LANSING – The Michigan Strategic Fund on Thursday announced it would provide an additional $3.5 Million to eligible Innovation Hubs across the state focused on commercializing technologies in bio medical, advanced transportation, life sciences, ag-bio and advanced materials.
The announcement, made by the Michigan Economic Development Corporation, expands the Michigan Translational Research and Commercialization program (MTRAC). The expansion reinforces the MSF and MEDC’s commitment to entrepreneurship, innovation and economic growth by providing a pathway to accelerate the creation and transfer of new technologies.
With the funding approval, Innovation Hubs will be available to support the acceleration of technology transfer from Michigan’s institutions of higher education, nonprofit research centers and hospital systems. Supported projects will focus on cutting-edge research, competitive edge technology and bio economy technologies with commercialization potential based on private sector interest.
“Establishing MTRAC as a statewide program will allow for greater collaboration with industry partners across the state, as it relates to advancing technologies and innovation into commercial applications,” said Fred Molnar, Vice President of Entrepreneurship and Innovation at MEDC. “We’ve received interest in our current program from those who do not have the ability to participate. Between that interest and the success of the current programs, this expanded model will allow more organizations to utilize the resources and, ultimately, will help increase the number of startups, jobs, industry licenses and investment for Michigan.”
Developed and managed by the MEDC, to-date, the MTRAC program has funded 79 projects, helped develop 13 start-up companies, created 33 jobs, secured $21.4 Million in follow on funding, and licensed technology to three Michigan companies.
Proposals must be submitted to the designated Innovation Hubs through each Hub’s RFP process. Once accepted into the program, projects will be reviewed and scored by an Oversight Committee for funding consideration and project mentoring.
MEDC’s Entrepreneur and Innovation initiative establishes Michigan as the place to create and grow a business by providing high-tech start-up companies with access to a variety of critical resources, such as funding and expert counsel, from ideation to maturation.
For more on MEDC Entrepreneurship & Innovation visit michiganbusiness.org.
