LANSING – The Michigan Economic Development Corporation Friday announced it has awarded Kettering University, Wayne State University Research and Tech Park (TechTown), Ann Arbor SPARK, Oakland University and the Michigan Research Institute each a $250,000 grant to support their business incubators. The funding was appropriated by the Legislature and approved by the Michigan Strategic Fund.

“We are committed to helping Michigan entrepreneurs turn their innovation into job-creating ventures in communities across the state,” said Gov, Jennifer Granholm.

Incubators help businesses and entrepreneurs develop intellectual property, conduct product development, secure start-up financing and formulate business plans. Assistance may include counseling services, financial/capital acquisition, management guidance, technical support and access to appropriate rental space and flexible leases.

“Incubators are a critical component in helping to grow successful businesses and I’m pleased to join with these outstanding institutes of higher learning and economic development organizations to ensure that we create the type of environment that nurtures Michigan talent and keeps that talent here,” MEDC President and CEO Greg Main said.

Kettering University’s incubator works in such areas as alternative energy, advanced manufacturing and materials, Web 2.0, Defense/Homeland Security, life sciences, and automotive.

TechTown is working to create jobs and build centers of excellence in state-targeted industries such as the life sciences, alternative energy and advanced engineering.

Ann Arbor SPARK’s mission is to advance the economic development of innovation-based businesses in the Ann Arbor region by offering programs, resources, and proactive support to business at every stage.

The Michigan Research Institute is a non-profit organization that identifies promising life sciences technology in local corporations and universities as a basis for creating business in Michigan.

Oakland University’s SmartZone Business Incubator provides entrepreneurial resources and strategic business solutions to develop intellectual property.

The Michigan Economic Development Corporation, a 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 MEDC initiatives and programs, click on TheMEDC.Org

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