Wednesday, February 01, 2006
Investing Millions in Michigan
MITECHNEWS.COM has a pair of stories that are well worth a read. The first reports that a Request for Proposals was issued last week by the Michigan Economic Development Corp. on the first phase of a $396 million capital infusion into the 21st Century Jobs Fund. The money will come as loans to start-ups and small businesses and as grants for universities and non profit research in the areas of life sciences, alternative energy, advanced automotive, manufacturing and materials and homeland security/defense. (Online RFP & Application)
The second story reports that the $150 million Venture Michigan Fund, which will invest in Venture Capital firms that in turn will pour money into promising Michigan technology companies, received its first $5 million cash infusion Monday. The VMF investment policy requires that venture capital funds should have a substantial presence in Michigan and promote at least $2 investment in qualified businesses for every $1 of principal investment.
Also see Venture Michigan Fund Gets First $5 Million Investment from MITECHNEWS.COM
Venture Michigan Fund web site
# posted by farlane @ 8:22 AM
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