Development groups team up to find $50 million for business incubators

BYLINE: Eric Morath

DETROIT - A collation of regional economic developers today outlined a plan to secure $50 million in funding to build and expand a network of business accelerators.

The funding plan calls for $30 million in federal support and $15 million of state assistance. An additional $5 million would come from private resources, said Doug Rothwell, president of Detroit Renaissance and a member of the 5-month-old Economic Development Coalition of Southeast Michigan.

The funding would expand the work done at four existing accelerators: Ann Arbor Spark, Troy-based Automation Alley, Next Energy and TechTown, both in Detroit; and create two new accelerators.

The new accelerators - sites where small companies can access resources and services to grow their business - would be in Macomb County and in Wayne County near Detroit Metro Airport.

The funding plan stems from the coalition's February trip to Washington D.C.

"By forcefully speaking in one voice and presenting a solid case for getting the help we need from Washington, the Southeast Michigan region has begun to correct what we in see as a problem that is holding us back: the perception that we are fractious and unorganized," said Jim Croce, CEO Next Energy and member of the coalition. "We showed them a different picture. We showed them that we have a good plan and that we are ready to put it into action."