By: Deborah Johnson Wood
In an effort to retain life sciences technicians who lost their jobs when Pfizer downsized in Holland, Kalamazoo, and Ann Arbor, the state has proposed a pool of $8 million from the 21st Century Jobs Fund to entice those workers to stay in Michigan and develop their own life sciences companies. The money is part of a $12 million allocation for a Pfizer retention initiative.
Of the $12 million, a little over $3.4 million is earmarked to develop the former Pfizer facility in Holland. That leaves $8 million for retaining skilled scientists, and another $550,000 to establish the Michigan Innovation Equipment Depot, a non-profit that will distribute equipment contributed by Pfizer to life sciences businesses and startups.
"We did something similar in 2003 when Pfizer merged with Pharmacia," says Michael Shore, of the Michigan Economic Development Corporation. "We contributed several million dollars as loans for Pfizer workers who didn't want to leave the area."
The loans jumpstarted 12 businesses, including Kalexsyn, that now employ 600 people. Shore hopes this round of support for former Pfizer employees will replicate that.
Three economic development corporations—Lakeshore Advantage, Southwest Michigan First, and Ann Arbor Spark—will administer the funds and develop the criteria, but that hasn't happened yet. Shore says it will be over three months before the money is available. Until then, everything is in formation.
Shore expects the Michigan Strategic Fund Board will approve the $8 million pool next month. After that, the request goes to the State Administrative Board for final approval.
Source: Michael Shore, Michigan Economic Development Corporation
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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