Macomb Innovation Fund fuels Detroit area economic development
WARREN, Mich. — Five early-stage companies from Macomb, Oakland, Washtenaw and Wayne counties will receive $300,000 in funding from the Innovation Fund Macomb Community College, Powered by JPMorgan Chase & Co.
The Innovation Fund is a $2.7 million effort to stimulate economic development and job growth among promising Detroit-area entrepreneurs and next-stage companies with high-growth potential. Funding is provided by Macomb Community College’s Strategic Fund and JPMorgan Chase, as part of the company’s $100 million commitment to Detroit’s economic recovery.
“The Innovation Fund is an important new way in which the college can directly support economic development while providing a different type of learning experience for our students,” said Dr. James Jacobs, president, Macomb Community College. “While classroom education is still important, education delivered in the workplace in collaboration with the economic drivers in our community and region positions our students and business community with a unique advantage.”
Companies funded by the Innovation Fund are required to provide internships or learning experiences for Macomb Community College students. Students will not only have the opportunity to develop valuable workplace skills, but will also gain first-hand exposure to entrepreneurship.
“Stronger small businesses drive job creation and economic growth,” said Chauncy Lennon, head of Workforce Initiatives, JPMorgan Chase. “We are proud to be a part of the Detroit-area’s resurgence by supporting the entrepreneurs who are fueling its recovery.”
The five companies were selected from a field of 27 qualified applicants. Each went through a two-stage process, pitching first to a screening committee. Final award recommendations were then made by a committee of area professionals. The first round of funding awarded by the Innovation Fund was made in July.
Go here for details on the five companies.
Source: JPMorgan Chase press release