U.S. EDA Investment Supports Tech-based Startups in Southeastern Michigan
August 10, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $250,000 grant to Ann Arbor SPARK of Ann Arbor, Mich., to develop and implement a Business Accelerator Model that will help provide a full range of business development services to tech-based startup companies in Washtenaw and Western Wayne counties. The project is expected to create 255 jobs and generate $1.25 million in private investment, according to grantee estimates.
"Continuous innovation and a flow of new technologies to the marketplace are vital to our job creation and competitiveness," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA grant will spur and accelerate innovation and entrepreneurship in southeastern Michigan to help diversify the economy and create new job opportunities for the region's workers."
"Not only will this project create and implement a model for southeastern Michigan, but it will also provide a framework that can be successfully utilized in distressed communities throughout the United States," said Greg Fronizer, Managing Director of Finance and Administration, Ann Arbor SPARK.
Ann Arbor SPARK will provide services to assist innovation-based start-up companies in engagement with local experts providing aid in marketing and business development strategies, seeking collaborative partnerships, improvement to business plans yielding attractiveness from investors, validation of IP claims and strategies, and speed to commercialization. The project will serve as a model for other communities wishing to start their own Business Accelerator programs.
About the U.S. Economic Development Administration:
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.