DETROIT ? Four entrepreneurial support groups will split $3 million over the next three years to support the newly formed Business Accelerator Network of Southeast Michigan ? aimed helping Michigan startups flourish.

Ann Arbor SPARK, Automation Alley, Macomb-OU INCubator and Wayne State University’s TechTown will each get about $250,000 a year to work collaboratively to share best practices, host events focused on addressing issues and goals that impact southeast Michigan, support business plan development, and leverage funding to grow business in the region.

Collectively, these four business accelerators have invested more than $18 million in 339 start-ups, which created more than 1,000 jobs and secured more than $101.2 million in additional private equity capital for the companies.

“This award supports NEI’s focus on building strong networks that support the development of a more diverse, knowledge driven economy,” said David Egner, executive director of the New Economy Initiative. “An intensified level of collaboration among these outstanding business organizations will create a multiplier effect, reenergizing their existing initiatives and bringing about new and unparalleled cooperative ventures. It sends a powerful message to business leaders across the nation that southeast Michigan is working in a smart, integrated fashion to grow its business community.”

The Business Accelerator Network will support business development in the region through a variety of innovative projects and programs, which will be announced over the coming months. They will also be identifying opportunities to attract new dollars to support important regional efforts.

“The ten foundations of the New Economy Initiative are living up to their collective name and showing extraordinary initiative in using its resources to encourage region-wide collaboration,” said Randal Charlton, TechTown executive director, in a prepared statement.

“Each business accelerator has developed particular strengths, and by sharing them we will all be stronger. Among the areas where we can help each other is in helping small- to medium-sized companies drive their export business. At the same time, we will work collaboratively to attract mature businesses from overseas that will bring jobs to the region,” he said.

“At TechTown, we are developing close collaboration with our NAFTA partners, Canada and Mexico, and we also have developing business relations with Israel and other countries in the Middle East and Europe. It’s important to share these relationships for the benefit of the entire region.”

Said Greg Main, Michigan Economic Development Corp. President and CEO: “We applaud the New Economy Initiative?s collaborative efforts to identify, incubate and accelerate Michigan businesses, ideas and entrepreneurs. Their hard work on behalf of southeast Michigan’s most promising businesses will serve them well.”

For more information, click on NewEconomyInitiative.Org

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