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Michigan’s 21 st Century Jobs Fund. Michigan’s 21 st Century Jobs Fund  Program overview  Commercialization Development Fund mission  Eligible organizations.

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Presentation on theme: "Michigan’s 21 st Century Jobs Fund. Michigan’s 21 st Century Jobs Fund  Program overview  Commercialization Development Fund mission  Eligible organizations."— Presentation transcript:

1 Michigan’s 21 st Century Jobs Fund

2 Michigan’s 21 st Century Jobs Fund  Program overview  Commercialization Development Fund mission  Eligible organizations and activities  Funding competition  Timeline  Questions and answers

3 Michigan’s 21 st Century Jobs Fund A $2.0 billion, long-term focus on growing and diversifying our economy with emphasis on developing competitive edge technologies

4 21 st Century Jobs Fund “Jump start the economy now and diversify and grow our economy for the future” 21 st Century Jobs Fund “Jump start the economy now and diversify and grow our economy for the future”  Increase Capital Investment  Increase Commercial Lending Activity  Encourage the Development and Commercialization of Competitive Edge Technologies

5 21 st Century Commercialization Development Fund—2006  Up to $100 Million for 2006  Overseen by 19-member independent Strategic Economic Investment and Commercialization Board  Broadened Technology Eligibility  Potential for Two 6-Month Funding Cycles Per Year  Put Capital to Work by July, 2006

6 Commercialization Development Fund Mission  Capitalize on the best research and commercialization opportunities in competitive edge technologies to foster a robust, entrepreneurial private sector, thereby enhancing economic growth and diversifying our economy. Mission

7 Eligible Programmatic Activities  Commercialization (products, processes, services)  Fund Basic Research (max. 10%)  Invest in Applied Research Coming Summer 2006…  Attract Federal research dollars  Leverage SBIR/STTR funding

8 Life Sciences –Bioengineering –Biomedical engineering –Genomics –Proteomics –Molecular and chemical ecology –Biotechnology –Pharmaceuticals –Medical Devices –Instrumentation –Diagnostics –Biotechnology Research and Ancillary Services Means science for the examination or understanding of life or life processes, including but not limited to, all of the following:

9 Homeland Security/Defense  Sensors, systems, processes, or equipment for communications, identification and authentication, screening, surveillance, tracking, and data analysis  Advanced computing or electronic device technology related to homeland security and defense technology  Aviation technology, including but not limited to, avionics, airframe design, sensors, early warning systems, and services related to homeland security and defense technology

10 Advanced Automotive, Manufacturing, and Materials  Materials with engineered properties  Nanotechnology, including materials devices or systems at atomic, molecular or macromolecular levels  Improvements to vehicle safety, performance, production, or environmental impact  New technology, device, or system that enhances or improves the manufacturing of wood, timber or agricultural-based products  Any technology that involves an alternative energy vehicle or its components as defined under the NextEnergy Authority Act

11 Alternative Energy  Alternative Energy Technology as defined under the NextEnergy Authority Act  Devices or systems designed and used solely for the purpose of generating energy from agricultural crops, residue and waste  A new technology, product, or system that permits the utilization of biomass  New technology, product, or service that utilizes wind energy

12 Additional Eligible Projects  Advanced computing or electronic device technology related to any one of the four competitive edge technologies  Design, engineering, testing, or diagnostics related to one of the four competitive edge technologies  Product research and development related to one of the four competitive edge technologies

13 Michigan 21 st Century Commercialization Development Fund Competition Life Sciences Homeland Security Advanced Automotive, Manufacturing, and Materials Life Sciences Homeland Security Advanced Automotive, Manufacturing, and Materials Alternative Energy Life Sciences Homeland Security Advanced Automotive, Manufacturing, and Materials Alternative Energy CommercializationApplied Research Basic Research

14 21 st Century Commercialization Development Fund Commercialization The transition from research to actions necessary to achieve market entry of new innovative technologies. Commercialization proposals will be accepted to commercialize breakthrough technologies, and in a separate RFP process for specialized services to nurture and accelerate the competitive edge technology sectors in Michigan. CommercializationApplied ResearchBasic Research

15 Commercialization Proposals  Eligibility:  For-profit companies  All Technology Sectors Eligible  Must be located in Michigan or propose to have a business presence in Michigan  Eligibility:  Non-profit organizations  Research Institutes  Institutions of higher education  For-profit companies Commercialization Proposals Commercialization Support Services

16 Maximum Funds -- $20 million  Pre-Seed Funds  Business Acceleration Services  Statewide Technology Support Networks  Existing Wet Lab Facility Redevelopment  Specialized Business Services

17 21 st Century Commercialization Development Fund Applied Research Applying existing knowledge to solve a practical problem that has a high potential for commercialization success (testing, prototype development, clinical trials) Commercialization Applied Research Basic Research

18 Applied Research Proposals  Eligibility:  Michigan Institutions of Higher Education  Michigan Non-Profit Research Institutions  Michigan Non-Profit Corporations  For Profit Companies  Collaboration is a Requirement  All Technology Sectors Eligible

19 21 st Century Commercialization Development Fund Basic Research Seeking to fund proposals aimed at building the research capacity that has the potential to lead toward commercialization; original investigations, proof of concept/theory Commercialization Applied Research Basic Research

20 Basic Research Proposals Eligibility:  Michigan Institutions of Higher Education  Michigan Non-Profit Research Institutions  Michigan Non-Profit Corporations  Alternative Energy Technology Not Eligible  Maximum 10% of the 2006 funds ($10 million)

21 Key Elements of the 2006 Competition Electronic submission ONLY Letters of Intent required followed by full proposals Collaboration encouraged Leverage required Peer-review process by industry experts Proposal review feedback Board has final decision making authority

22 Leverage Requirement  Leverage of 21 st Century Jobs Funds is required from all applicants  Both Cash and In-Kind will be considered  Cash sources may include: Applicants themselves, VC, Angel, Bank, SBA Loans, Collaborating Business Partners, Federal/Private Grants, etc.

23 Peer Review/Application Process  6-Month Cycle  Letter of Intent (No Pre-Proposals)  RFP Compliance Phase  Written Review Phase  Interview Phase  Award Recommendations  Ability to Carry Funds Forward to Next Funding Cycle

24 Proposal Review Criteria  Scientific and Technical Merit (25%)  Personnel Expertise (25%)  Commercialization Merit (25%)  Ability to Leverage Other Resources (25%)

25 The Competition Process  Enter MEDC website  Click on Letter of Intent  Enter registration info  Fill out LOI form  Click submit button

26 3 Phase Review Process Mail Review Award Criteria Board decision and applicant feedback Activity specific criteria Rated & ranked (highest ranked applicants go on to interviews) Evaluative feedback Interviews Re-ranking based on results

27 Award Type and Duration ü Awards: Up to 3 years ü Institutions of higher education and non-profit organizations may receive grant awards ü For-profit organizations typically receive convertible loans (financing terms will depend on project)

28 Application Timeline ActionTimeline Deadline for LOI’sFebruary 17 Deadline for full proposalsMarch 24 Interviews for highest ranked applicants During June Award decisionsNo later than July 31 2 nd Competition beginsEarly August, 2006

29 Q & A Web: st  This program overview is informational only and does not amend the RFP in any way. Michigan Economic Development Corporation 300 N. Washington Square Lansing MI 48913


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