the participating logistics companies.

Too often, startups go into the world with a problem looking for a customer. The Opportunity Challenge flips this on its head, putting the customer and their problem first. This program gives startups the chance to pilot their solutions with motivated industry customers in the logistics hub of the United States.

There is no better place for logistics startups than Memphis. Home to over 3,600 supply chain-related businesses, including titans like FedEx, Memphis is a hub of logistics activity and growth. With technology advancements changing our world faster than ever, Memphis is striving to be at the forefront of innovation.

For more detailed problem statements and the application portal for startups, visit the Industry Opportunity Challenge webpage. Applications close on August 31, 2024.

Epicenter will be hosting a virtual information session for applicants on August 13. You can RSVP at this link.