Friday, September 01, 2006
$100 Million to be Awarded to Create Jobs Today, Jobs Tomorrow
Under the direction of the Michigan Strategic Economic Investment and Commercialization (SEIC) Board and the American Association for the Advancement of Science (AAAS), the process is designed to ensure an independent peer review for the 21st
More than 500 companies expressed interest in the 21st
According to Canter, qualified proposals have been reviewed based on:
- commercial merit;
- expertise of personnel;
- scientific and technical merit; and
- ability to leverage funds from other sources.
MEDC President and CEO James C. Epolito emphasized the steps that were taken to ensure the integrity of the review process.
Science magazine. The 179 finalists and their proposals are available to the public for review on the MEDC Website at: www.michigan.org/21stcentury.
Noting that the $100 million to be awarded represents less than nine percent of requested dollars from all submissions, Epolito said those not chosen will see significant benefits from their participation in the competition.
Canter said the competitive awards to be announced next week to universities and non-profits will take the form of grants. Awards made to businesses will be investments that carry an expected return on investment for the state. They will contract:
- to locate their businesses in Michigan if they are not here already;
- create 21st century jobs for Michigan workers; and
- provide a return that will fund other Michigan entrepreneurs for years to come.
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. For more information on MEDC initiatives and programs, visit the Web site atwww.michigan.org.
Note to editors: More information on the Strategic Economic Investment and Commercialization Board is available on the Web at:http://www.michigan.org/seic.