The Detroit Regional Chamber Receives U.S. Commerce Department's Economic Development Administration (EDA) Grant

DETROIT, Sept. 30 /PRNewswire/ -- The Detroit Regional Chamber has been awarded a $725,842.00 grant from the U.S. Commerce Department's Economic Development Administration (EDA) to fund an Open Innovation initiative. The Open Innovation Initiative will focus on diversifying the Detroit region's economy beyond its traditional automotive industry, by working to connect Detroit region companies with resources to match them with new national and international markets and to build industry clusters.

"The Economic Development Administration is pleased to partner with the Detroit Regional Chamber to support this innovative pilot program that will work to diversify the Detroit region's industrial capacity and boost its customer base," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "Connecting the region's companies with new global customers will spur critical job growth in Detroit."

"The EDA grant will allow the Chamber to provide the region's business community with strategic opportunities for economic diversification.  Open Innovation will work with companies to help them identify business development opportunities in several emerging industries including alternative energy, bio life sciences, aerospace, defense, automotive and others," stated Barbara E. Allushuski, chairman of the Detroit Regional Chamber Board of Directors and president, Right Management Great Lakes Region. She continued, "This initiative will quickly move the Detroit region's business community to build a broader customer base and ultimately lead the region to a more diversified economy."

Positioning the project as a regional solution for economic diversification was solidified by a local matching grant of $128,000.00, being provided by the New Economy Initiative of Southeast Michigan (NEI).  This commitment indicates a collaborative support from government, business and philanthropy for this important business development strategy.

"This award supports NEI's focus on building strong networks that support the development of a more diverse, knowledge driven economy," said David Egner, executive director of the New Economy Initiative. "Supporting the Chamber's Open Innovation program sends a powerful message to region's business community that Michigan is working together to reshape and grow our economy."

Government leaders' quotes about the Detroit Regional Chamber's Awarding of the EDA funding for Open Innovation.

Governor Jennifer M. Granholm

"Part of our continuing efforts to diversify the state's economy and create jobs is leveraging public-private partnerships to help Michigan companies flourish," said Governor Jennifer M. Granholm. "This Economic Development Administration grant will help Michigan businesses diversify their markets, creating and retaining jobs and stimulating new private investment."

Congressman John D. Dingell

"I applaud the EDA for awarding funding to the Detroit Regional Chamber, as they have served as a critical partner in the effort to revitalize the Detroit region. Today's award serves as a wonderful example of the job creating synergy which business and government can produce. This pilot program, which will provide companies with the resources they need to attract business from new markets, will create 500 jobs, retain 200 jobs and leverage $10 million in private investment. Detroit has recognized long before our neighbors that it takes an all-hands-on-deck approach to attracting new business and creating jobs in Michigan and no one has worked harder to do this than the Chamber," said Congressman John D. Dingell.

U.S. Senator Debbie Stabenow

"By helping our manufacturers diversify into new industries, we will strengthen our economy and create new jobs," said United States Senator Debbie Stabenow. "This project will provide businesses across the Detroit region with the resources they need to connect with other companies in new industries and help them access new markets."

About the Detroit Regional Chamber

With over 20,000 members and affiliates, that employ over three quarters of a million workers, the Detroit Regional Chamber is the largest Chamber of commerce in the country. The Chamber's mission is carried out through business attraction efforts, advocacy, strategic partnerships, valuable benefits and quality products and services to members. For more information please visit, detroitchamber.com.

SOURCE Detroit Regional Chamber