One work around is to leverage the FocusControl property of TLabel. The following example demonstrates using an invisible label control to create a keyboard shortcut to a memo control. The shortcut will respond to the Alt+M key combination. To use this example, place a label, a memo, and several other controls that receive focus. Run the application, move focus to a control other than "Memo ", and key in -M. You should see focus move to Memo.

Example:
procedure TForm .FormCreate(Sender: TObject);
begin
  Label .Visible := false;
  Label .Caption := '&M';
  Label .FocusControl := Memo ;
end;