SECTORS OF PROMISE FOR MICHIGAN’S ECONOMY

Opportunities. Even in the worst economies, there are always opportunities.

Michigan’s University Research Corridor and WWJ Newsradio 950 brought together the state’s top researchers in two growing “sectors of promise,” life sciences and energy.

More than 400 people, mostly business people, came to the MSU Management Education Center in Troy to listen and ask questions about opportunities in growing industries.

What’s next for Michigan? Some of the emerging sectors highlighted by the URC experts from Michigan State University, the University of Michigan and Wayne State University included:

• Michigan could soon become the advanced battery capital of the world. U-M engineering researcher Ann Marie Sastry, whose battery research lead to the creation of a new company, is working closely with General Motors and has developed several internships and job opportunities for students. She talked about Michigan’s potential to lead the nation in developing and making advanced batteries for the auto industry and other uses. Advantages: Michigan’s role in the auto industry, its R&D leadership along with engineering clout and recently approved tax breaks, provides huge advantages over other states.
• IT opportunities. As healthcare expands, including a national effort to make all medical records electronic, opportunities to provide IT support will continue to grow, particularly in healthcare.
• Stem cell research. U-M is a national leader in adult stem cell research and “U-M and the University Research Corridor have the brain power’’ to be leaders in embryonic stem cell research, said Eva Feldman, U-M professor of neurology and director of the A. Alfred Taubman Medical Research Institute.
• Incubators. The URC and their economic development partners like Ann Arbor Spark, Lakeshore Advantage (in west Michigan), Prima Civitas, Leap and TechTown have set up incubators to attract and help develop new small businesses throughout Michigan. MSU’s extension offices and U-M’s Business Engagement Center are also ways to connect business people with university resources.
• Post-Pfizer opportunities. U-M and MSU are making plans to take over facilities formerly used by drug giant Pfizer, allowing for public and private sector development in a host of emerging industries including neuroscience, nanotechnology and a host of other industries.
• Green tech industries. URC experts described the potential for a host of green tech and alternative energy jobs from building wind turbines for windmills to solar, electric, biodiesel, and other emerging technologies.

“The world we knew is not the world of the future,” said Soji Adeleja, director of the MSU Land Policy Institute. “Jobs follow knowledge workers now.”

Asked if research faculty were like “gentlemen farmers” who dabble in business with their universities helping them compete against business people not affiliated with universities, Feldman said ”while universities encourage us to set up companies they won’t allow us to do this on university time. One answer would be ‘Let’s partner.’ One of the reasons I stayed at the University of Michigan is that it’s collegial. We like to work with others.”

For more on Sectors of Promise, visit: WWJ coverage of Sectors of Promise

More details on the program: www.urcmich.org/events/earthday2009

Sectors Of Promise For The Michigan Economy

Video courtesy WWJ

Sectors of Promise — Panel 1

Thousands of new jobs. Michigan’s new economy. We’ve heard the news about the auto industry and foreclosures. This is the first Panel Eva Feldman, M.D., PhD , Paul Hunt, Michigan State University and Dr. Albert King.

Sectors of Promise — Energy Panel 2

Energy panel discusses areas showing most promise of growth.

Audio, video and photos courtesy WWJ