Macomb’s 60th anniversary
celebration is stage for exciting initiative to stimulate economic
development and is part of JPMorgan Chase’s $100 million commitment
to Detroit’s economic recovery
Commended by Michigan Governor Snyder and
Detroit Mayor Duggan, Innovation Fund will provide start-ups and
emerging businesses with capital and internship opportunities for
Macomb students
Macomb Community College and JPMorgan Chase today announced the
Innovation Fund, a nearly $3 million effort to stimulate economic
development and job growth among promising Detroit-area
entrepreneurs and next-stage companies with high-growth
potential.
Part of JPMorgan Chase’s $100 million commitment to Detroit’s
economic recovery and managed by Macomb Community College, the
Innovation Fund will provide valuable capital to entrepreneurs when
it’s needed most – providing bridge funding at a pivotal time in
business development between “family and friends” funding and the
ability to attract mainstream financial investor funding.
Formally known as the Innovation Fund Macomb Community College,
Powered by JPMorgan Chase & Co., this fund will provide grants,
which do not have to be repaid, of up to $25,000 for start-up
businesses that are taking the initial steps to get their very
early stage idea ready for market introduction. The fund will make
larger awards of up to $100,000 to advance the progress of emerging
companies toward larger-scale equity funding. These larger awards,
which must be matched dollar for dollar by the company, may be
required to be paid back or the company may have to provide an
equity interest to the Innovation Fund. This approach sustains the
Innovation Fund and also instills fund recipients with a long-term
commitment to enhancing the region’s entrepreneurial
environment.
“JPMorgan Chase’s contribution is not only a commitment to the
economic future of Macomb County, but a commitment to fostering an
entrepreneurial ecosystem in southeast Michigan,” said Dr. James
Jacobs, president, Macomb Community College, at an event today
announcing the Innovation Fund. “Macomb County’s success is
integrally tied to metro Detroit’s success. The Innovation Fund
Macomb Community College represents an important, grow-your-own
element in our local economic development strategy, while at the
same time serves to cultivate the interests, skills and innovation
of Macomb students and community residents, fueling economic
momentum, investment and regional growth.”
JPMorgan Chase, through its foundation, is contributing $1
million to launch the Innovation Fund. Macomb is also providing $1
million from its Strategic Fund, which was authorized by the
college board of trustees in late August 2014. Macomb will raise
another $700,000, bringing the total commitment to $2.7
million.
“Detroit-area entrepreneurs are vital to southeast Michigan’s
continued economic recovery, and the Innovation Fund will be a
catalyst for creating sustained growth and employment throughout
the region,” said Chauncy Lennon, managing director for
workforce readiness at JPMorgan Chase. “This is a win-win for
small businesses and Macomb students. Small businesses, like those
in advanced manufacturing, receive needed capital and Macomb
students obtain on-the-job training to prepare them for success in
the workplace after school.”
The Innovation Fund is an integral part of the college’s new
Center for Innovation and Entrepreneurship, which was also
announced today, at the college’s 60th anniversary celebration.
While the event honored the achievements of the past, it focused on
new initiatives and commitments designed to contribute to the
region’s future economic vitality. The center will be located on
the college’s Center Campus in Clinton Township, initially
providing meeting space and resources, such as mentors, for
students seeking to start their own businesses.
“This major commitment and investment by Macomb Community
College and JPMorgan Chase take the energy and momentum that are
driving our communities, region and state forward to new levels,”
said Michigan Governor Rick Snyder. “Michigan is home to
unlimited talent and entrepreneurial spirit that will be further
unleashed by this collaboration, resulting in more and better jobs.
The entire region is primed for continued growth and this
announcement and effort is an exciting step in that process.”
Both start-ups and emerging companies that are funded by the
Innovation Fund will be required to provide meaningful employment
opportunities for Macomb Community College students through
internships. These experiences will contribute to students learning
and developing valuable workplace skills, as well as exposing them
to innovative approaches and inspiring them to develop
entrepreneurial mindsets.
“Entrepreneurs are finding Detroit and its neighboring
communities to be great places to start and grow their businesses,”
said Detroit Mayor Mike Duggan. “The Innovation Fund will
help fuel the economic growth of our entire region, and it is a
great example of JPMorgan Chase’s ongoing commitment to a stronger
Detroit.”
Selection of proposals to fund will be accomplished through an
engaging and competitive process that benefits entrepreneurs
participating, whether or not funding is granted. An advisory board
composed of successful, local entrepreneurs will evaluate proposals
and make funding recommendations, and serve as mentors.
The Innovation Fund Macomb Community College is modeled after a
highly successful program established in 2007 by Lorain County
Community College (LCCC), located in northeast Ohio. In five years,
LCCC received more than 5,000 inquiries about their program,
accepted more than 600 applications and made 99 awards valued at
$5.7 million to 85 companies. As a result, the companies funded
raised $61 million in add-on capital, provided more than 150
internships to students and created 314 jobs.
Earlier this year, JPMorgan Chase made a five-year, $100 million
commitment to Detroit’s economic recovery. Working with community
partners, JPMorgan Chase’s commitment is focused on supporting
economic development, blight reduction, workforce development and
small business growth. For more information, visit
www.jpmorganchase.com/Detroit.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.5 trillion and
operations worldwide. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of consumers in the United States and many of
the world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Macomb Community College
Established on Sept. 16, 1954, Macomb Community College
(www.macomb.edu) is one of the nation’s leading community colleges,
providing learning experiences to more than 48,000 students
annually. With three campuses and a Michigan Technical Education
Center that serves as its workforce development headquarters,
Macomb nationally ranks in the top two percent in the number of
associate degrees awarded by community colleges. The college’s
comprehensive educational programming includes pre-collegiate
experiences, university transfer and career preparation programs,
bachelor-degree completion and graduate degree programs, workforce
training, professional education and certification, and continuing
education and enrichment opportunities.
Macomb Community CollegeJeanne Nicol, 586-445-7204Mobile:
248-459-9047nicolj@macomb.eduorJPMorgan Chase & Co.Alexis
Martin, 215-864-5715Alexis.a.martin@chase.com
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