The New Economy Initiative is one of the nation’s most expansive philanthropic partnerships dedicated to economic transformation in the region hardest hit by manufacturing job loss and the global economic crisis. In May 2009, NEI announced a $9.25 million initiative in partnership with the Ewing Marion Kauffman Foundation and TechTown to encourage entrepreneurship in Southeast Michigan with the goal of helping to create 1,200 startup companies in three years.
The Ewing Marion Kauffman Foundation is a private nonpartisan foundation that works to harness the power of entrepreneurship and innovation to grow economies and improve human welfare. The FastTrac programs offered through TechTown and the New Economy Initiative are part of FastTrac LaunchPad, a joint initiative of the Ewing Marion Kauffman Foundation and the Deluxe Corporation Foundation to help individuals affected by the current economy build rewarding businesses in Detroit and throughout the United States.
Business Leaders For Michigan has encouraged collaboration among all economic development agencies in the area, including TechTown. This collaboration includes a coordinated effort to seek federal and state financial support for TechTown and other economic initiatives in southeast Michigan.
The City of Detroit has provided TechTown with a multimillion dollar grant to provide support services businesses started by Detroit entrepreneurs, especially women and minorities. The city was instrumental in providing support for TechTown’s designation as one of 12 Smart Zones in Michigan. These zones have been singled out as centers for focused economic development efforts.
The Michigan Economic Development Corporation (MEDC) has endorsed and supported TechTown as one of 12 designated Smart Zones in the state. MEDC provided a $2 million grant toward the reconstruction of TechOne. MEDC also provides ongoing grant support for services to early-stage enterprises housed inTechOne. This has included grants from the 21st Century Jobs Fund to assist high technology companies as well as a grant to develop a network of angel investors.
Wayne County EDGE supports TechTown through attraction of new businesses from outside the area as well as targeted grants to support specific key initiatives.
The Kresge Foundation is a $3.9 billion private foundation that aids communities in the United States and around the world by supporting the nonprofit organizations that serve them. In 2006, the foundation gave a $1.5 million grant to TechTown for the renovation of its facilities.
The Herbert H. and Grace A. Dow Foundation, aims to improve the educational, religious, economic and cultural lives of Michigan’s people as those needs can be defined in a world which constantly presents new or different challenges and opportunities. The foundation committed $250,000 over two years to fund buildout of the TechOne facility.
The Hudson-Webber Foundation has supported the cost of the documentation of the master site development plan completed by the Alfred E. Taubman Urban Planning Institute for the redevelopment of the entire 47-acre Smart Zone.
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