The Economic Development Coalition of Southeast Michigan and a large part of the state’s congressional delegation are working to establish a network of business accelerators in Metro Detroit called The Regional Innovation Network.
The new region-wide network of business champions would utilize $50 million in government and private funds to increase the number of both new and expanding new-economy businesses. Under the plan, the federal government would contribute $35 million, the state $15 million and $5 million would come from the private sector. A board of participating funders and community leaders would manage the fund.
The plan is to jumpstart the state’s tough economy by plugging money into growing businesses sectors to help spur entrepreneurs to create and expand new businesses. Existing business incubator organizations, such as Ann Arbor SPARK, Automation Alley, NextEnergy and TechTown, would help decide where the money goes.
Some of the state’s most powerful legislators, such as U.S. Senator Carl Levin and U.S. Congressman John Dingell, are behind the proposal and lobbying for support for it in Washington, D.C.
Source: Anne Masterson, director of communications for Detroit Renaissance
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