The initiative partners Michigan's philanthropic resources with university and private business resources to help launch new startup companies, and strengthen ties between small business, industry and academia.

The goal of MIIE is to create 200 new Michigan start-ups over the next decade, while fostering an atmosphere of entrepreneurship on campuses around the state. The MIIE consortium will raise and distribute $75 million over the next seven years — mainly through donations from some of the more than 2,200 philanthropic foundations across the state — and match those funds with resources and funding from universities and private businesses.

Since 2008, MIIE has awarded nearly $2 million through nearly 30 grants to commercialize research and encourage public and private collaboration in Michigan.

Media seeking more information can contact David Waymire at 517-485-6600. Others seeking more information about MIIE can contact Tina Bissell at 734-647-5730 or tbissell@umich.edu.