LANSING, MI -- The winners of $100 million in startup capital from a state investment fund are largely life science companies, although advanced automotive manufacturing also got a large share.
Sixty-one companies were chosen Wednesday to share in the $100 million, with 55 getting full funding and six getting funding of roughly 90 percent.
It would cost $137 million to fully fund all 66 applicants that received a "highly recommended" rating. Members of the Michigan Strategic Investment and Commercialization Board, which awarded the capital Wednesday, plan to ask the Michigan Economic Development Corp. if there's another way to get the $37 million needed to fund all the projects.
Among the winners, around half are for-profit companies, while more than 20 are tied to universities and a few are nonprofit groups.
Nearly 180 companies had applied to get a slice of the state's new 21st Century Jobs Fund.
The fund was signed into law last year and is aimed at encouraging the development of four cutting-edge technologies in Michigan: life sciences, alternative energy, advanced automotive, manufacturing and materials and homeland security and defense.
The American Association for the Advancement of Science, a prominent science and engineering association that publishes Science magazine, reviewed the applicants to ensure an independent peer review.
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