private initiatives

As the water crisis in Flint, MI, continues to capture headlines, details on potential relief efforts are beginning to emerge. In January, President Obama granted $5 million in emergency funding to address the crisis, while the state has approved $67 million in funding since October. To provide for more immediate relief efforts, The FlintNOW Foundation, created by Flint-native Tom Gores, Chairman and CEO of Platinum Equity and the owner of the Detroit Pistons, seeks to deliver private sector support in the wake of the crisis. FlintNOW announced late last month that Ohio-based Huntington Bank would help to support the foundation’s mission for comprehensive economic development programming in the region, providing $25 million to support businesses, entrepreneurs, and residents.

More and more established companies are trying to keep pace with technological changes by increasing their presence in the startup community. Although some companies choose to locate divisions such as software in places like the Bay Area, others are taking a more hands-on approach. Corporate accelerators function as startup accelerators that receive significant and public support from established firms such as financial investments, privileged access to resources, official endorsements by the corporation, as well as continued organizational ties. These accelerators, which continue to emerge both in the United States and abroad, illustrate a full-fledged trend in how established firms are using the startup model to innovate within their industries.

The Energy Department’s National Renewable Energy Laboratory (NREL) will administer two new initiatives to bring clean energy technologies to market. Lab-Corps, a $2.3 million pilot program, will build on the National Science Foundation’s iCorps model to accelerate the development of cleantech discoveries and train lab researchers. Wells Fargo launched the Innovation Incubator (IN2) program, a $10 million environmental grant for clean technology startups funded by the Wells Fargo Foundation and co-administered by NREL and the foundation to foster the development of early stage clean technologies for commercial buildings. Read more…

In a recent Pacific Institute and Vox Global survey, about 80 percent of U.S. companies reported that water availability has become an issue for their business, particularly among firms in the South and Southwestern regions of the country. About 63 percent said water issues would affect their future location decisions, and more than half reported that they expected water scarcity to impact their growth and profitability over the next five years. This year’s Global Risks report from the World Economic Forum, ranked water concerns as the third greatest risk to the global economy, separate from and ranked above climate change and extreme weather events.  In recognition of these developments, Michigan’s University Research Corridor institutions have begun highlighting their work in the water economy.

Montana’s new business plan commissioned by Gov. Steve Bullock outlines five overarching themes, described as pillars, with specific goals, objectives and tasks for diversifying the state’s economy. Encouraging innovation and supporting emerging industries is the focus of one pillar, with recommendations for strengthening the role of universities, establishing funding streams for entrepreneurs, and developing a network of statewide business mentors. The Main Street Montana Project was lead by two top business leaders in the state to ensure private sector buy-in, according to the governor.