Arizona nonprofit funded vital research projects, hosted statewide innovation events and expanded board leadership

PHOENIX, (December 23, 2025) – Partnership for Economic Innovation (PEI), a passionate collective of business and community leaders dedicated to accelerating Arizona’s economic opportunities by fostering innovation, strengthened its efforts across research funding, statewide innovation events, and board expansion in 2025. PEI fulfilled key goals outlined in the Velocity Report, which established the organization nearly 10 years ago to grow Arizona’s innovation economy through workforce development and translational research activity. The organization expanded its board leadership, funded vital applied research projects, and hosted innovation events statewide, strengthening Arizona’s position as a hub for technology and innovation.

PEI welcomed 10 new board members in 2025, most recently adding industry leaders Dr Steven Gray, Ben Driggs, Kyle Redner and Ian Topic, bringing the total number of board members to 18. These strategic additions strengthen PEI’s leadership team with diverse expertise across key industries. Gray from onsemi brings extensive experience in semiconductor manufacturing; Driggs from Honeywell Aerospace Technologies offers advanced aviation knowledge; Redner from Gulfstream contributes public affairs perspectives; and Topic from Dexcom provides valuable insight into medical technology and advanced manufacturing. Their collective insights on key industries will help guide PEI’s initiatives to foster innovation and economic growth throughout Arizona.

“This year PEI has created meaningful growth and impact that will benefit our state for years to come,” said John Graham, Board Chair of Partnership for Economic Innovation and Chairman and CEO of Sunbelt Holdings. “The collaborative spirit driving our initiatives has positioned Arizona as a leader in technology advancement and economic development.”

Through its WearTech Applied Research Center, PEI brought together innovators, investors, industry leaders and educators to propel technology development forward in 2025. The Center funded 10 innovative projects, allocating $5.6M in research funding focused on wearable technology solutions across healthcare, manufacturing and consumer applications. PEI hosted four demo days throughout the year, showcasing groundbreaking projects to potential investors and industry partners. These collaborative efforts helped bridge the “valley of death” funding gap, resulting in several commercial partnerships and additional private funding commitments.

PEI expanded its statewide innovation initiatives in 2025, with The Connective hosting the second annual CONNECTED event featuring participation from 10 Arizona cities. The event featured technology demonstrations from companies developing solutions in healthcare, manufacturing and sustainable technologies. Additionally, PEI held its first in-person Celebrating Innovation Summit, drawing over 400 attendees from across the state and region. The summit brought together industry leaders, investors, researchers and policymakers to discuss emerging technologies and collaborative opportunities to strengthen Arizona’s innovation ecosystem.

“As we build PEI’s strategic plan for the next five years we are leveraging the strong foundation established by the Velocity Report and the tremendous progress we’ve made over the past decade. We are listening to our innovation ecosystem stakeholders to keep the momentum going,” said Mike Madsen, Former President & CEO of Honeywell Aerospace and PEI Board Member. “We see the importance of continuing to invest in applied research, expanding our innovation events statewide and strengthening partnerships that drive economic prosperity and resilience across Arizona.”

Looking ahead to 2026, PEI is building a new strategic plan that builds upon the 2014 Velocity Report while addressing current economic challenges and opportunities. Since PEI began shifting focus to innovation drivers in 2015, Arizona has seen a 39% change in Gross Metropolitan Product from 2012-2022 and a 20% rise in standard of living. The organization looks to focus on growing Arizona’s innovation ecosystem through intentional investment in emerging technologies, workforce development and strategic partnerships across key industries including Advanced Air Mobility, Electric and Autonomous Vehicles, Semiconductors, Medical Technologies, Software/AI, and Advanced Manufacturing.

For more information about Partnership for Economic Innovation and its initiatives, visit www.azpei.org.