LANSING ? The Michigan Economic Development Corp. will have another $25 million available after October 1, when the new state budget begins, to fund innovation and entrepreneurship. How those dollars will be allocated has yet to be decided.
Martin Dober, MEDC Senior Vice President of Entrepreneurship and Innovation, said the money will be used to support and provide services to entrepreneurs, provide early stage capital and other related activities. The specifics are in development.
The fresh $25 million comes on the heels of two Requests For Proposals issued in April by the MEDC; one for $13 million for early stage capital, and the other for $12 million for entrepreneurial support services. Dober said 10 proposals seeking $38 million were presented for the former, and 31 proposals for $55 million for the latter.
An independent peer review board will review the written proposals next week, he said, and those proposals that score 70 out of 100 on a set of evaluation criteria will then more to oral reviews. MEDC hopes to present its list of recommendations to the Michigan Strategic Fund Board at its July 27 meeting.
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