|Funding Medtech Growth|
BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
Already home to 240 medical device firms, Michigan is taking a focused approach to growing its life sciences industry. Between 1999 and 2005, the state invested more than $200 million in medical device and other life sciences–related research and development (R&D). Another $45.7 million was recently awarded for life sciences research and commercialization from the new 21st Century Jobs Fund.
A strategic location between the nation's east and west coasts gives southeast Michiganthe metro Detroit areaaccess to the Atlantic Ocean via the St. Lawrence Seaway. The recently expanded Detroit Metropolitan Airport offers direct flights to international business hubs. In addition, the state has a large talent pool from which firms can attract skilled workers. The state ranks fourth in the number of engineering graduates nationwide, and fourth in the number of high-tech workers.
Michigan's array of incentives includes assistance for companies that are relocating to the state, as well as those that choose to grow and expand in Michigan. Michigan Economic Growth Authority high-tech job creation tax credits are targeted specifically to medical device and other high-tech companies. A company that devotes at least 25% of its operating expenses to R&D and decides to expand or locate in Michigan may be eligible for such a credit. In addition, medical device companies located in one of Michigan's many renaissance zones operate free of nearly all state and local tax obligations.