MEDC Seeks Business Incubator Proposals For Startup Support
LANSING — The Michigan Strategic Fund and the Michigan Economic Development Corporation today issued a Request for Proposals to solicit proposals from high-performance business incubators or accelerators in Michigan to support entrepreneurs in launching and growing start-up companies throughout the state.
“Early-stage companies require seed capital and access to a strong network of public and private resources,” said MEDC President and CEO Michael A. Finney. “We are confident that with the funding of these organizations and the types of services they will provide, we will continue to accelerate the growth of innovative technology start-ups in Michigan.”
The total amount of available funding is $6 million. This funding may be used to support up to three years of services for each incubator or accelerator award made by the MSF. The maximum request allowable under this RFP is $2 million.
In order to be considered for a grant, applicants must submit a comprehensive business plan for delivering entrepreneurial services to start-up businesses, such as marketing assistance, legal services, and training. Applicants must develop a dashboard of indicators to measure the effectiveness of the business incubator and accelerator programs that also ties to the state’s strategic goals.
In June 2011 the Michigan Legislature mandated that a portion of the funds appropriated to the Michigan Strategic Fund for innovation and entrepreneurship be used for business incubators and accelerators located in the following governmental units: Houghton County, Kent County, Macomb County, Oakland County, Washtenaw County, a city with a population greater than 650,000, and a Midland County satellite site of an incubator located in Isabella County.
The MSF will also consider proposals from entities located in other governmental units provided that no governmental unit receives more than one award.
The RFPs can be viewed online at www.michiganadvantage.org/Public-Notices-Requests-for-Proposals.
Electronic versions of each business plan proposal must be sent separately to the MSF via email to firstname.lastname@example.org by Wednesday, Nov. 23 at 5 p.m.
Proposals will not be accepted via U.S. mail or any other delivery method.
Prospective bidders may submit questions regarding the RFP via email by Friday, Nov. 4 at 5 p.m. to email@example.com. The MSF will not respond to questions that are not received by the above date and time. In addition, questions that are phoned, faxed or sent through regular mail will not be accepted.
Responses to all qualifying questions will be posted on the MEDC’s Web site, www.michiganadvantage.org on Thursday, Nov. 10 at 5 p.m.
The Michigan Economic Development Corporation, a public-private partnership serving as the state’s marketing arm and lead agency for business, talent and jobs, focuses on helping grow Michigan’s economy. For more on the MEDC and its initiatives, visit: www.MichiganAdvantage.org.