State seeks MI companies to hone major investment

The Michigan Economic Development Corporation is hoping to get local businesses on board for distribution of the next round of 21st Century Jobs Fund dollars.

The 10-year, $2 billion initiative aims to aid the diversification of Michigan's economy, supporting high-tech sectors including homeland security, defense, life sciences, medical technology, alternative energy and advanced automotive materials.

The MEDC, says spokeswoman Bridget Beckman, is looking for Michigan companies to participate in the peer review process that helps determine which applications will receive fund monies.

"The legislation that created this fund requires that it be competitively bid, and in the first go round, I don't believe that we had any Michigan firms that tossed their names into the hat," Beckman says. "What we're hoping is that by spreading the word and putting a greater focus on this part of the fund program, we will be able to touch the interest of the firms in Michigan that would be able to perhaps collaborate and step in and fill this need here."

Getting Michigan companies involved in the process has a number of advantages.

"We want to keep those administrative dollars in Michigan if at all possible, going to Michigan companies," Beckman says. "We feel that though there may not be one firm out there that would be able to have the expertise under one roof to evaluate all of these diverse proposals, but there might be a collaboration or network of experts that would fill this."

Ideally, Beckman says, her organization will locate a Michigan project manager who is capable of pulling in specialized resources as needed to evaluate major proposals.

During the first round of funding, she says, 78 organizations received over $126 million in awards.

"Michigan is a leader in research and development, and what we really want to do is close the funding gap, to take this great research and commercialize it into high-tech products," she says.

Companies interested in participating should visit the MEDC's Web site for more information.

Source: Bridget Beckman, MEDC
Writer: Nancy Kaffer