Michigan has a diverse economy and incredible research assets among our public universities, our private research facilities - like the Van Andel Institute, and our private companies - like Dow, Pfizer and Perrigo. Unfortunately, many new innovations and discoveries never make it to the consumer because of the numerous difficulties in commercializing a research project and trying to bring it to market. In addition to the complexities of starting up a new business and securing financing, Michigan lacks a strong support network to connect budding entrepreneurs with potential corporate partners, other life science researchers and small businesses and venture capitalists. As governor, Mike Cox would direct the MEDC to work with life science industry association experts to develop a tool that would bring together these various parties to help further the chances that a worthwhile or potentially life-saving product can make it to market and benefit society and our economy.

Michigan's 21st Century Jobs Fund program provides support for research and commercialization of new technologies and products for a number of industries, including the life sciences and biotech sector. One criticism of the program from life science industry leaders is the lack of flexibility and understanding from program administrators about the needs of life science companies at various stages of development. Due to the nature of life science and biotechnology research and innovations, the development of new drugs, therapies and products can require many years of research and testing, yet the state's grant and loan program guidelines frequently fail to account for the unique nature of this industry. The lack of expertise and focus on the industry has left many frustrated with the level of support that they receive from the state and the MEDC.

Mike Cox is committed to a thorough review of the 21st Century Jobs Fund program, bringing business leaders together with financiers and venture capitalists, economic developers and universities to ensure that the program is revised to respond to the needs of the industries we are trying to develop and not simply doing what is best for the bureaucrats.

The MEDC works with prospective businesses and local communities to bring new developments to market. As part of that effort, Mike Cox will ensure that the MEDC works cooperatively with Michigan's universities to understand new technologies, patents and inventions that are being created as a way to market these innovations to prospective businesses. Also, the MEDC will work with universities to identify business needs and to see if research efforts can be modified to fulfill those needs.

This concept was originally provided for in the 21st Century Jobs Fund program but was eliminated in the 2007 budget. Instead of requesting more money, Mike Cox will reorganize the MEDC to create a technology transfer liaison with existing funds. Bringing high-paying jobs to Michigan, providing assistance to job providers, and commercializing research from our universities are priorities we cannot afford to shortchange.

One of the biggest obstacles to developing an idea or a research breakthrough into a product that can be sold to the public is access to financial capital. For many of these endeavors, a key source of financing is venture capital. While Michigan is a national leader in university research, we lag behind many states like Massachusetts and California when it comes to access to venture capital. One way that Michigan can change that is to support policies that promote Michigan-based venture capital firms. Mike Cox believes that Michigan should develop tax incentives that will drive demand for venture capitalists to locate in Michigan. As Governor, Mike Cox will also expand efforts to leverage the state's incredible investing power by investing state dollars with venture capital funds, ensuring that while we seek the best return on investment possible, we look to opportunities within our own borders to achieve that return.