Thursday, March 17, 2005
Michael Shore, MEDC
Now #5 in Nation Overall; Jumps to #3 from #9 in Venture Capital
Governor Jennifer M. Granholm announced today that Small Times magazine has ranked Michigan fifth in the U.S. for the development of micro- and nanotechnology, further validating the state's claims as a small tech industry leader. Michigan had an exceptionally strong showing in the category of venture capital devoted to small tech, advancing to #3 in the nation from last year's rank of #9.
"Public and private sector interests are pursuing small tech as an enabling technology for a wide variety of applications here in Michigan, and the results are apparent," Granholm said. "The Small Times ranking is another source telling the world what we already know-that Michigan is a major player in the technologies shaping the 21st century global economy."
The term "small tech" in its common use includes the development and applications of microelectromechanical systems (MEMS), microsystems and nanotechnology.
Thousands of small tech devices are in common use today, including sensors for automobile air bags and inhaler parts used to administer proper doses of asthma medication. Micro devices and sensors are considered enabling technologies that are having a significant impact within a wide variety of industries.
According to Small Times magazine, the annual "Small Tech Hot Spots" rankings are based on quantitative analysis that uses its proprietary research, as well as state and federal data. States are evaluated in six categories, which were then weighted and added for an overall score between 100 and 1. The categories are: research, industry, venture capital, innovation, workforce and costs.
Michigan was the only Midwest state from last year's Top 10 to advance in the rankings. The state's position, published in the March/April issue of Small Times magazine, is a leap forward from its ninth and eighth place finishes in 2003 and 2004, respectively.
The Top 10 states in the 2005 Small Times ranking are: California, Massachusetts, New Mexico, New York, Michigan, Texas (tied for fifth), Illinois, Maryland, North Carolina and Ohio.
"State leaders have consciously laid a foundation for success that is yielding results," said Small Times Media CEO Patti Glaza. "By creating a number of effective public-private partnerships and taking advantage of its life sciences and advanced automotive technology strengths, Michigan has positioned itself to become a small tech leader."
Since taking office in 2003, Governor Granholm has consistently pressed for state resources to be applied to develop new technologies that will result in a more diversified economy and the new jobs needed in that economy. The Technology Tri-Corridor initiative has provided key funding for micro- and nanotechnology research and commercialization, while the Michigan Venture Fund is expected to open up $150 million in new venture capital for the targeted Tri-Corridor sectors of life sciences, advanced automotive technology and homeland security.
According to Don Jakeway, president and CEO of the Michigan Economic Development Corporation, Michigan's reputation as a small tech hot spot is growing.
"The fourth annual International Dendrimer Symposium is going to be held in Mount Pleasant this May," he said, speaking of the global gathering of small tech researchers. "Someone might look at where the previous three events were held-Frankfurt, Tokyo, Berlin-and wonder, why Michigan? But when you get an understanding of the dynamics going on here, it's not that surprising any more."
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.