Accelerating Michigan’s Economic Transformation Into a “Top Ten” State
The mission of Accelerate Michigan℠ is to create a distinctive strategic alliance between Business Leaders for Michigan (BLM) and Michigan’s University Research Corridor (URC). By uniting research universities and business leaders, Accelerate Michigan℠ aims to place Michigan among the “Top Ten” states for accelerating economic transformation and cultivating entrepreneurism based on mutually beneficial values, investments and activities. According to the Michigan Turnaround Plan, Michigan has lagged the nation in job and economic growth for the past generation; the alliance will strive to accelerate Michigan back to the top.
Accelerate Michigan℠ will be managed by existing BLM and URC staff through a strategic alliance.
Michigan has always been an innovator. And it will be innovation that helps us accelerate through our next economic transformation. Michigan is at or above its peers in intellectual property development:
This study documents the impact the URC universities have in Michigan as well as their performance converting innovation into economic impact.
This report documents Michigan's competitiveness relative to top-performing states on job and economic growth, including innovation & entrepreneurism factors.
These graphs summarize Michigan's innovations compared to other states. Following these graphs is our model for economic transformation.
This analysis, conducted by McKinsey & Company, documents how Michigan performs relative to other innovation centers in the U.S. for converting innovation into economic growth.
In order to support a new and stronger economy for our state, Accelerate Michigan℠ constructed three pillars to build upon. The first pillar is based on changing our state’s culture, the second is based on increasing the availability of capital and the third is based on increasing collaboration. Each pillar is composed of three major actions. Together, these pillars will be the drivers of economic growth.
Actions:
1) Launch statewide entrepreneurship competitions
2) Promote innovation matchmaking
3) Develop an entrepreneurship education strategy
Actions:
1) Create a University Commercialization Fund (Early Stage)
2) Establish Venture Capital
3) Develop an Angel Investment Strategy
Based on input from Michigan Angels and benchmarking best practices, a strategy will be developed to better connect angel investors with entrepreneurs
Actions:
1) Align efforts to grow high-potential Michigan clusters of innovation
2) Increase advocacy for federal cluster investments
3) Form Michigan Science & Innovation Council
A Michigan-based fund of funds that supports the growth of venture capital in Michigan while serving as a bridge between Michigan’s emerging innovation company community and its strong industrial and commercial base.
An international business competition designed to bring together later stage entrepreneurial companies with local, national and international investors.