Monday, June 12, 2000
$1 Million Per Year Fund Established for Michigan Higher Education InstitutionsInternship programs pairing students and graduates with start-ups and venture capital firms;
The Michigan Economic Development Corporation unveiled a new research and technology fund today to help spur local creativity and leadership at Michigan’s higher education institutions. The Emerging Technology Challenge Fund plans to grant $1 million per year for the next three years to help increase the number of development opportunities that arise from the research and technology developed at Michigan universities. "Michigan’s four-year universities will play an increasingly important role in our state’s economic future," said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation.
"This fund will help encourage those institutions to development technology-oriented entrepreneurial initiatives that could fuel our future economy."
An advisory group made up of private sector members will be formed to help review applications.
The Michigan Economic Development Corporation will make final funding decisions, based on the advisory group’s recommendations. Grant applications are expected in the following areas: Proof of concept financing;
Underwriting of consultant and initial human resource development costs;
Grant writing assistance and support for identifying both public and private financial support; and
Seed investor identification. Applications for the fund will be accepted beginning June 12 and throughout the year.
Awards will be made within approximately 45 days after the review. A request for proposal (RFP) for grant funding is being mailed to all universities. The complete RFP can also be found on the Michigan Economic Development Corporation’s website at www.michigan.org or for more information contact the Michigan Economic Development Corporation at (517) 373-9808.