Friday, February 08, 2008
Bridget Beckman, MEDC
(517) 335-4590 email@example.com
$1.4-million to match federal research dollars
Governor Jennifer M. Granholm today announced $1.4 million in state matching funds is available for competitive-edge companies that receive certain federal research grants. The Michigan Economic Development Corporation (MEDC) is partnering with The Michigan Small Business and Technology Development Center (MI-SBTDC) to administer the Michigan Emerging Technologies Fund (ETF), a new program endowed by the 21st Century Jobs Fund. The program is available to businesses receiving federal Small Business Innovation Research and Small Business Technology Transfer(SBIR/STTR) research grants and must advance at least one of Michigan’s four competitive-edge technology areas under the 21st Century Jobs Fund: life sciences, alternative energy, homeland security/defense and advanced automotive, manufacturing and materials.
“The Emerging Technologies Fund is another tool we have in our toolbox to diversify Michigan’s economy and grow new high-tech businesses and jobs,” Granholm said. “This will help provide high-growth companies the resources they need to stay and grow right here.”
The ETF will match 25 percent of phase I SBIR/STTR awards up to $25,000 and 25 percent of phase II SBIR/STTR awards up to $125,000. The ETF awards will come in the form of grants and will not need to be backed; however, award dollars must be used to help bring Michigan projects to commercialization.
“Michigan has developed a number of new resources to help entrepreneurs and high-tech companies move their ground-breaking discoveries to the next level,” MEDC President and CEO James C. Epolito said. “Guaranteeing state matching funds provides an additional incentive and resource for companies to securing federal funding for their projects.”
Companies must leverage a third party match to be eligible for ETF awards. Before submitting an SBIR/STTR proposal to the federal government, an applicant must first secure a matching commitment from the MI-SBTDC. Preference will be given to applicants who demonstrate significant commercialization potential.
“The MI-SBTDC and MEDC are matching SBIR/STTR awards to stimulate small business technological innovation in Michigan,” Michigan ETF Program Director Phil Tepley said. “These small businesses are a significant part of the economy and we want to see them succeed.”
The ETF is now taking applications and will continue until funds are exhausted. Only online applications will be accepted at www.mietf.org.
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. For more information on MEDC initiatives and programs, visit the Web site at www.MichiganBusiness.org.
The Michigan Small Business & Technology Development Center provides counseling, training and advocacy for Michigan’s new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators. The MI-SBTDC is housed at the Grand Valley State University Seidman College of Business in Grand Rapids. As host of the MI-SBTDC state headquarters, the Seidman College of Business oversees the 12-region network. Entrepreneurs and small business owners may access the services of their nearest MI-SBTDC by calling (616) 331-7480 or visiting www.gvsu.edu/misbtdc.
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