Ann Arbor SPARK Reports Economic Growth in 2013: $148 million in new investments and 1509 jobs

ANN ARBOR, Mich., May 20, 2014 /PRNewswire/ -- At its annual meeting, Ann Arbor SPARK detailed the results of its work in the last year and presented its annual business leadership awards. Ann Arbor SPARK also announced the launch of the Virtual Business Advisor, a program offered in collaboration with the City of Ann Arbor and the A2Y Chamber.

"Our metrics show that it's been a terrific year for economic development in the Ann Arbor region," said Tim Marshall, president and CEO of Bank of Ann Arbor, and chair of Ann Arbor SPARK's board of directors and executive committee. "Startups and global companies alike chose to invest and grow in Ann Arbor, ultimately contributing jobs and investment to our economy. Recognition for the Ann Arbor region continues to grow, and we're becoming known as a place with a rich ecosystem of support that offers companies exactly what they need – at the right time – to reach their potential."

Ann Arbor SPARK's work in 2013 included marketing the region, meeting with growing businesses, and providing business acceleration resources to startups. Its efforts resulted in:

• $148 million in new investments and 1509 jobs committed in the region
• Assistance to 274 startups, and incubation of 83 new companies
• Business attraction and retention of 45 successful projects

Ann Arbor SPARK's annual report, which details these successes, is available online: http://www.annarborusa.org/sites/default/files/content-documents/spaannualreport2013.pdf.

Over the last year, SPARK has also worked in collaboration with the City of Ann Arbor and the A2Y Chamber on launching the Virtual Business Advisor. The Virtual Business Advisor is an online tool to help business owners assess their needs and access tools and training to meet those needs. Virtual Business Advisor will officially launch to the public in June 2014.

Ann Arbor SPARK also presented its business leadership awards, including 2013 Volunteer of the Year, Entrepreneurial Company of the Year and Business Development Project of the Year.

Its 2013 Volunteer of the Year, Ken Nisbet, was recognized for his passion for economic development and growing the local economy and companies. Under Ken's leadership as executive director of the University of Michigan's Office of Tech Transfer, the University of Michigan has achieved substantial growth in tech transfer performance and established a reputation as one of the leading tech transfer offices in the nation.

The Entrepreneurial Company of the Year, Tangent Medical Technologies, was recognized for its use of SPARK's extensive entrepreneurial services to grow from startup to established and growing company. The growing medical device company, which is commercializing a new class of intravenous fluid delivery catheters, has received Food and Drug Administration approval for its NovaCath catheter, closed on an $8.6 million round of funding, and was awarded a patent that covers a range of incorporated technologies. It recently began accepting commercial orders for its NovaCath system.

Lake Trust Credit Union was recognized as Business Development Project of the Year, for having had a significant impact on the regional economy.  Lake Trust Credit Union plans to build a new $30 million headquarters near Brighton and plans to invest a total of $40 million in Michigan over the next five years.

About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is advancing the region by encouraging and supporting business acceleration, attraction and retention. The organization identifies and meets the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Livingston County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.

SOURCE Ann Arbor SPARK