December 14, 2005
Appoints Board Members Who Will Drive Diversification, Fuel Job Growth
LANSING - Governor Jennifer M. Granholm today announced she has taken the next step to implement the $2 billion job creation plan by appointing members to the new Strategic Economic Investment and Commercialization Board (SEIC) and new members to the Michigan Strategic Fund Board (MSF).
"Just a few short weeks after I signed this critical legislation, we continue to move to implement the 21st Century Jobs Initiative and to create incentives for diversifying our economy," Granholm said. "These distinguished board members will help make Michigan a breeding ground for innovation and turn cutting-edge research into thousands of high-paying jobs for our families."
Based on the legislation enacted last month, the MSF is responsible for allocating money for capital investments, commercial lending, and commercialization development. The SEIC has independent responsibility for grants and loans made to support competitive-edge technology investments in the areas of life sciences, alternative energy, advanced manufacturing and homeland security and defense.
The board members of the new SEIC include representatives from Michigan's business, academic, and research communities. The members are:
Also appointed and reappointed today to serve on the Michigan Strategic Fund Board were:
"We are excited about the opportunity to work with such high-quality people to chart the strategic direction of Michigan's newest economic development initiative," Michigan Economic Development Corporation (MEDC) President and CEO James Epolito said. "The environment being fostered here will attract interest, investment and talent from throughout the nation and world."
A key component of the 21st Century Jobs Initiative allocates an initial $400 million of the state's tobacco settlement revenue in Fiscal Year 2005-06 toward commercialization, capital investment, and commercial lending efforts in the targeted high-tech, high-growth sectors.
Based on the successful model of the Michigan Life Sciences Corridor and Technology Tri-Corridor initiatives, the SEIC will make awards based on an independent, peer-review process conducted by the American Association for the Advancement of Science (AAAS), the world's largest association of scientists and engineers. Only proposals that meet the program's strict criteria and are judged meritorious by AAAS reviewers will receive funding.
The MEDC will assist in administering the research and commercialization program. In the weeks ahead, the corporation will be working with board members to develop a request for proposals that is expected to be issued in January.
The Michigan Economic Development Corporation, 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 MEDC initiatives and programs, visit the Web site at www.michigan.org.
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