The 21st Century Jobs Trust
Fund’s Entrepreneurship and Innovation Program has diversified the economy and
created jobs during the past decade according to a study commissioned by the
Michigan Economic Development Corporation.
The report was commissioned to examine
the effectiveness of the program over 10 years. It found the state has made
large strides since 2005, and the majority of the funding that did exist in the
state was left to be invested elsewhere. Since its creation, the program has
seen $261.6 million in investments towards innovation and entrepreneurship
efforts in assisting roughly 1,400 companies and start-ups. 1,073 companies
were active as of 2014, employing 11,000 people with wages and benefits
amounting to nearly $879 million.
The report recommended developing an
executive connect program aimed at creating cluster specific entrepreneur in
residence programs. The state can also provide additional funding for the
executive attraction program as well as streamline entrepreneurial service
providers to ensure consistent value-added assistance statewide.