The Michigan Economic Development Corporation (MEDC) announced on Wednesday, July 27th that the Michigan Small Business and Technology Development Center will receive a $3.5 million 21st Century Jobs Fund award over two years to manage a statewide Business Accelerator Fund. 

The 21st Century Jobs Fund, a 10-year initiative begun in 2005, is a Michigan Strategic Fund program that is administered by the MEDC to accelerate the growth and diversification of Michigan’s economy. The MEDC, a public-private partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the website at www.MichiganAdvantage.org

Overview of the Business Accelerator Program
The Business Accelerator Fund that may be accessed by participating business accelerators statewide to provide specialized business acceleration services and resources regardless of their accelerator client’s geography. The program was developed with input from 13 Michigan business accelerators and will leverage that network to spread best practices statewide. The existing statewide MI-SBTDC network will facilitate matchmaking across regions to align clients with the strongest and best matched service providers. The existing MI-SBTDC team of consultants will provide ongoing support to companies that receive services through the Business Accelerator Fund to keep them on path to success and job creation.

Objectives:

• Make business accelerator services available to viable companies wherever they are located in the state
• Make resources available to business accelerators to support technology companies that are targeted as high priority in their region’s success
• Build lasting collaborations between early stage tech companies and strategic partners including business accelerators and incubators, talent, consultants, manufacturers, engineering and software firms, CROs, and university researchers
• Provide business consulting and commercialization assistance to companies that have high potential to create jobs and serve as a catalyst for large multiplier effects

 

For more information about this announcement, please see the following press release from the MEDC.

Find out more about the MI-SBTDC Tech Team.