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Michigan's Jobs Fund Commits $200M for Commercialization, VC
Michigan Gov. Jennifer Granholm has announced the first round of awards from the states new 21st Century Jobs Fund initiative. Totaling more than $100 million, these awards will support applied research and later-stage commercialization of promising new technologies developed at Michigan's public and private research centers. The inaugural round of 61 awards is expected to create more than 3,000 new in-state jobs and to fuel new business development in the life sciences, alternative energy, homeland security, and advanced automotive technologies.
The Fund is managed by the Michigan Economic Development Corporation (MEDC), which operates as a partnership between the state, private companies and local communities. Approximately $800 million of the $2 billion fund overseen by MEDC will directly support the commercialization of new technologies over the next 10 years.
The current round of awards includes:
Life Sciences 25 awards $45.7 million Alternative Energy 4 awards $8.9 million Advanced Automotive Materials & Manufacturing 26 awards $37.3 million Homeland Security/Defense 6 awards $9.3 million
Awards generally range between $500,000 and $2.5 million; however, the largest single award from this round is a $6.27 million investment in Adaptive Materials Inc. to commercialize research in portable fuel cell technology. Most of the research and commercialization projects selected have received financial support from the state in the past. The fund will contribute to several ongoing projects to extend support networks and business services to start-up firms in fields such as the Core Technology Alliance (CTA Corp), a network to advance life sciences in Michigan.
Gov. Granholm also recently approved $109 million for private equity, mezzanine and venture capitals funds investing in Michigan companies. The 21st Century Investment Fund is overseen by fund manager Credit Suisse and is a component of the Jobs Fund, which is intended to help diversify the state economy investing in sources of local capital and co-investing alongside other funds. The first round of commitments is expected later this year.
Learn more about the 21st Century Jobs Fund initiative at: http://www.michigan.org/medc/21stcenturytour/overview/index.asp.