UofM Research Park Propels Growth for Prospero Health
September 30, 2019 - Local and state officials and leaders came together Sept. 17 to celebrate Prospero Health’s expansion and move to One Commerce Square in Downtown Memphis.
The Boston-based healthcare startup, which focuses on home health for those with critical illnesses, plans to invest $1.5 million and hire 249 employees in the City of Memphis. As it grows its employee base, it will expand from the initial 14,000 square feet to roughly 50,000 square feet within One Commerce Square.
Doug Wenners, chief executive officer, and Michael Scarbrough, president/chief operating officer for Prospero Health, said the choice to move to Memphis made sense for the growing health care company.
“We knew Memphis has access to a talented workforce along with a welcoming culture that fits our culture of patient service,” said Wenners.
The $52 million company grew out of the University of Memphis Research Park, which opened in early 2019. The UMRF helps to establish the University as a top-tier research institution as well as preserve community spirit, amplify opportunity and establish a center of creative empowerment and emerging innovation.
“I talked to Michael back in January about coming into the Research Park, understanding that this could present a strategic, longer-term partnership for the University aside from just occupying the space,” said Ted Townsend, chief economic development and government relations officer for the University of Memphis.
Prospero Health’s relationship with the University gives the company access to research and researchers, as well as the opportunity for UofM students to have internships and create career pathways at Prospero Health.
Prospero Health’s mission is to empower its patients to live their best lives by providing a team of caring and compassionate experts in their homes.
“We’re excited to be here both in Memphis and in this moment,” Scarbrough said. “Prospero Health’s mission is so critical. It’s an opportunity to help people with serious illnesses live their best life.”
Memphis Mayor Jim Strickland was also in attendance and thanked Prospero Health for choosing the city.
“As you know, Memphis has momentum,” he stressed. “When great companies like Prospero Health choose to locate and, more importantly, grow their business here, it’s further proof that what we’ve been working on as a team over the last four years is working.”