©2016 Michigan Economic Development Corporation

MEDC Support for Entrepreneurs and Innovation Continues with Statewide Incubator Grants

Wednesday, December 21, 2011

Michael Shore
517-335-4590

LANSING – The Michigan Economic Development Corporation (MEDC) announced that the Michigan Strategic Fund is supporting entrepreneurs’ efforts to launch and grow start-up companies throughout the state with funding for high-performance business incubators and accelerators in Michigan.

Business incubators in Michigan represent support for thousands of jobs and more than a billion dollars in economic impact and are playing a critical role in diversifying the state’s economy. Today’s $6 million in awards builds on the MEDC’s work to spur growth of high potential technology companies by providing local and state-wide services.

“Early-stage companies require seed capital and access to a strong network of public and private resources,” said MEDC President and CEO Michael A. Finney. “We are confident that with the funding of these organizations and the types of services they will provide, we will continue to accelerate the growth of innovative technology start-ups in Michigan.”

In October, the MEDC issued a Request for Proposals for grants of up to $2 million. Of the 23 proposals that were submitted, 12 were chosen for grants.

In order to be considered for a grant, applicants were required to submit a comprehensive business plan for delivering entrepreneurial services to start-up businesses, such as marketing assistance, legal services, and training. Applicants were required to develop a dashboard of indicators to measure the effectiveness of the business incubator and accelerator programs that also ties to the state’s strategic goals.

In June 2011, the Michigan Legislature mandated that a portion of the funds appropriated to the Michigan Strategic Fund for innovation and entrepreneurship be used for business incubators and accelerators located in the following governmental units: Houghton County, Kent County, Macomb County, Oakland County, Washtenaw County, a city with a population greater than 650,000, and a Midland County satellite site of an incubator located in Isabella County.

The MSF also considered proposals from entities located in other governmental units provided that no governmental unit receives more than one award.

2012 Business Incubator grants were awarded to the following organizations (funding will support up to three years of services; amounts represented are total awards): 

Incubator/Accelerator

Governmental Unit

Recommended
Amount

Michigan Tech Enterprise Corporation(MTEC)

Houghton

$750,000

Grand Rapids Smart Zone Local Development Financing Authority

Kent

$500,000

Macomb OU Incubator

Macomb

$500,000

Automation Alley

Oakland

$625,000

Ann Arbor SPARK

Washtenaw

$500,000

Wayne State University Research & Technology Park, TechTown, Bizdom U.

Detroit-a city with a population greater than  650,000

$875,000

Mid Michigan Innovation Center(MMIC)

Midland County satellite site of an incubator located in Isabella County

$500,000

Lansing Regional Smart Zone Local Development FinancingAuthority

Lansing, Ingham County

  $150,000

Kettering University

Flint, Genesee County

  $150,000

Central Michigan University Research Center
(CMURC)

Mt.Pleasant, Isabella County

  $350,000

West Central Michigan Collaborative
(The Starting Block  & The Stream)

Hart, Oceana County

Newaygo, Newaygo County

$500,000

Southwest Michigan Innovation Center (SMIC)

KalamazooKalamazoo County

$600,000

TOTAL

$6,000,000



The Michigan Economic Development Corporation, a public-private partnership serving as the state's marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan's economy. For more on the MEDC and its initiatives, visit: MichiganAdvantage.org

# # #