By: Deborah Johnson Wood
InnovationWorks, a Workforce Innovation in Regional Economic Development (WIRED) initiative and a program of the Right Place, Inc., was about to run out of federal funding when the Grand Rapids Community Foundation stepped in and awarded a $500,000 grant to continue the current program.
One focus of the initiative helps inventors and entrepreneurs in seven West Michigan counties take their product idea through the commercialization process, which can take 18 to 36 months — much longer for medical devices. Another focus is to connect product ideas with venture capital.
“We believe that one long-term outcome will be that new products created and patented here will create new jobs," said GRCF President Diana Sieger in a prepared statement. "In the short term it will help further brand Grand Rapids as a center of innovation – a place that welcomes and attracts new ideas, creative people and businesses,”
InnovationWorks created the IdeaPortal, a digital clearinghouse where inventors can connect with entrepreneurs and businesses.
InnovationWorks also has four innovation coaches on staff at Right Place to provide guidance throughout the innovation process, plus conduct speaking events and classes on innovation.
About one in 30 patents reach the marketplace. InnovationWorks hopes to improve that statistic.
“The strength and success of West Michigan’s economy will largely depend on our region’s ability to remain innovative, in both products and processes,” says Birgit Klohs, Right Place president and CEO. “Building an innovation infrastructure not only helps strengthen and retain existing companies, but also encourages business expansion and the creation of new jobs.”
Source: Grand Rapids Community Foundation; Right Place, Inc.; Clark Communications
Related Articles
Inventors and investors connect through innovative Idea Portal
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.