The Michigan Economic Development Corporation (MEDC) announced the approval by the Michigan Strategic Fund of Entrepreneurial Service Provider Request for Proposals awards. These awards will, according to Paula Sorrel of the MEDC, go toward creating early stage technology companies and will also generate more than $15 million new investments in the state. "We are focused on creating a strong pipeline of companies," says Sorrel.
The funds are going toward entrepreneur services all across the state, and $500,000 is coming into Lansing through the Michigan State University Foundation and Spartan Innovations. The funds will be distributed over two years to help grow the GreenLight Business Model Competition. The last GreenLight Competition had nine universities compete, which according to Sorrel is an impressive number. She says it's the basis for a strong pipeline, a pipeline they hope to grow.
The MEDC tracked 30 new tech companies in the state last year, and the hope is that with these awards, that number will grow. "The tech sector is always evolving and we are trying to evolve with it," says Sorrel.
Other approved proposals came from programs such as, Invest Detroit, Ann Arbor SPARK, NextEnergy, BBC Entrepreneurial Training and Consulting, Inforum Center for Leadership, UofM Center for Entrepreneurship and the Michigan Venture Capital Association.
Source: Paula Sorrel, MEDC
Writer: Allison Monroe, Innovation News Editor
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