By calling it “Memphis Meats” I already know its going to be a failure.
Because they are already trying to obscure the fact its NOT meat.
I suggest going back and giving the article a second read (or, doing additional research). While the headline may seems to be implying meat substitutes (such as soy, seaweed, etc), that's just a misdirection or misunderstanding.
The entire project is about growing cellular meat no different than what can be procured today. However, the essential difference is removing the 95% overhead factor. That is, when we consider a biological entity, such as cattle or poultry, there is a tremendous amount of 'waste' necessary to drive the engine aka body.
If we can remove all that, and just focus on muscle (meat), then animal husbandry would begin to resemble hydroponic, hot house tomatoes. Imagine identifying and isolating the core genetic compounds and merely supplying them with essential nutrients to organically "grow" meat?
That's is where tech is headed; think of the future as "meat robots".