November 16, 2007
Mott grant to seed innovation fund
By ANN RICHARDS
To strengthen ties between academia and industry, speed the commercialization of university research and promote a culture of entrepreneurial risk-taking in Michigan, the Mott Foundation has provided a $2 million planning grant to the University of Michigan for the Michigan Innovation and Entrepreneurship Initiative.
The Mott grant will be used for planning the fund, according to UM President Mary Sue Coleman, who spoke Thursday before UM’s Board of Regents in Ann Arbor. The fund will be launched through a public-private collaboration that will include the Council of Michigan Foundations, private foundations and other public universities across the state, she said.
According to Stephen Forrest, vice president for research at UM, public colleges and universities in the state collectively draw more than $1.5 billion in research and development funding annually, creating a resource of creativity, innovation, human and physical infrastructure, and business acumen. The proposed fund will seek to build on that expertise to help Michigan’s struggling economy.
"We believe our leadership grant for the planning and launch of this initiative is a critical investment in the state's future, " said William S. White, president of the C.S. Mott Foundation. "For Michigan to thrive in this new century, we need to unleash the same kind of entreprenurial energy and can-do spirit that made our state a manufacturing giant in the last century. This project has the potential to bring our universities, our foundations, and forward thinking entrepreneurs together to help transform Michigan's economy."
Click to read the full press release on the the University of Michigan's Web site.