Monday, October 16, 2006
As Michigan struggles to recover from staggering job losses in the manufacturing sector, a state program aimed at diversifying the economy is planting the seeds for economic recovery.
The 21st Century Jobs Fund, a $2 billion, 10-year initiative signed into law last year, recently invested $100 million in universities, nonprofits and companies to help commercialize technology and create jobs.
"In a state that has a capital shortage for emerging businesses, you have to try to do something there," said Jim Epolito, president and CEO of the Michigan Economic Development Corp. "These seeds that are planted will pay dividends, because (the winners) have to stay in Michigan and grow their business."
In the coming months, more than $18 million of that initial $100 million in grants will flow into universities, nonprofits and companies in Metro Detroit.