LANSING, Mich., Sept. 6 /PRNewswire/ -- Governor Jennifer M. Granholm today announced that 61 awardees have been selected by the Michigan Strategic Economic Investment and Commercialization (SEIC) Board to share more than $100 million from the first round of the 21st Century Jobs Fund initiative to create jobs in Michigan's emerging technologies. The initiative is part of the Governor's comprehensive Jobs Today, Jobs Tomorrow economic plan to grow Michigan's economy.

"Today, we are creating the 21st century jobs of tomorrow," Granholm said. "These awards recognize some of the most promising and innovative job creating ideas Michigan has to offer."

The 21st Century Jobs Fund is a $2 billion, ten-year initiative proposed by Granholm, approved by the Michigan Legislature, and administered by the Michigan Economic Development Corporation (MEDC) to accelerate the diversification of Michigan's economy. The commercialization component of the initiative devotes approximately $800 million for competitive-edge technologies in the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security/defense.

Proposals approved include the following: Life sciences: 25 proposals - $45.7 million Alternative energy: 4 proposals - $ 8.9 million Advanced automotive materials and manufacturing: 26 proposals - $37.3 million Homeland security/defense: 6 proposals - $ 9.3 million

The complete list of awardees is available online at http://www.michigan.org/21stcentury

Today's announcement is the culmination of a process that began exactly eight months ago with Granholm's announcement of a request for proposals for 21st Century Jobs Fund commercialization funding.

"Our goal was to select companies that are best positioned to help diversify Michigan's economy," said Dr. David Canter, chair of the SEIC and head of Pfizer research operations in Ann Arbor. "The companies we chose to invest in have undergone intense interviews and scrutiny and represent the best-of-the-best proposals we received."

The original field of 505 proposals was narrowed to 179 finalists by an independent peer-review process conducted by the American Association for the Advancement of Science (AAAS). The 179 finalists recently underwent intense, individual interviews by AAAS experts who then made final recommendations to the SEIC board.

The AAAS is the world's largest science and engineering association and publisher of Science magazine. Awardees include researchers at Michigan public universities and private research institutes and entrepreneurs working to commercialize technology-based products.

"The 21st Century Jobs Fund competition incorporates a new emphasis on entrepreneurship that can take research deliverables to the marketplace," MEDC President and CEO James C. Epolito said. "Today's funding awards will lead directly to the creation of new Michigan businesses and good-paying jobs for Michigan workers in years to come."

Each of the awards will be administered by the MEDC with contracts that establish conditions and mileposts for receipt of funds. Contracts, individually tailored to each proposal, will be finalized by the MEDC's general counsel in consultation with the Michigan attorney general. The MEDC employs portfolio managers, similar to those of venture capital operations, who will oversee the progress of the projects. Award funding will be paid out incrementally as project milestones established in the proposal and contract are achieved.

The contract and funding process will be overseen by the chief compliance officer, a position required by the 21st Century Jobs Fund legislation.

The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC and the Jobs Fund, visit the Website at http://www.michigan.org/ .

CONTACT: Michael Shore of MEDC, +1-517-335-4590

Web site: http://www.michigan.org/
http://www.michigan.org/21stcentury