Friday, December 17, 2004
Paul Krepps, MEDC
$26 Million to Fund Life Science Research and Commercialization Projects
Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation has received 111 proposals for life sciences research projects, to develop innovative technology and new jobs in Michigan. Applicants are competing for $26.5 million in funding available through the 2005 Michigan Technology Tri-Corridor program.
"Michigan is a national leader in technology research and development," Granholm said. "The key to our success will be moving that technology into products and services that will help Michigan companies grow and create new jobs. This year's Technology Tri-Corridor funding will provide what promising entrepreneurs need to make the transition from the lab to the marketplace."
Proposals were received from universities, nonprofit and private research facilities, companies and individuals. A total of 55 are in basic research, while another 34 are for applied research in areas such as cancer, stroke and renal failure treatment. The remaining 22 projects are related to commercialization and include the support of market-ready technology as well as services to aid with financing and marketing including pre-seed funding, licensing and market research.
This year's competition is open to life sciences projects, but the technology supported often has applications in the Tri-Corridor's other two targeted sectors of advanced automotive technology and homeland security.
"The Technology Tri-Corridor continues to promote this legacy by supporting cutting-edge research and ensuring that the financing and infrastructure are there for sustained growth in the state."
The proposals will be reviewed and evaluated based on a competitive, independent peer review-based process conducted by the prestigious American Association for the Advancement of Sciences (AAAS), which will independently evaluate the proposals, interview candidates and make funding recommendations to the Tri-Corridor Steering Committee. Final selections are expected to be announced in June.
AAAS, publisher of Science magazine, is the world's largest association of scientists and engineers with 135,000 members.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.