Michigan Alternative & Renewable Energy Center
Business Accelerator Fund
MAREC Joins New State Business Accelerator Program
to Expand Business Development Support Services
Receives funds to provide business assistance to emerging technology companies
Able to offer access to $3.5 million statewide capital pool
Five West Michigan companies assisted by MAREC together have received more than $123,000 in business development assistance thanks to the Business Accelerator Fund (BAF) program. More
Sixteen business accelerators throughout Michigan are now under contract with the Michigan Small Business and Technology Development Center (MI-SBTDC) under its Business Accelerator Fund (BAF) program to provide specialized business acceleration services to advanced technology companies. More
MAREC joined a statewide grant program to help growing, high-tech Michigan companies obtain accelerator services designed to leverage business development and job growth. The Business Accelerator Fund (BAF) will allow MAREC to identify and enable qualified Michigan companies in high-priority sectors to pursue business development grants up to $50,000. More
Through the Business Accelerator Fund (BAF), a new state grant program managed by the Michigan Small Business & Technology Development Center (MI-SBTDC) at Grand Valley State University, MAREC will receive funds and has joined a statewide funding pool to help growing high-tech companies obtain accelerator services designed to leverage business development and job growth.
MAREC has also been designated as a resource organization that identifies and enables qualified Michigan companies in high-priority sectors to pursue business development grants of up to $50,000 from the Business Accelerator Fund, which was launched in December of 2011 with $3.5 million in state funds.
“This is a win-win for technology oriented companies in West Michigan that have successfully launched their business efforts but need additional services and support to become viable longer term...”
“Not only can we at MAREC help promising companies to obtain accelerator services, we can also open the door to an additional pool of capital for business growth and development services while ensuring that the funds companies receive are spent effectively."
-- Arn Boezaart, MAREC Director
Accelerator services are those that focus on business milestones such as positioning a company to attract private capital, develop a stronger business plan or marketing strategy or secure its first customer. Under the grant, service providers may be consulting firms, law firms, universities, manufacturers, engineers and other business enhancement activity. Services fundable through the BAF will address needs for business plans, market research, patent searches, employee agreements, technology development, internships, access to expertise, prototyping, product testing, and the like.
“We see several elements of the BAF that will make it particularly effective in creating jobs and providing a multiplier effect for business growth.”
-- Jim Edmonson, BAF project manager
The program is tightly targeted to companies with characteristics that typically provide the highest return on investment for business and job growth. Preference goes to high-technology firms, not only in renewable energy but also sectors such as life sciences, homeland security and defense, advanced manufacturing and materials, and others. Companies must also meet size requirements; they will have raised less than $1 million in private investments and have annual revenues less than $2.5 million. In addition, they must also be Michigan-based.
Funds must be used for business development services; capital improvement, salary or production expenses do not qualify. Michigan SmartZone business accelerators such as MAREC will screen BAF applications, channel funds to service providers, and monitor use of the funds on behalf of approved applicants.
The second round of BAF funding is available through September 30, 2013. Inquiries may be forwarded to either of the following:
Arnold (Arn) Boezaart at MAREC | 616-331-6901 | firstname.lastname@example.org)
Jim Edmonson, BAF Project Manager | 231-557-8543, email@example.com)
This application is in PDF format; it will allow you to input text so you may print a copy. Please print the form after you've completed it and send it to us by either:
- faxing it to 616-331-6910 marked "Attention: Arn Boezaart/Jim Edmonson"
- or scanning and emailing it to us at firstname.lastname@example.org.
The BAF was created through an agreement between the Michigan Economic Development Corporation (MEDC) and the MI-SBTDC at GVSU, with funding coming from the state’s 21st Century Jobs fund within the Michigan Strategic Fund (MSF). The 21st Century Jobs fund is focused on the commercialization of competitive edge technologies in areas that include alternative energy, life sciences, homeland security and defense, advanced manufacturing and materials, agricultural processing, information technology, and other innovative sectors.
Page last modified January 16, 2013