At the Michigan Emerging conference on Wednesday, CYJ Enterprises won the Accelerate Michigan Innovation Competition Tweet Award. The company’s Twitter submission focused on their business product, e-CYREN, a free online database of emergency information for schools and daycare programs. Their posting, “In case of emergency first responders can quickly alert loved ones and have access to your vital medical info 24×7 www.ecyren.com,” was selected as the winner, and CYJ Enterprises CEO Carole Johnson accepted the $5,000 prize.
The Accelerate Michigan Innovation Competition Tweet Award is just one component of the larger competition that will award more than $1 million in cash and in-kind staffing, software and services on Dec. 11 to company and student winners. The New Economy Initiative for Southeast Michigan granted Ann Arbor Spark $750,000 to launch Accelerate Michigan on behalf of the Business Accelerator Network for Southeast Michigan.
There are exciting things happening in Southeast Michigan. TIME blogged about the New Economy Initiative for Southeast Michigan (NEI) and some of the advances that are taking place. Read more about the acceleration of Detroit on TIME’s recent post.
The announcement of the new Business Accelerator Network for Southeast Michigan, a region-wide collaborative effort dedicated to attracting and retaining business in southeast Michigan, took place on Monday, June 21st. The New Economy Initiative for Southeast Michigan, an innovative philanthropic effort to accelerate the transition of metro Detroit to an innovation-based economy, announced a $3 million grant over three years to support the newly formed Business Accelerator Network for Southeast Michigan.
Comprised of the region’s four key business accelerators– Ann Arbor SPARK, Automation Alley, Macomb-OU INCubator, and TechTown, the Business Accelerator Network for Southeast Michigan will work collaboratively to share best practices, host events on addressing issues and goals that impact southeast Michigan, support business plan development, and leverage funding to grow business in the region.
Collectively, the four involved business accelerators have invested in 339 start-up companies, invested more than $18 million, created more than 1,000 jobs and secured more than $101.2 million in additional capital for the companies.
Economic development in Michigan should take a page from the playbook of the ever-evolving software industry. Its “open source” philosophy – the source code that drives development should be open and available to all – is a model that can propel Michigan’s success in growing, retaining, and attracting business.
Ann Arbor SPARK has taken steps to pilot this approach to economic development by designing initiatives and committing resources that are meant to be openly available and shared statewide. These resources include business incubation, talent enhancement, pre-seed funding, and cross-region assistance with development projects. By sharing with and learning from others, Michigan wins.
Instead of viewing other communities within Michigan as competition for business location and expansion, we view the world as the primary threat to our economic prosperity…the true competition. In today’s global market, where companies can offshore business and operations, and business corridors like Boston, San Francisco, and Austin Texas are thriving, transformational thinking in economic development is a necessity.
There are several economic programs that are “open source” and currently delivering jobs, talent and other resources to Michigan:
The Michigan Life Science and Innovation Center is a state-of -the-art wetlab incubator designed to support life science start-up companies from through SE Michigan. This project is a collaborative effort among MEDC, Wayne County Economic Development, Esperance Family Foundation, New Economy Initiative of SE Michigan and Ann Arbor SPARK’s Foundation.
The Michigan Pre-Seed Fund Capital Fund, a collaborative effort among Michigan’s SmartZone network, has provided nearly $5 million in funding to 30 emerging technology businesses.
The Michigan Innovation Equipment Depot, a collaborative effort among Michigan’s SmartZones, Ann Arbor SPARK, MEDC, MichBio and Pfizer, has provided nearly $6 million in high-value laboratory equipment and supplies to emerging life sciences companies across the state.
The Economic Development Coalition of Southeast Michigan whose members include economic development organizations located SE Michigan is working with local, state, and federal government to secure necessary funding to support activities of the six business accelerators within Southeast Michigan.
Several “open source” Ann Arbor region programs are yielding
results and hold potential as a model for other communities in the state. With the decline in manufacturing and loss of Pfizer jobs in the Ann Arbor region, talent initiatives have been a cornerstone of economic development efforts. Programs like Hot Shots, that connects employees and employers in a fun “happy hour” format, or Mingle & Match, a sort of “speed-dating” for start-ups and potential employees, have been highly effective in supporting the retention of talent in our region and placing high-value knowledge workers in growing companies.
A steady stream of entrepreneurs seeking ways to accelerate their business provides impetus for regional economic development activities. Programs like Entrepreneur Boot Camp are foundational resources for new businesses; BioArbor and the Annual Collaboration for Entrepreneurship showcase the entrepreneurial success needed to support Michigan’s new economy. Leveraging educational resources throughout the region is integral to economic development. Ann Arbor SPARK’s partnerships with the University of Michigan, Eastern Michigan University, Washtenaw Community College and the University Research Corridor increase the success of technology transfer and keep valuable knowledge workers here in our community – creating, innovating and thriving.
There are examples throughout the state of what’s working in economic development – examples that are open and available to all. Like the software industry mavens and high technology businesses we need to attract to help move Michigan forward, adopting an “open source” mentality has amazing potential to attract businesses, innovators and talent to our state.