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Tuesday, January 23, 2018
Funding extensions total more than $1.7M supporting entrepreneurial collaboration resources
LANSING, Mich. –The Michigan Strategic Fund (MSF) has approved funding extensions totaling more than $1.7 million for five grants across the state supporting entrepreneurial collaboration resources, the Michigan Economic Development Corporation announced today. The grant extensions, supporting integral members of Michigan’s entrepreneurial ecosystem, represent the MEDC’s continued commitment to building entrepreneurship, innovation and economic growth across the entire state.
The approved programs receiving additional funding include:
“Collaboration resources such as those available through Automation Alley, TechTown and SmartZones across Michigan are essential in providing our state’s entrepreneurs the necessary support needed to spark innovation and spur the business economy,” said Fred Molnar, vice president of Entrepreneurship & Innovation, MEDC, the state’s chief marketing and business attraction arm that administers programs and performs due diligence on behalf of the MSF. “The continued funding of these programs demonstrates their impact in not only building and growing startups in Michigan, but in attracting out-of-state talent.”
TechTown, Detroit’s entrepreneurship hub working with businesses at all stages, helps startup, emerging and established companies develop, launch and grow. TechTown’s DTX program supports a startup accelerator for students, an entrepreneur-in-residence placement program and integrated ecosystem services. Since its inception, DTX has helped 33 new companies form, assisted 42 companies in expanding, created 165 new jobs, helped companies raise over $11.4 million in follow-on-funding and $88.7 million in new sales, and served 397 technology based companies.
Automation Alley is Michigan’s leading nonprofit technology and manufacturing business association. Its 7Cs program is aimed at accelerating the growth of small businesses and startups across Michigan, with a specific emphasis on advanced manufacturing startups. Since the beginning of the 7Cs program grant, Automation Alley has supported the formation of 14 new companies, created 51 new jobs, and assisted companies in raising over $14.7 million in follow-on-funding.
The additional approved funding extensions include the Gatekeeper Business Incubator grant for Lawrence Technological University and the 2015 and 2016 Business Incubator Gatekeeper grants for the following SmartZones:
Michigan SmartZones provide distinct geographical locations where technology-based firms, entrepreneurs and researchers receive access to business accelerator services, including business development mentoring, incubator and wet lab space, technology assessments, market analysis, product development and entrepreneurial training. The gatekeeper position is responsible for assisting companies in navigating the entrepreneurial ecosystem and accessing the various services and programs provided by SmartZones. Under the grants they’ve previously received, these SmartZones have helped 231 companies form, served 1,695 companies, created 730 jobs, retained 4,223 jobs, and assisted companies in raising over $286 million with an additional $125 million in sales.
“With its abundant resources and commitment to innovation, Michigan remains a fertile environment for entrepreneurs to realize their dreams and to start and grow a business,” said Marilyn Clark, CEO at MTEC SmartZone. “Today’s approval of additional funding reinforces that commitment, while acknowledging the tremendous impact entrepreneurs have on the state’s economic growth.”
MEDC’s Entrepreneurship & Innovation initiative establishes Michigan as the place to create and grow a business by providing high-tech start-up companies with access to a variety of critical resources, such as funding and expert counsel, from ideation to maturation. For more on MEDC Entrepreneurship & Innovation, visit michiganbusiness.org.
For more on the MEDC and its initiatives, visit MichiganBusiness.org. For Michigan travel news, updates and information, visit michigan.org. Michigan residents interested in seeking employment with any of Michigan’s growing companies should check mitalent.org, where more than 98,000 jobs are currently available in a variety of industries.
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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