U.S. Department of Commerce invests $754,840 in Cares Act Recovery Assistance to support medical technology innovators in southeast Michigan
Last Thursday, the U.S. Department of Commerce’s Economic Development Administration (EDA) awarded a $754,840 CARES Act Recovery Assistance grant to TechTown Detroit to support innovation and entrepreneurship in the region’s medical and manufacturing sectors. This EDA grant, to be matched with $249,900 in local investment, is expected to generate $5.5 million in private investment. “TechTown has been helping to build a more resilient and inclusive economy by leveraging this region’s unique assets for more than 17 years, and now we have a partner at the highest level to help us expand our impact,” said Ned Staebler, president and CEO of TechTown Detroit. “With this grant from the Economic Development Administration, we’ll engage 25 regional stakeholders including healthcare systems, local government entities, private investors, universities and economic development organizations to advance regional innovation in medical technology, creating good-paying jobs and helping SE Michigan build back better.” “This critical support from the Economic Development Administration signals a commitment at the highest level to Detroit’s innovation ecosystem,” said Wayne State University President and TechTown Chair M. Roy Wilson. “With it, TechTown will continue to be a leader in driving the region’s economic recovery through the COVID-19 crisis via its MedHealth cluster. Since 2015, MedHealth has played a critical role in convening, educating and connecting medical innovation stakeholders in the Detroit region, and we are thrilled to work with the EDA to expand programs that will further catalyze entrepreneurship and business growth in the region’s healthcare sector.”