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Since 2015, 27 companies have received a total of $1.475 million.
Warren, MI (March 16, 2017) – Three early-stage companies from Oakland, Washtenaw and Wayne counties will receive $75,000 in funding from the Innovation Fund Macomb Community College, Powered by JPMorgan Chase & Co. Since July 2015, the Macomb Innovation Fund has awarded $1.475 million to 27 companies.
The Innovation Fund is a $2.7 million effort to stimulate economic development and job growth among promising Detroit-area entrepreneurs and next-stage companies with high-growth potential. Funding is provided by Macomb Community College’s Strategic Fund and JPMorgan Chase, as part of the company’s $100 million commitment to Detroit’s economic recovery. The unique initiative provides mentoring and capital to early-stage businesses, as well as learning opportunities for Macomb Community College’s students.
“In addition to enhancing southeast Michigan’s entrepreneurial ecosphere, the Macomb Innovation Fund is providing unique educational experiences to our students that extend classroom learning,” said James Jacobs, president, Macomb Community College. “More than 400 Macomb Community College students have directly interacted with the emerging economic drivers of our community, positioning them with distinctive learning experience.”
Three companies will receive $25,000 awards, which are designed to support early-stage businesses taking the initial steps in market introduction.
“Investing in entrepreneurial young people is great way to create economic opportunity that spans beyond Main Street,” said Chauncy Lennon, Head of Workforce Initiatives for JPMorgan Chase. “JPMorgan’s approach to creating inclusive economic growth in Detroit includes boosting the great ideas that are being born out of the city’s neighborhoods and community colleges.”
The three companies awarded funding were selected from a field of 25 qualified applicants. Each went through a two-stage process, pitching first to a screening committee. The highest-rated companies moved on to a selection committee comprised of area professionals with experience in business management, finance, law, manufacturing and technology, who make award recommendations.
To be eligible for the Innovation Fund, companies must locate within a nine-county region consisting of Genesee, Livingston, Macomb, Monroe, Oakland, Shiawassee, St. Clair, Washtenaw or Wayne counties. Information about the application process is available at www.macomb.edu/cie.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Media Contacts:
Stephanie Bosh, stephanie.a.bosh@jpmorgan.com
Jeanne Nicol, nicolj@macomb.edu
