Michigan adds $950K funding for university tech commercialization

The state of Michigan has approved $950,000 in funding for commercialization of technologies developed at the public university level.

In a series of the votes Tuesday, the board of the Michigan Strategic Fund approved the funds for the Michigan Translational Research and Commercialization, or MTRAC, state program grant.

The funds will go to programs at Michigan State University MTRAC Agriculture-Biology Innovation Hub, Wayne State University MTRAC Advanced Computing Innovation Hub and Michigan Tech University MTRAC Advanced Materials Innovation Hub.

Some $350,000 each will go to the Wayne State and MSU programs, while $250,000 will go to Michigan Tech’s program, according to the MEDC memos.

Meanwhile, the MSF board took a procedural vote that unlocked an additional $730,456 for the University of Michigan Medical School Fast Forward Medical Innovation MTRAC Life Science Innovation Hub.

“We are already seeing how COVID-19 is affecting our state’s economy,” Fred Molnar, vice president of MEDC’s Entrepreneurship & Innovation initiative, said in a statement. “This support from the MSF will ensure our state’s researchers have the resources they need to bring valuable high-tech innovations to market as Michigan continues to move toward recovery and can continue to reinvigorate Michigan’s economy in the years to come.”

To date, MTRAC programs have received 745 proposals, funded 336 projects, developed 64 startup companies, licensed 49 technologies to industry partners and secured more than $249 million in follow-on funding, according to figures from the Michigan Economic Development Corp., which administers the Michigan Strategic Fund.