By: Deborah Johnson Wood
A statewide business plan competition sponsored by the Michigan Economic Development Corporation (MEDC) that could result in winners receiving up to $30 million of business funding attracted 117 proposals focused on the commercialization of products and the creation of jobs in cutting-edge technologies. Combined, the proposals requested funds of some $500 million.
The $30 million is earmarked for for-profit companies that have products nearly completed and are ready to create jobs. The proposals spanned several industry sectors: 51 in life sciences; 28 in advanced automotive, manufacturing and materials; 19 in homeland security and defense; and 14 in alternative energy.
Fourteen proposals hail from West Michigan companies, including Grand Rapids-based Cascade Engineering in the alternative energy category and Holland-based Peerless Waste Solutions in the life sciences category. The full list of companies can be viewed here.
An independent peer review by Ann Arbor-based National Center for Manufacturing Science will determine those proposals recommended for funding, which will be passed on to the Strategic Economic Investment and Commercialization board for final selection. Winners will be announced in October.
The 21st Century Jobs Fund funds the competition through its $2 billion, ten-year initiative. Last year the fund awarded $126.3 million to 78 organizations.
Source: Michigan Economic Development Corporation
State aims to create jobs with $30M business plan competition
Deborah Johnson Wood is the development news editor for Rapid Growth Media. She can be contacted at [email protected].