Blog
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Written by Sam Singh, NEI Senior Consultant
Since joining the New Economy Initiative team, one of the interesting things I have been introduced to is a group of budding entrepreneurs. Whether they are connected to NEI’s grant funding in TechTown or emerging on one of the region’s many college campuses, the entrepreneurial spirit is alive and well in southeast Michigan. The New Economy Initiative was able to help support one such entrepreneur, Tim Marzullo, through the Kauffman Postdoctoral Fellowship program.
As graduate students at the University of Michigan, Tim Marzullo and his colleague Greg Gage, often interacted with schoolchildren during neuroscience outreach events. They were trying to find a low-cost way of teaching those students about the brain. The two developed a bio-technology kit, called the Spikerbox, which is an affordable entry level “Brain Recording Kit” that provides the ability for students to learn about the brain. Now their company, Backyard Brains, is looking to disseminate this affordable device to schools and hobby stores across the country so school children and amateur scientists will have access to similar tools used by neuroscience worldwide to study electrophysiology: the electrical activity of neurons.
Late last year, the PBS Newshour did a story on the “entrepreneurial spirit” of the city of Ann Arbor, Michigan. One of the first entrepreneurs highlighted in the segment were the guys from Backyard Brains.
The New Economy Initiative is looking forward to highlighting more entrepreneurs throughout the upcoming months. Stay tuned.
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by Kate Blessing, Community Foundation for Southeast Michigan Intern
Whoever says that Twitter is just a way to waste time had better listen up. What’s the big deal? It’s only Twitter, right? But it’s not only Twitter… it’s Facebook, blogging, LinkedIn, wikis, online forums, videos and podcasts. What do these have in common? They are forms of social media.
So how is this relevant? We’re in a new-fangled age of innovation, one very different from the era of Henry Ford’s Model T. Ads in print media just don’t cut it anymore. Now companies urge their clients to look them up on Facebook and Twitter. Things are being done online more and more, not face-to-face.
Many people, entrepreneurs included, have found out that social media is an indispensable venue through which to network, to pool ideas and resources, and to market products and services. Classes, training sessions, how-to guides for entrepreneurs—all of them stress the importance of harnessing the power of this medium for the good of their start-up or existing business. What better illustrates this than last November’s Global Entrepreneurship Week (GEW)? With 25,000 events and millions of participants worldwide, GEW shows the potential of online networking to foster constructive innovation on a global scale.
Another thing—young people are claiming a slice of the pie called “entrepreneurism.” Since young people have social media down—how many young people do you know who don’t have an account on at least one social networking site?—they’re one step ahead of the rest. Make sure your business is tapping into this potential market and resource.
The folks at the New Economy Initiative have certainly bought into this philosophy—after all, this is a blog (which is a social medium, remember?)—and believe that southeast Michigan’s promise lies in the creation of an entrepreneurial eco-system, one that welcomes diverse ideas and aspiring innovators.
So what’s it going to be? If you’re someone who wants to make your hobby or side business a full-time venture or develop an idea you’ve been chewing on for a while, give social media a try. Who knows, you might come across someone who has been scouring the web for the exact same rust-defying license plate spray that you want to manufacture and sell. A great resource for small businesses and entrepreneurs is the American Express supported OPEN Forum. Check it out!
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Written by: Sam Singh, Senior Consultant, New Economy Initiative
I had the opportunity to attend last week’s State of the State address as the guest of Rep. Mark Meadows (D-East Lansing.) There was much speculation prior to the speech on how Governor Granholm would use her last address to the people of Michigan. Little did I know her speech would be so focused on the very things that make up the strategies of NEI.
Her speech was titled “A State in Transition: Crossing to the New Michigan Economy.” The speech touched on a number of topics like governmental reform, balancing the budget and outlining the past seven years of her agenda but the bulk of the speech focused on transforming the State’s economy to a knowledge-based economy. The speech tackled all three areas of NEI’s work—building the entrepreneurism eco-system, strengthening the workforce development system and building off of the region’s assets.
She spoke about expanding services and resources to entrepreneurs and small business owners. She even highlighted the work of the NEI funded FastTrac trainings that are taking place through Wayne State University’s TechTown. After entrepreneurism, she focused on workforce development and helping businesses make the transition from the auto industry to emerging sectors like alternative energy, defense and homeland security.
