The WMed Innovation Center is pleased to announce that it has received a $100,000 grant extension from the Michigan Strategic Fund (MSF). On January 23, the Michigan Economic Development Corporation (MEDC) announced the MSF’s funding extensions totaling more than $1.7 million for five grants across the state supporting entrepreneurial collaboration resources. In addition, the MSF approved the Business Incubator Gatekeeper grant extensions for 12 SmartZones, including the Western Michigan University Homer Stryker M.D. School of Medicine (WMed), Kalamazoo SmartZone. This is the second gatekeeper grant extension the WMed Innovation Center has received. It will provide gatekeeper funding for a fourth consecutive year.
Michigan SmartZones provide distinct geographical locations where technology-based firms, entrepreneurs and researchers receive access to business accelerator services, including business development mentoring, incubator and wet lab space, technology assessments, market analysis, product development and entrepreneurial training. The gatekeeper position is responsible for assisting companies in navigating the entrepreneurial ecosystem and accessing the various services and programs provided by SmartZones. Under its existing gatekeeper grant, the WMed Innovation Center/Kalamazoo SmartZone has served 125 companies, helped create 186 jobs, and assisted companies in raising over $195 million in funding with an additional $32 million in sales. Companies served by the WMed Innovation Center have commercialized 45 products, applied for 172 patents, and been awarded 72 patents.
Sandra Cochrane, assistant dean of the WMed Innovation Center, credits the gatekeeper grant for enhancing the entrepreneurial ecosystem of the entire Kalamazoo area. “The gatekeeper grant provides the necessary funds for the numerous entrepreneurial programs we offer, many of them free of charge,” she said. “Because of this grant, we are able to offer workshops, lunch-and-learns, and open houses for the benefit of all entrepreneurs in the community. We are grateful for the support of the state of Michigan.”