Thursday, March 10, 2005
Michael Shore, MEDC
Emerging Business Fund Awards over $60,000 to Five Start-Ups
Governor Jennifer M. Granholm today announced that five Michigan technology companies have been awarded a total of $419,514 in federal Small Business Innovation Research (SBIR) grants after receiving support from the state's Emerging Business Fund. The fund, administered by the Michigan Economic Development Corporation and part of the Governor's 21st Century Jobs Initiative, provides matching grants to Michigan companies in targeted high-tech sectors that include life sciences, advanced automotive technologies and homeland security.
"We are using every available resource to attract federal dollars for Michigan's high-tech, high-growth companies," Granholm said. "In addition to helping these five companies, the awards will encourage more Michigan innovators and entrepreneurs to compete for federal funding."
Since the Emerging Business Fund's inception in 2004, nearly $1 million has been awarded to 10 Michigan companies and the MEDC has provided $149,056 in matching funds.
The five companies, based in Ann Arbor, Farmington Hills, Okemos and Troy, applied for SBIR grants with the assurance of a total of $62,927 in matching funds from the Emerging Business Fund if their applications were successful. The companies and the amount of their federal awards are:
- Advanced Sensor Technologies Inc., a Farmington Hills-based company received $69,822 to develop and bring to market a variety of microelectromechanical (MEMS) medical devices used for physiological patient monitoring and treatment.
- Mid Michigan Research LLC, Okemos, received $69,779 for engineering and developing testing software for transportation-related systems.
- Soar Technology Incorporated, Ann Arbor, received two grants totaling $139,945 to develop human reasoning software that can automate complex tasks and simulate human behavior for uses in both homeland security and life sciences.
- TES International LLC, Troy, won $69,968 to research marketable solutions for heat transfer, stress and vibration problems with advanced automotive manufacturing applications.
- T/J Technologies Incorporated, Ann Arbor, $70,000 to develop advanced materials and devices for electromechanical energy storage and conversion, including rechargeable batteries, ultracapacitors and fuel cells.
The Emerging Business Fund is a component of the Michigan Technology Tri-Corridor, also administered by the MEDC. The Tri-Corridor is built on the successful model of the Michigan Life Sciences Corridor and fosters growth in targeted high-tech industry sectors through funding and resource collaboration. Between 2000 and 2004, the Life Sciences Corridor and Tri-Corridor have allocated nearly $193 million through 141 awards. A total of 85 proposals for research and commercialization projects are currently competing for $26.5 million in 2005 Tri-Corridor funds.
"The demand for coveted SBIR funding is an indication that Michigan has vast entrepreneurial resources just waiting to be tapped," MEDC President and CEO Don Jakeway said. "Guaranteeing matching funds provides an additional incentive and resource for companies that are going through the process of securing federal funding for their projects."
For more information about the SBIR Emerging Business Fund or to submit an application electronically, please visit the TTC Web site at www.medc.michigan.org/ttc.
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.