From my perspective the speech was on target and made a convincing argument for what many of us in the field have been working on for the past few years. However, I was disappointed that the Governor didn’t spend more time talking about specific details on how to balance the state’s budget which has another projected deficit of more than $1.6 billion. I guess everyone will have to wait for the Governor’s budget message to answer the important question of revenue increases and budget cuts.
If you are interested in reading the speech, you can find it here.
Photo courtesy of Gary Shrewsbury
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Written by: Sam Singh, Senior Consultant, New Economy Initiative
Did you know that one in three tech start-ups in the last decade in Michigan were started by an immigrant?
Today, when one mentions immigrants and immigration we think of the political hot button issues that everyone wants to avoid. The reality is that immigrants and foreign-born Americans are often an untapped economic resource.
The New Economy Initiative (NEI), in partnership with the Skillman Foundation and the Detroit Regional Chamber, is investing in Global Detroit to study the economic opportunities and strategies that we should employ in southeast Michigan to fully realize the economic potential of our immigrant population. The study is being led by former State Representative Steve Tobacman.
Global Detroit, through its initial work, has identified four strategic goals for the southeast Michigan region. The four goals are:
- Make the region welcoming to the international community and immigrants.
- Attract international investment and businesses that create jobs.
- Strengthen, grow, and revitalize neighborhoods in the city of Detroit and in the region’s core communities.
- Attract and retain international talent in the region.
Steve Tobacman’s research is being finalized into a report that we will share through the NEI Web site and blog in the near future. One of the national partners that Global Detroit has connected with through their work is Welcoming America. Welcoming America is a national, grassroots-driven collaborative that works to promote mutual respect and cooperation between foreign-born and U.S.-born Americans. The ultimate goal of Welcoming America is to create a welcoming atmosphere - community by community - in which immigrants are more likely to integrate into the social fabric of their adopted hometowns. There are exciting discussions occurring at the moment to bring this initiative to Michigan.
Recently, Steve and the leaders of Welcoming America were on WDET discussing the Welcoming America Campaign and what we could be doing in Michigan to make the state more welcoming to immigrants and foreign investment. Take a listen to the interview here.
**If you're having difficulty playing the podcast; Click Here to Listen
Stay tuned to the NEI Blog for more information on the work of Global Detroit and how we can tap the economic potential of southeast Michigan’s immigrant population.
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Written by: Sam Singh, Senior Consultant, New Economy Initiative
Entrepreneurism is all the rage these days. You can’t read an article about the economic recovery without hearing about the importance of entrepreneurs in creating new jobs. It is a badge of honor for an owner of a small business to call themselves an “entrepreneur.” Even network TV has created a reality show highlighting entrepreneurs. Entrepreneurism is everywhere.
The Obama administration is making its mark in the world of entrepreneurism as well. This past fall the administration announced the creation of an Office of Innovation and Entrepreneurship with the mission “to unleash and maximize the economic potential of new ideas by removing barriers to entrepreneurship and the development of high-growth and innovation-based businesses.” In the upcoming months, Congress and the administration will be crafting a “jobs bill” that will have entrepreneurism as a central theme.
In order to help shape the national dialog and create a voice for entrepreneurs, our friends at the Ewing Marion Kauffman Foundation launched a campaign called " Build a Stronger America ." The campaign or “Entrepreneurs' Movement’ advocates for policy changes that levels the playing field between established businesses and start-up companies.
Check out their Web site to sign up to be part of the movement or to share your entrepreneurial story. One of the video stories on the site is from Chris Gardner, the entrepreneur, author and the inspiration behind the film Pursuit of Happyness. Check out the video!
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We are looking forward to sharing with you the activities of the New Economy Initiative and our grantees. We want to share with you the exciting programs that we are funding and highlight the successes and lessons learned from our work. We will also utilize this blog to inform readers about new research, best practices and provide commentary from local and national experts to help shape a better understanding of the challenges and opportunities facing the economy of southeast Michigan. We hope that you will add us to your Web-based news reader, subscribe to our RSS feed or visit the site on a regular basis.
What is the New Economy Initiative?
Executive Director David O. Egner provides a brief overview of NEI's efforts to foster entrepreneurialism and employment in southeast Michigan.
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New Economy Initiative for Southeast Michigan
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