HOUGHTON - The Michigan Tech Enterprise Corporation SmartZone is a business incubator designed to help people succeed in technology and the board is seeking new representation from Michigan Technological University's Academic Senate.
Marilyn Clark, CEO of the SmartZone, attended the regular meeting of the Academic Senate Wednesday and said the board is seeking a member of the Academic Senate to be on the board.
The SmartZone came into existence in the early 2000s during Gov. Jennifer Granholm's administration.
Stacey Kukkonen/Daily Mining Gazette
Michigan Tech Enterprise Corporation SmartZone CEO?Marilyn Clark attended the regular meeting of the Michigan Technological University Academic Senate Wednesday and made a presentation about the SmartZone.
"An incubator is a location where a group of companies are situated in one location," she said.
In this case, business within the SmartZone are located in the Jutila Center in Hancock, and the Powerhouse, Lakeshore Center and Advanced Technology Development Complex in Houghton.
"An incubator also provides coaching to help companies succeed," she said.
The probability of success for a business coming from an incubator, for which there are more than a dozen in Michigan, is 87 percent as opposed to the more than 40 percent for other businesses, Clark said.
Throughout the next 10 years, the SmartZone hopes to welcome 750 new jobs, which in turn would create even more jobs within the community. Funded partially by the state of Michigan, the SmartZone aims to promote technological businesses and once the businesses grow to a certain size, and earn a specific amount of money, they graduate out of the incubator into another space.
"We had 19 startup companies and 250 jobs created in those four locations," Clark said. "We have some really exciting things going on in the Keweenaw."
The senate is taking nominations for an individual to serve on the board.