Wayne State University received $150,000 for two state grants to help nurture new businesses and research at the college.
The Michigan Initiative for Innovation & Entrepreneurship, a consortium of the state's 15 universities, gave out the two grants as part of its first round of awards totaling $1.3 million. The idea is to distribute $75 million in grants over the next decade to help transform the state's brawn-based economy into a brain-based one.
The money comes from 2,200 philanthropic foundations. It hopes to create as many as 200 new start-up firms in the state within 10 years. It plans to do this by aiding the commercializing of university research and other ways of creating new economy businesses from the state's homes of higher education.
Wayne State's first grant ($100,000) will go toward the University's Center for Molecular Medicine and Genetics Commercialization Center. The center will help turn research that helps treat diseases into job-creating businesses.
Another $50,000 will help expand Wayne State's student-run advertising agency in TechTown so it can work with new start-ups in Michigan. The agency gives students real-world experience while helping promote TechTown's businesses.
Source: Wayne State University
Writer: Jon Zemke