Macomb-OU INCubator has landed a couple of large grants this year, totaling to a bit more than $1.2 million in new funding.
The business accelerator based in Sterling Heights has won a $500,000 marketing grant from the state of Michigan to help get the word out about its entrepreneurial efforts. It has also scored a $776,000 federal grant from the Defense Advanced Research Projects Agency
to help get more local companies involved in the defense and homeland security industries.
The Defense Advanced Research Projects Agency grant is meant to help encourage more Metro Detroit companies to engage the growing defense sector in Macomb County. The grant helps pay for educational programs, such as showing them how to clear the federal hurdles to compete for defense contracts. It is also looking to set up a $350,000 matching funds program for companies looking to raise seed capital.
"We want to help some people with some matching awards," says Larry Herriman, director of Michigan's Defense Advanced Research Projects Agency Matching Funds program. "We want to sweeten the pot."
The Michigan Economic Development Corp
also awarded a $500,000 grant to the Macomb-OU INCubator
. The money will allow the business accelerator to provide entrepreneurial resources, capital, and provide more assistance and access to Oakland University resources and the student internship program.
It will also beef up program offerings to small business clients, such as the Lunch and Launch series, Fireside Chats (where successful entrepreneurs tell their stories), an Executives-in-Residence program, business advisory boards and a monthly Capital Raise Meetup.
Source: Larry Herriman, director of Michigan's Defense Advanced Research Projects Agency Matching Funds program
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.