KALAMAZOO, Mich.—Western Michigan University will play a key role in a new innovation consortium focused on spinning out university technology into companies. The institution is partnering with four other universities to establish the Michigan University Innovation Capital Fund (MUICF) and Michigan University Innovation Capital Consortium (MUICC).
"Michigan has always been a state of dreamers, innovators and doers,” says Lt. Gov. Garlin Gilchrist II. “The MUICF will unleash Michigan innovation and imagination within our university ecosystem and support startups across the state as they grow our economy and create good-paying, high-tech jobs."
Fueled by a $5 million award from the Michigan Innovative Capital Fund, the MUICF will drive economic development by supporting cutting-edge research and technology transfer from public universities across the state. Western joins the University of Michigan, Michigan State University, Wayne State University and Michigan Technological University in the consortium.
"This grant will provide an incredible boost to Western's longstanding commitment to supporting innovation and entrepreneurial initiatives in our region," says WMU President Edward Montgomery. "It has the potential to significantly strengthen the high-tech ecosystem statewide and positively impact Michigan's economic growth. I am pleased with the collaboration between the state's business and academic communities, and I look forward to WMU working with our consortium counterparts to invest in and advance the development of new startups, business ventures and creative technological ideas."
"Western has a robust research and innovation ecosystem, and we're excited to join this partnership that will give more companies a chance to thrive and enhance the public good by utilizing our cutting-edge technology and research," adds Dr. Remzi Seker, vice president for research and innovation at Western.
Over the past six years, the universities involved in the consortium have launched a combined average of more than two dozen technology-based startups. This venture aims to build upon that success. The consortium will provide strategic and advisory support to startups approved for funding through the MUICF.
"We're excited for this collaboration to enhance the pipeline of technology being developed at Western and with our partners to create jobs and boost economic opportunity throughout the state," says Stephen Haakenson, director of Western's Biosciences Research and Commercialization Center and an advisor for the consortium.
More information about the Michigan University Innovation Capital Fund and Consortium is available online. The collaborative is currently accepting applications for startups to add to its portfolio.
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