Wednesday, August 20, 2003
“The Powerhouse” First of Three Business Incubators Planned
Governor Jennifer M. Granholm joined Michigan Tech Enterprise SmartZone officials in Houghton today to dedicate the new Powerhouse business incubator, the first of three planned for the SmartZone.
“The Powerhouse will help to ensure that cutting edge research developed at Michigan Tech and Finlandia universities has a place to take root and grow right here in the western Upper Peninsula,” Granholm said. “We are committed to supporting the entrepreneurial spirit that is Michigan’s legacy.”
The Michigan Tech Enterprise SmartZone is a collaborative effort between the cities of Houghton and Hancock in partnership with Michigan Technological University with assistance from Finlandia University, a private university with strong ties to Finland. The Michigan Tech Enterprise SmartZone hopes to create 550 new high-tech jobs over the next fifteen years.
“I am delighted that Governor Granholm is continuing to support the SmartZone effort,” said Alan West, CEO, Michigan Tech Enterprise Corporation. “The Michigan Tech Enterprise SmartZone is a unique model as it represents a collaboration between two cities, a public and a private university and local high-tech businesses.We appreciate that the Governor recognizes the exciting business potential that this area represents.”
In April 2001, the Michigan Economic Development Corporation (MEDC) designated 11 SmartZones in communities throughout Michigan. The zones are designed to bring business, research activities, and training and support services together in one location allowing for easy collaboration and to accelerate the commercialization of new technologies.Since their inception, Michigan’s SmartZones have attracted 37 new companies and spurred more than $120 million in private investment.