Automation Alley Awarded $6 Million Contract by Michigan Strategic Fund Board

Alley to Operate Automotive Technology Business Accelerator

TROY, Mich., Oct. 19 -- Automation Alley, which drives the growth and image of Southeast Michigan's technology economy, announced today it was awarded a $6 million contract by the Michigan Strategic Fund Board to expand and further leverage the operations of its Automotive Technology Business Accelerator. Automation Alley will use the funding to encourage the development of competitive-edge technologies through the creation of early stage seed funds, support the outreach and growth of technology-based businesses and professionals, and support international business development.

"Automation Alley is pleased that the Michigan Strategic Fund Board recognized the breadth of services that we provide to businesses and entrepreneurs in the State of Michigan," said Ken Rogers, executive director, Automation Alley. "The combination of our regional focus and our statewide reach allows us to optimize service to the technology hub of the automotive industry while also reaching entrepreneurs and technology professionals throughout the state. These additional funds will significantly enhance our ability to catalyze the diversification and growth of our technology-driven economy."

In supporting the development of competitive-edge technologies, Automation Alley will use the funding to create early stage seed funds which will result in approximately seven to ten investments annually for three years. The Automation Alley Technology Center will manage the seed investment portion of this plan while continuing to deliver essential programs and mentoring to support the creation and commercialization of innovative technologies.

The Automation Alley International Business Center will support international business development through trade missions and business attraction meetings aimed at exporting products and services rather than jobs and luring technology firms to Michigan. Automation Alley will also use the funds to support the outreach and growth of technology-based businesses and professionals throughout the state and will continue to brand Southeast Michigan as a global center for technology.

"With its established track record of business development services, Automation Alley is exceptionally qualified to act as a catalyst of automotive technology development in Michigan," said Jim Epolito, chief executive, Michigan Economic Development Corporation and chair of the Michigan Strategic Fund board. "We look forward to collaborating with Automation Alley as it uses this funding to expand services that will facilitate the research, development and commercialization of innovative technologies and products in our state."

As a part of the 21st Century Jobs Fund legislation, the Michigan Legislature included a provision to fund an Automotive Technology Business Accelerator. In August 2006, the Michigan Strategic Fund Board announced a competitive bidding process and issued a request for proposals. Automation Alley was awarded the contract by the Michigan Strategic Fund Board on September 27, 2006, with the MEDC acting as the grant administrator.

About Automation Alley

Automation Alley drives the growth and image of Southeast Michigan's technology economy through a collaborative culture that focuses on workforce and business development initiatives.

More than 650 businesses, educational institutions and government entities belong to Automation Alley, covering an eight county area and the City of Detroit. Automation Alley promotes regional prosperity through the Automation Alley International Business Center, which provides business attraction services and exporting assistance; the Automation Alley Technology Center, which brings together businesses, educators and government to help entrepreneurs accelerate technology commercialization; and the GLIMA Network, a state-wide association for individuals engaged with and involved in technology-oriented industries.

For more information, visit http://www.automationalley.com/.