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21 Century Jobs Fund Business Plan Competition Information
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21st Century Jobs Fund
2008 Business Plan Competition
• A $2.0 billion, 10 year initiative to grow and diversify our economy with emphasis on developing competitive edge technologies.
• Three windows of focus:– Commercialization competition– Investment capital– Loan enhancement programs
21st Century Jobs Fund
Commercialization Competition
• The Commercialization portion of the 21st Century Jobs Fund is overseen by the Strategic Economic Investment and Commercialization Board (SEIC Board).
• 19 member board chaired by Mike Jandernoa.• Separate and independent from the Michigan
Strategic Fund Board and the other 2 windows of focus.
$ 34,978,607 (27%)
31 Awards (40%)
$53,799,973 (43%)
28 Awards (36%)
$ 16,087,999 (13%)
4 Awards (5%)
$ 21,389,165 (17%)
15 Awards (19%)
University/ResearchFor-ProfitPre-SeedSupport Services
2006/2007 Commercialization Awards by Organization Type – $126.3M
2008 Business Plan Competition$30 million Commercialization Business Plan Competition
For-Profit companies that demonstrate a viable & sustainable business opportunity
Definition of “Commercialization” is limited to actionsnecessary to achieve market entry and general market competitiveness of new innovativetechnologies, processes, and products.
Near term job creation in Michigan—5 years or less
2008 Business Plan Competition
Application fee of $500 is required at time of application (Must Register First - at least two days prior to application)
Primary Contact must be a full-time employee located in Michigan
Business Plan format, limit 25 pages
Proposals will be evaluated by independent peer review experts on the following equally weighted criteria:
Commercialization MeritPersonnel ExpertiseAbility to leverage additional fundsScientific & Technical Merit
2008 Business Plan CompetitionSector/Technology focus:
Advanced Auto, Manufacturing and MaterialsAlternative Energy Homeland Security and DefenseLife Sciences
MEDC’s economic diversification plan for 2008 focus:Cellulosic biofuelsWind energy Solar photovoltaic technology Advanced energy storage Renewable water Life sciences Vehicle R&D Increasing the federal defense spend in Michigan.
2008 Business Plan Competition
A preference will be given for proposals that meet one or more of the following:
• Forecast revenues within 2 years • Have outside investments from investors with experience and investment management teams with experience in the industry targeted by the proposal • Have outside directors with expertise in the industry targeted by the proposal • Demonstrate a strategy of continued innovation including collaborative relationships with Michigan institutions of higher education, non-profit research institutions, support organizations and businesses
Matching Funds RequiredThe source of the matching money has performed financial due diligence
specific financial contribution committed to, or available for, the direct support of the proposed plan
Preference will be given for matching money:In-handCommitted at the time of applicationApplicants may submit a letter of intent as an indication of an anticipated match Previously committed funds cannot have been expended at time of the award
Ideally, matching money will be equal to or greater than the money requested in the application
Matching Funds RequiredPreference will be given if the source of the matching money is capable of adding value to the applicant beyond the financial match itself and/or follow on funding Letters of financial commitment are required The following are not eligible to satisfy the matching requirement:
Value-add research collaboratorsIn-kind contributionsPreviously committed funds that have been expended at the time of the award Personal Funds Reinvested revenues Other state programs or funds
Confidential Information
All proposal materials and materials generated throughout the competition, including, but not limited to, peer review materials, letters of commitment, biographical information, and due diligence information, submitted to the MEDC and State of Michigan through the SEIC Board may be subject to public disclosure under Michigan’s Freedom of Information Act (“FOIA”).
Applicants may request that “financial or proprietary information,” as defined in the MSF Act, contained within proposal submission materials be protected Such information MUST be identified directly within the material submitted by applicants and comply with the following requirements: Peer review experts will be contacting investors and/or collaborators for verification.
2008 Business Plan Competition
DECISIONS BY THE SEIC BOARD ARE FINAL AND NOT SUBJECT TO APPEAL
Awards will be structured as loans:Straight
Convertible to equity
Boilerplate language will be distributed to applicants
Business Plan General RequirementsProposals MUST BE submitted electronically as a pdf through the Awards Management System of the MEDC by 5:00 p.m. June 4
Maximum of 25 pages
Applicants required to register on at least TWO days prior to plan submittal (do it as soon as you think
you will apply. NO FEE, NO OBLIGATION)
The purpose of the business plan is for the applicant to demonstrate a viable, sustainable business with near term job creation in Michigan
An Overview Of Michigan’s Infrastructure To Support Technology Companies And Entrepreneurs
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Note: Blue - funded and active, Gold - under construction.
Websiteswww.TheMEDC.org/21CBizPlan
(The home portal for the entire business plan competition.)
www.MichiganAdvantage.org/21CJF(For information on business support / assistance
organizations.)
[email protected] (Email questions by 2 p. m. May 28)
www.news.AnnArborSPARK.org(Blog with updates and commentary)
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