The Michigan Economic Development Corporation today issued a Request for Proposals (RFP) to solicit ideas from high-performance business incubators or accelerators in Michigan
LANSING– The Michigan Economic Development Corporation today issued a Request for Proposals (RFP) to solicit ideas from high-performance business incubators or accelerators in Michigan to support entrepreneurs in launching and growing start-up technology companies throughout the state.
“Early-stage technology 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.”
The Michigan Strategic Fund has approved a total amount of $8.5 million through the 2013 Business Incubator Program. This funding may be used to support up to three years of services for each incubator or accelerator award made by the MSF. Maximum amounts allowed under this RFP vary depending on the location of the incubator or accelerator.
In order to be considered for a grant, applicants must submit a comprehensive business plan for delivering entrepreneurial services to start-up technology businesses, such as marketing assistance, legal services, and training. Applicants must 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.
The MSF is requesting proposals to award grants that total not more than $8.5 million for business incubators and accelerators as follows:
- A high performance regional business incubator or accelerator that provides services in at least eight counties and received funding as an auto technology business accelerator under the Michigan Strategic Fund Act will receive a grant of not less than $2 million.
- Funding of not less than $750,000 and up to $1 million will be awarded to one high performance business incubator or accelerator in a city with a population greater than 650,000.
- Funding of not less than $500,000 and up to $1 million will be awarded to one high performance business incubator or accelerator in each of the following governmental units: Houghton County, Isabella County, Kent County, Macomb County, Midland County, Oakland County, Washtenaw County, and a Mason County incubator that provides services to Lake, Mason, Manistee and Oceana counties.
- In addition, funding of no less than $275,000 and up to $1 million must be awarded to a business incubator or accelerator in Ingham County.
This is the second year of the Business Incubator Program. In December 2011, the MSF awarded $6 million to 12 incubator and accelerators around the state through the 2012 allocation.
The RFPs can be viewed online here:
Electronic versions of each business plan proposal must be sent separately to the MSF via email to 2013BIRFP@michigan.org by Monday, November 26, 2012 at 5:00 p.m. Proposals will not be accepted via U.S. mail or any other delivery method.
Prospective bidders may submit questions regarding the RFP via email by Wednesday, October 31 at 5:00 p.m. to 2013BIRFP@michigan.org. Please note: The MSF will not respond to questions that are not received by the above date and time. In addition, questions that are phoned, faxed or sent through regular mail will not be accepted.
Responses to all qualifying questions will be posted on the MEDC’s website, www.MichiganBusiness.org. on Monday, November 5, 2012 at 5:00 p.m.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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