LANSING – The Michigan Economic Development Corporation, the state’s business incentive arm, doesn’t want the Governor’s proposed $60 million innovation fund to be created with predetermined grant recipients in mind.
“That’s not the structure which is being proposed here,” Amy Rencher, MEDC’s vice president of small business services, told MIRS when asked about the possibility of legislators appropriating the money and selecting their preferred recipients. “This is an evergreen-style fund that ensures that (returns) support additional startups into the future.”
Rencher spoke with MIRS hours after the Governor’s budget presentation to the Senate and House Appropriations committees. Her proposals featured $60 million in one-time money going to create the debut Michigan Innovation Fund, which Whitmer said will “invest in high growth startups that will create the future right here in Michigan.”
The business community has seen similar funds in other states be successful.
This story appeared on SBAM
