$300 million on its way to Michigan to help startups

Here it comes, like a fastball down the middle of the plate. But let's just hope that this $300 million investment fund is a home run for Michigan businesses. Its purpose is to diversify the states economy by devoting the cash to startup businesses, troubled businesses, and business that might stimulate the manufacturing industry.

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"Invest Michigan! will help diversify Michigan's economy by retaining, attracting and building successful small and medium-sized businesses and, in turn, creating jobs for Michigan workers," Granholm said at the downtown Detroit press conference.

The effort will include a high-powered group of CEOs that includes Dow Chemical Co.'s Andrew Liveris, CMS Energy's Ken Whipple, Quicken Loans Inc.'s Dan Gilbert and Meijer Inc. President Mark Murray. They will serve as consultants to the investment fund managers and work with the entrepreneurs. That group will be chaired by Roger Penske of Penske Corp.

"My passion is about Michigan," Penske said. "It's very important we can take this capital and redeploy it."

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