Today, the state Legislature passed a new R&D Tax Credit and Innovation Fund to support greater economic opportunities in the state through the 'Make It in Michigan' economic development toolkit. In response, MEDC leadership issued the following statements:
"As the state that birthed mobility, two music genres and the snowboard, Michigan has long been at the forefront of innovation and business problem-solving. I’m grateful for the bipartisan work of the Michigan Legislature in reinstituting a state R&D tax credit and setting up the Innovation Fund so current and prospective Michiganders know we are serious about innovation and creativity in our state,” said Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation (MEDC) (left). “As we head into 2025, we’re eager to continue working with Governor Whitmer and both parties in the legislature on the ‘Make it in Michigan’ economic development strategy focused on People, Places, and Projects; and we are resolved to use these tools – whether for a Main Street small business, global company, B-Corp, or a budding entrepreneur with big ideas – to help more Michiganders past, present and future to succeed in our state.”
“I’m grateful to the Legislature and Governor Whitmer for championing this historic new investment in Michigan’s innovation economy,” said Ben Marchionna, Chief Innovation Ecosystem Officer at the MEDC (left). “By establishing the Michigan Innovation Fund, we’re declaring that the grit, creativity, and enduring prowess of our entrepreneurs and innovators deserve to be supported and showcased. Equitable, accessible funding is how we’ll transform today’s big ideas into tomorrow’s growth industries. As the largest state appropriation for entrepreneurship and innovation in nearly two decades, this bold move shows the world that Michigan is serious about building a thriving innovation ecosystem – one where founders can truly ‘Make it’ in Michigan.”
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
