The Macomb-OU INCubator works through the University to help small businesses and entrepreneurs with funding and planning. Recently, the INCubator assisted in and gained their client Plastomer Lighting Technologies a $50,000 boost from the Business Accelerator Fund of the Michigan Small Business and Technology Development Center.
“Plastomer Lighting Technologies needed to meet the milestones of becoming a company, including receiving this funding, to succeed,” Mike Brennan, OU INCubator capital advisor, said.
PLT, a Rochester ambient lighting auto company, was one of the first the INCubator clients and this boost is part of the largest award given yet. According to Brennan, the INCubator worked with PLT since November 2011, assisting them in submitting an application for the funds.
BAF, formed by SBTDC Nov. 29, 2011, is a $3 million fund awarded to business accelerators like the INCubator, to help growing, prospective businesses achieve goals. Businesses showing work ethic and potential can be eligible to apply for part of the fund, according to SBTDC Technology Business Consultant Phil Tepley.
“The bar is high for both large and small financial boosts,” Tepley said. “We are expecting big results. Companies must provide that they can return on investment and job creation.”
SBTDC works with 15 accelerators across the state. According to Tepley, one of the main goals is to further business development and synergy, making jobs and uniting Michigan companies. The funds provided help accelerators hire specialists for supplemental assistance as developed businesses take the next steps toward success.
The INCubator is one of SBTDC’s newest clients. The center worked with them from the beginning, as they formed and launched the accelerator, according to Tepley.
“We are very pleased with the Macomb OU INCubator’s results so far and have used them as an example for other companies,” Tepley said.
With the assistance of these funds, PLT has developed further as a business. The company will be working on lighting for the 2013 XTS and 2014 Cadillac Escalade.
“It’s been an eye-opening experience, a real blessing to work for the Macomb-OU INCubator and the state of Michigan on these programs,” Brennan said. “It’s really terrific to see that state programs really do work. Entrepreneurs and early stage companies need to be aware that there is money available to help new companies be a success.”