The New Economy Initiative (NEI) announced more than $3 million in grants for collaborative efforts designed to bolster Southeast Michigan’s economic shift to a knowledge-based economy, including a grant of $202,500 to Michigan State.
“The Metro Detroit region has unique assets upon which to build a strong innovative economy – our international border crossing, major research universities, manufacturing capacity, a creative class, and our historic innovative spirit. Such assets are the essential building blocks for creating and attracting new business opportunities and will lead to a well-trained, well-employed workforce in a vibrant, growing economy in the long term,” said David Egner, executive director of the NEI.
Through the NEI grant Michigan State will spearhead an assessment project that will determine the supply chain assets of Southeast Michigan, in partnership with the Detroit Regional Chamber and Wayne State University. Led by MSU supply chain management faculty, the six-month opportunity assessment examines whether innovations to the global supply chain could promote lasting economic development and job growth for Metro Detroit.
Detroit’s unique cross-border position within the supply chain of global firms is optimal for a global supply chain hub, according to David Closs, MSU’s John H. McConnell Chair of business administration. He noted that using polar routes to and from Detroit for air shipments dramatically reduces transport time to many places around the globe and the existing infrastructure also supports rail, sea, and truck transport—all located at North America’s busiest international trade border.
The New Economy Initiative for Southeast Michigan is one of the nation’s largest philanthropic initiatives focused on regional economic development, helping to restore Southeast Michigan to a position of leadership in the new global economy. Eleven national, regional, and local foundations have committed $100 million to this unprecedented eight-year initiative, including the Community Foundation for Southeast Michigan, the Max M. and Majorie S. Fisher Foundation, the Ford Foundation, the Hudson-Webber Foundation, the Ewing Marion Kauffman Foundation, the W.K. Kellogg Foundation, the John S. and James L. Knight Foundation, the Kresge Foundation, the McGregor Fund, the Charles Stewart Mott Foundation, and the Skillman Foundation.
For more information on the New Economy Initiative, go to www.neweconomyinitiative.org.