Three Universities Intend to Fuel Innovation and Grow Regional Economies with New Initiatives

Michigan State University, Rutgers University and the University of Michigan all have announced new initiatives that are intended to fuel innovation and grow regional economies. Michigan State established the University Center for Regional Economic Innovation — a university-based, economic development research center focused on generating businesses and jobs statewide. Rutgers University created a Disruptive Innovation Fund to provide up to $1 million to support the commercialization of innovative products. The University of Michigan's Michigan Investment in New Technology Startups initiative will invest directly into U-M startup businesses.

Michigan State University (MSU) and its partners announced MSU's University Center for Regional Economic Innovation — a university-based, economic development research center focused on generating businesses and jobs statewide. According to the center's director Rex LaMore, the center will focus on investigating issues such economic development tools that replace the widely used tax abatements for businesses. MSU faculty and student also will work with local and regional governments to improve and document cutting-edge economic development practices. The center will target a variety of industries (e.g., information technology, energy and health) to find opportunities that will improve Michigan's economic development. The project is funded by a $915,000 grant over five years from the U.S. Economic Development Administration. Read the press release...

Rutgers University established a Disruptive Innovation Fund to provide up to $1 million to support the commercialization of innovative products developed by the University's faculty and students. Established through an agreement with IP Navigation Group, the fund will allow researchers to identify a problem to solve and receive funding in order to pursue a solution. Under the agreement, the IP Navigation Group will set up an executive committee to manage the fund and review proposals from faculty and students. Rutgers intends on awarding at least two grants annually of up to $500,000 each. IP Navigation is a Dallas-based patent monetization firm. Read the press release...

The University of Michigan (U-M) will commit up to $25 million over the next decade from its endowment to invest directly into U-M startup businesses — new companies built around inventions born in faculty members' labs. The Michigan Investment in New Technology Startups (MINTS) initiative will invest up to $500,000 into a U-M startup after it has secured venture capital from a separate private source. According to annarbor.com, U-M Executive Vice President and Chief Financial Officer Timothy Slottow described the MINTS initiative as a "passive investment program" — meaning the university will automatically invest up to $500,000 in its startup companies after they have reached the milestone of securing outside VC dollars. Read the press release...