May 04, 2010
May 4, 2010
LANSING - Governor Jennifer M. Granholm and Greg Main, president and CEO of the Michigan Economic Development Corporation (MEDC), today announced they met with venture-capital firms and life-science industry leaders as part of the governor's go anywhere, do anything strategy to diversify Michigan's economy. The meetings took place at the BIO International conference in Chicago.
"Michigan's biotech industry is one of the fastest-growing in the nation thanks to some of the world's best research institutions, a highly-skilled workforce and innovative economic development tools like the 21st Century Jobs Fund and the SmartZones program," Granholm said. "We want to further strengthen our efforts by attracting more venture capital to foster increased entrepreneurship that will create new jobs in our communities."
The 2010 BIO International Convention features high-level industry leaders discussing public policy issues of critical importance to all segments of the biotechnology industry, including health and medicine, food and agriculture, industry and environment and emerging companies.
Michigan already has established a number of economic development tools specifically aimed at the life sciences sector, including the 21st Century Jobs Fund, SmartZones, a pre-seed capital fund, seed tax credits for Angel investors, state R&D tax credits, and a sales tax exemption for R&D and bio-manufacturing equipment. All of the programs are geared to promote the development of lifesaving treatments; recruit and retain experienced scientific professionals; and establish a collaborative relationship between Michigan's universities and research institutions and Michigan-based companies.
"Our goal at this conference is to help investors and entrepreneurs understand why Michigan's life sciences industry is growing exponentially, and why it makes sense to do business in our state," Main said.
Michigan's life sciences industry employs more than 79,000 workers, according to a recent study. The state is home to over 550 life sciences companies, including more than 105 making Michigan their home since 2000. With more than $2 billion invested in research and development each year, focus areas include pharmaceuticals, medical devices, diagnostics, instrumentation and ancillary services. The Michigan Economic Development Corporation (MEDC), a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
For more information on the MEDC's initiatives and programs, visit the website at www.MichiganAdvantage.org. For updates on MEDC programs, events, success stories and more, follow us on Twitter (www.twitter.com/MIAdvantage), become a fan on Facebook (www.Facebook.com) and read our blog at http://blog.michiganadvantage.org.
