Win the Race

To win in today’s economy, Michigan needs to better leverage one of its strongest assets—its powerful network of higher education institutions—to nurture the industries of the future and to translate these new industries into jobs for Michigan residents. This does not mean abandoning manufacturing, but rather building on traditional strengths in automobile design and manufacturing and other key industries. Michigan can apply its research and development talent to assist its existing industries to adapt and compete through new innovations, products, and technologies.

RECOMMENDATION

Create an Emerging Economy Initiative

• The state and federal governments, universities, and private industry must boldly invest in Michigan’s Technology Tri-Corridor to support the research, development, and commercialization of emerging technologies. This investment should promote Center of Excellence partnerships in the Tri-Corridor; organize and fund public/private partnerships among higher education institutions, private partners, and venture capital funds in emerging economic sectors; and focus peer-reviewed and applied research on projects with commercial potential.
• Michigan must create a Twenty-first Century Research Fund that will give state, institutional, and private sector researchers improved access to matching funds for major research activities that align with the commission’s commercialization strategies.

(Economic Benefits Work Group rec. 1)

News

• Investment in Diversifying Michigan’s Economy Underway, States News Service (December 21, 2005)
• 21 st Century Jobs Fund Draws SRO Crowds, Generates Buzz, by Michael Shore, MEDC (February 10, 2006)

Web Link

• The 21st Century Jobs Fund Informational Tour