September 23, 2010
September 23, 2010
Awards from fund diversify Michigan's economy, create jobs
LANSING - Governor Jennifer M. Granholm today visited Kalexsyn in Kalamazoo, a chemistry research organization formed in 2003 by two former Pfizer employees and one of the companies awarded financing though the 21st Century Jobs Fund. Combined, all Jobs Fund awardees have created or retained more than 24,000 jobs in the emerging high-tech sectors of life sciences, clean energy, advanced manufacturing, and homeland security and defense.
"Through the 21st Century Jobs Fund, we have laid a foundation for a new, diversified Michigan economy by providing start-up businesses with seed capital, coaching, and a support infrastructure," Granholm said. "Kalexsyn is an excellent example of a group of highly skilled workers adapting and excelling in the face of economic challenges."
A recent report titled "A Foundation for the New Michigan Economy" tracks the 21st Century Jobs Fund. The Jobs Fund is a $2 billion, 10-year initiative proposed by Governor Granholm, approved by the Michigan Legislature and administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan's economy and create jobs. The first round of funding in 2006 resulted in awards of $126.3 million to 78 organizations now engaged in high-tech research and new product commercialization.
In 2003, Kalexsyn used the Pfizer Company Formation Fund ($192,200, paid back in full) to build a company from scratch. Since then, the company has grown from a laboratory in the Southwest Michigan Innovation Center to a stand-alone operation in an adjacent building. Kalexsyn also has hired 21 ex-Pfizer employees. Currently, Kalexsyn provides preclinical development services to companies around the world.
The 21st Century Jobs Fund initiative consists of multiple individual programs, each designed to support various parts of the entrepreneurial ecosystem in different ways. It's not designed to be a short-term economic stimulus. Rather, its mission is to create a fertile climate for entrepreneurship and help transform and diversify Michigan's economy.
As of March 31, 2010, the 21st Century Jobs Fund initiative has leveraged more than $1.8 billion in private investment. Companies supported by the initiative have filed and/or received 898 new patents and commercialized or licensed 450 new products and technologies.
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