Together, These 3 Pillars Of Work Can Help Accelerate 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.

Pillar 1:
Championing Entrepreneurship & Innovation

Pillar 2:
Growing Capacity To Scale Ideas

Pillar 3:
Catalyzing Clusters Of Innovations

Actions:

1) Launch statewide entrepreneurship competitions

  • One of nation’s largest business plan competitions
  • Nine sectors – prizes up to $500,000
  • Funding from foundations, BLM & URC
  • Opportunity to connect business and ideas

2) Promote innovation matchmaking

  • Survey BLM companies to identify technology and research needs
  • “Pull” best URC research that matches needs
  • Lead to full-time Business Services Exchange
  • Sponsor ongoing series of Technology Showcase programs

3) Develop an entrepreneurship education strategy

  • Identify gaps and needs
  • Benchmark best practices
  • Design strategy

 

Actions:

1) Create a University Commercialization Fund (Early Stage)

  • A sustainable $3.0 million annual fund designed to improve Michigan’s very low rankings for early stage capital (pre-seed stage)

2) Establish Venture Capital

  • Designed to take Michigan from #20 to #10 in venture capital activity through 3:1 leverage ratio of invested capital
  • This fund will be used to attract VC talent

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

  • High-potential clusters will be based on where the following intersect:
    • Federal R&D spending plans
    • Major innovation trends
    • BLM needs
    • Michigan strengths
    • URC R&D strengths

2) Increase advocacy for federal cluster investments

  • Primary focus will be on advocating for federal investments to accelerate the growth of innovation clusters

3) Form Michigan Science & Innovation Council

  • Composed of URC and BLM R&D VPs
  • Identify trends and likely impact on Michigan
  • Identify opportunities for economic growth

 


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.


Timeline Of The Alliance's Work