Michigan’s economy is increasingly being driven by young, entrepreneurial businesses. This new configuration means the rebirth of industry in smarter, faster, and leaner clusters of innovative manufacturers and service providers.
The 21st Century Jobs Fund was created in 2005 and implemented in 2006 to continue to reshape and diversify Michigan’s economy by sparking new investments to rapidly create companies and jobs. The 21st Century Jobs Fund now has four primary areas of focus.
Commercialization of Competitive Edge Technologies
First, to encourage the development and commercialization of competitive-edge technologies through statewide business plan competitions in the following industry sectors:
And, advanced computing and electronic device technology, design, engineering, testing, diagnostics, or product research and development as it related to any of the four competitive-edge technologies. Included in the objective to commercialize completive edge technologies and launch new ventures, are the critical entrepreneurial support services, business incubators, and seed funds comprising the ecosystem in which these ventures grow and thrive.
Increased Equity Investment
The second focus of the fund was to increase capital investment activity in Michigan. The 21st Century Investment Fund is designed to attract and grow venture capital, private equity and mezzanine financing in Michigan and is structured as a state ‘fund-of-funds’ program.
Learn more about Access to Capital . . .
Increased Commercial Lending
Third, the 21st Century Jobs Fund increases commercial lending activity in Michigan. To stimulate additional lending by financial institutions across the state, the 21st Century Jobs Fund has the ability to create commercial loan enhancement programs. As part of that goal, the Capital Access Program (CAP) was reinstituted to stimulate lending to small businesses in the state.
Learn more about the Capital Access Program. . .
Industry Clusters
The fourth area of focus is on developing
new industry clusters in Michigan. With clear competitive advantages, Michigan is poised to translate leading manufacturing and supply chain expertise, coupled with competitive edge technologies, to launch and diversify into new vertical markets.
