By: Deborah Johnson Wood
Some $30 million is soon to be up for grabs in the second statewide business plan competition sponsored by the Michigan Economic Development Corporation. The funds will be awarded as grants and loans for winners of the competition.
The contest seeks to spur commercial development and job growth in four competitive-edge technology sectors: life sciences, advanced automotive manufacturing, alternative energy, and homeland security and defense.
The business plans should demonstrate how entrepreneurs plan to commercialize a product and create jobs in the near-term. While the competition is open for all business plans in the four categories, the MEDC's economic diversification plan for 2008 focuses specifically on cellulosic biofuels, wind energy, solar photovoltaic technology, advanced energy storage, renewable water, life sciences, vehicle research and development, and increasing the federal defense spend in Michigan.
Organizers met yesterday in a public forum to gather input on the draft request for proposals now on the MEDC's web site. On April 9, the Strategic Economic Investment and Commercialization Board will meet to develop the input gathered yesterday into a final RFP.
Competitors can use the draft RFP to begin formulating ideas for their business plans, but should wait to develop a final plan using the final RFP posted by the MEDC.
Businesses have until May 28 to submit proposals; the MEDC will name the awardees in September.
Source: Bridget Beckman, 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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