State officials announced Monday that the Michigan Economic Development Corp. has received 112 proposals in the competition for up to $30 million to be awarded this year from Michigan’s 21st Century Jobs Fund.
This year, 21st Century Jobs Fund awards will go to for-profit companies in the later stages of development ready to create jobs now in the sectors of alternative energy, life sciences, advanced automotive, manufacturing and materials, and homeland security and defense.
A total of 51 proposals are in life sciences, 28 in advanced automotive, manufacturing and materials, 19 in homeland security/defense and 14 in alternative energy. Total funding requested by the proposals amounts to more than $475 million.
A list of applicants is available at www.themedc.org/21CBizPlan.
Gov. Jennifer M. Granholm called the fund "the cornerstone of our comprehensive and aggressive strategy to accelerate economic diversification and grow high-tech companies. We look forward to partnering with ground-breaking companies to grow scientific and technological innovation into new, high-paying jobs.”
The Ann Arbor-based National Center for Manufacturing Sciences will conduct an independent peer review process and make recommendations for funding. Winners will be selected by the Strategic Economic Investment and Commercialization board and announced in October. Awards will be in the form of loans or convertible loans at the discretion of the SEIC board.
As peer review service provider, NCMS will oversee the evaluation of proposals based on commercialization merit, scientific and technical merit, management team strengths and ability to leverage additional funding, as well as near-term job growth, among other factors. The not-for-profit industrial organization founded in 1986 consists of more than 150 corporate members representing the industrial, research, academic and manufacturing sectors. It brings to the task nearly 22 years of experience managing collaborative R&D programs aimed at accelerating technology deployment.
The SEIC board is responsible for administering grants and loans to support competitive-edge technology investments under the 21st Century Jobs Fund, specifically the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security and defense.
The first round of 21st Century Jobs Fund money last year awarded $126.3 million to 78 organizations now engaged in high-tech research, commercializing new products, and creating new jobs.
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