New business startups in mid-Michigan will benefit from a 21st Century Jobs Fund Business Incubator Award received by the Central Michigan University Research Corp. The award will allow CMU-RC to grow and enhance its current services while developing a new economic model for the area.
The Michigan Strategic Fund Board awarded $100,000 in administrative funding to CMU-RC, a nonprofit business incubator focused on advancing economic development in the mid-Michigan community. CMU-RC was one of nine Michigan organizations to receive funding from the 21st Century Jobs Fund Business Incubator Awards.
“These awarded funds are critical for the growth and development for new, technology-based entrepreneurial companies in mid-Michigan during their startup phase,” said Erin Strang, CMU-RC president and CEO.
The award will be used to attract and develop businesses with high growth and commercial viability in Isabella County. It also will provide hands on expertise in industry, market, and feasibility analysis; product, manufacturing, and supply chain development; business strategy and implementation; and investment relations and partnerships.
Funding will be targeted toward businesses in the advanced automotive, manufacturing, alternative energy, homeland security and defense, and life sciences fields. Application review criteria focuses on companies with a product or intellectual property created through research and development, which has a market demand. Application information can be obtained by e-mailing firstname.lastname@example.org or calling (989) 774-2424.
The Michigan Legislature appropriated $1.3 million to the business incubator program through the Michigan Strategic Fund in September 2010 and the MSF Board was responsible for distributing the funds on a competitive basis to one business incubator program in eight select counties and two qualifying cities.