Tagged: michigan economic development corporation

ANN ARBOR, Mich. (AP) - A new $7.5 million fund aims to help University of Michigan medical discoveries move from the laboratory to the market.

The Ann Arbor school says Monday the effort will help its Medical School and its Office of Technology Transfer identify and advance medical research projects with a high potential of commercial success.

The fund will be called the U-M MTRAC for Life Sciences. MTRAC stands for Michigan Translational Research and Commercialization.

The effort is funded in part by a $2.4 million grant from the Michigan Economic Development Corporation's 21st Century Jobs Fund.

It's one of several research commercialization efforts funded by the MEDC.

The Michigan Economic Development Corporation (MEDC) got some heat after this ad appeared in the Wall Street Journal last month (photo courtesy of MyFoxDetroit):

It cost MEDC  $144,000.

MEDC is a public-private entity and functions as a marketing firm for the state of Michigan. MEDC officials say only private money was spent on the Wall St. Journal ad.

But tying the state's 'Pure Michigan' brand to a controversial new law was roundly criticized by Democrats and by some advertising experts.

Republican Gov. Rick Snyder said the ad was "too specific, and possibly divisive."

The Detroit News reports today that MEDC won't do it again:

The Michigan Economic Development Corporation has halted use of the Pure Michigan logo in advertisements promoting the new right-to-work law following backlash from Democrats and criticism from Republican Gov. Rick Snyder.

"At this point any further advertising on that level or in that style has been put on hold," Jim McBryde, vice president of government affairs, told the House Tourism Committee Thursday morning.

Mike Finney, president and CEO of the MEDC, is re-evaluating use of the tourism logo in economic development advertisements, McBryde said.

Governor Rick Snyder says he would not have tied the Pure Michigan brand so closely with the state’s controversial right-to-work law in a recent ad.

The Michigan Economic Development Corporation has been taking criticism for the ad, which appeared in the Wall Street Journal.

It promotes right-to-work alongside a logo for the state’s popular tourism campaign.

Governor Snyder said he thinks the message was too specific, and possibly divisive.

Governor Snyder announced that Hyundai will expand its Hyundai-Kia America Technical Center in Superior Township, just south of Ann Arbor.

Speaking just after touring the Detroit Auto Show Tuesday, the Governor said the project is a “good model” for the state’s revamped economic development strategy.

The Korean automaker plans to put more than $15 million into expanding its technical center. The new “environmental chamber” will test vehicle emissions at extreme temperatures, helping it meet new fuel efficiency standards.

But do that, the company needed a bigger power supply than DTE Energy could reliably provide. So, the Michigan Economic Development Corporation is chipping in $2.5 million to build a new power substation.

Snyder says that’s a departure from the tax incentive-based strategy the state has used in the past. “Our goal here is to be an enabler, in terms of letting companies in the private sector be successful, because that’s how you lead to true long term viable job creation,” Snyder said.

The idea is that Hyundai will eventually repay the state through tax revenues it pays to Superior Township. The state can then use that money to finance other economic development projects.

The Michigan Economic Development Corporation approved tax breaks Tuesday in exchange for new investment and jobs.

MEDC spokesman Joseph Serwach says one of the four projects receiving tax breaks includes a much-needed grocery store in the City of Detroit.

Booking.com is a subsidiary of Priceline.com. The company put its first North American call center in the Grand Rapids suburb of Wyoming because there are a lot of tech-savvy young people who are fluent in many European languages.

“It’s important because at different times of the day and on weekends or holidays in other countries, they’re switching those calls here,” said Sue Jackson, Vice President of Business Development at The Right Place. The economic-development group helped attract the company in 2008 and secured the latest expansion.

“We’re thrilled, obviously,” Jackson said about the 562 fulltime jobs the company is expected to create over the next 3 years. “That’s a lot of jobs for us.”

There are already more than 400 workers at the Wyoming facility. They provide technical support solving problems for travelers trying to book hotels online overseas.

“It is a credit to the multi-lingual skills and work ethic of West Michigan’s workforce that priceline is increasing its investment in our region,” said Jackson.