LANSING ? Michigan will provide $1.4 million in state matching funds for competitive-edge companies that receive certain federal research grants to commercialize technology that can create jobs in the life sciences, alternative energy, homeland security/defense and advanced automotive, as well as manufacturing and materials.
The Michigan Economic Development Corporation is partnering with The Michigan Small Business and Technology Development Center to administer the Michigan Emerging Technologies Fund, a new program endowed by the 21st Century Jobs Fund. The program is available to businesses receiving federal Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) research grants and must advance at least one of Michigan?s four competitive-edge technology areas under the 21st Century Jobs Fund.
?The Emerging Technologies Fund is another tool we have in our toolbox to diversify Michigan?s economy and grow new high-tech businesses and jobs,? Granholm said. ?This will help provide high-growth companies the resources they need to stay and grow right here.?
The ETF will match 25 percent of phase I SBIR/STTR awards up to $25,000 and 25 percent of phase II SBIR/STTR awards up to $125,000. The ETF awards will come in the form of grants and will not need to be backed, however, award dollars must be used to help bring Michigan projects to commercialization.
?Michigan has developed a number of new resources to help entrepreneurs and high-tech companies move their ground-breaking discoveries to the next level,? MEDC President and CEO James C. Epolito said. ?Guaranteeing state matching funds provides an additional incentive and resource for companies to securing federal funding for their projects.?
Companies must leverage a third party match to be eligible for ETF awards. Before submitting an SBIR/STTR proposal to the federal government, an applicant must first secure a matching commitment from the MI-SBTDC. Preference will be given to applicants who demonstrate significant commercialization potential.
?The MI-SBTDC and MEDC are matching SBIR/STTR awards to stimulate small business technological innovation in Michigan,?Michigan ETF Program Director Phil Tepley said. ?These small businesses are a significant part of the economy and we want to see them succeed.?
The ETF is now taking applications and will continue until funds are exhausted. Only online applications will be accepted. To submit an application, click on MIETF.Org
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