Granholm: New Report Highlights Impact of 21st Century Jobs FundContact: Liz Boyd 517-335-6397
1,497 companies have benefited, creating or retaining more than 24,400 jobs to date
Governor Jennifer M. Granholm today unveiled a new report that highlights the impact of the 21st Century Jobs Fund, which was first called for by the governor in her 2005 State of the State address. The 21st Century Jobs Fund is a 10-year initiative passed with overwhelming bipartisan legislative support to accelerate the diversification of Michigan's economy and create jobs. It is administered by the Michigan Economic Development Corporation.
"The 21st Century Jobs Fund was designed to reshape and diversify Michigan's economy by focusing on innovative, entrepreneurial small businesses," Granholm said. "Through the fund, we are laying the foundation for a new Michigan economy by developing a multi-dimensional entrepreneurial ecosystem that provides start-up businesses with seed capital, coaching and the support infrastructure needed to develop businesses in Michigan."
The report, titled "Foundation for a New Michigan Economy," tracks the impact of the diversification efforts of the 21st Century Jobs Fund, including the 1,497 companies that have benefited, creating or retaining more than 24,400 jobs. The governor unveiled the report during a visit to Display Pack, a Grand Rapids-based global manufacturer of packing products. The company received financing assistance through the 21st Century Jobs Fund, which enabled them to create and retain 175 jobs during the economic downturn in 2009.
The primary focus of the 21st Century Jobs Fund is three-fold: to encourage the development and commercialization of competitive-edge technologies, to increase capital investment activity in Michigan, and to make commercial lending more available in the state.
At the heart of the 21st Century Jobs Fund strategy is the recognition that companies face different challenges depending on their stage of development. There is no one-size-fits-all solution, and no single approach creates a magic bullet. Rather, it is important to think of Michigan's new economy as an entrepreneurial ecosystem whose sustainability requires many interlocking components to be successful.
The 21st Century Jobs Fund initiative consists of multiple individual programs each designed to support different parts of the entrepreneurial ecosystem in different ways. The programs include:
- the statewide business plan competition to spur development and commercialization in the targeted sectors of clean energy, life sciences, advanced manufacturing and homeland security;
- the 21st Century Investment Fund, the Pre-Seed Capital Fund and the Choose Michigan Fund to increase capital investment in Michigan companies. In addition, the Small Business Capital Access Program and the Michigan Supplier Diversification Fund have provided critical funding during tough economic times;
- the Centers of Energy Excellence program to promote the growth of the clean energy economy across the state.
Each of these programs was designed and implemented to systematically address specific needs of different types and stages of Michigan businesses.
"The initial impact of the 21st Century Jobs Fund is tremendous, but we must remain committed to its strategy to truly realize our long-term goals of creating a fertile climate for entrepreneurship and diversification of the Michigan economy," Granholm said.
To view the report visit http://www.michiganadvantage.org/cm/files/reports/21cjf_report93r-f3.pdf