While the recession has heavily hit Michigan in the last two years, an economic development group believes a new approach is needed to pave the way for the future. As such, the group recently unveiled an entrepreneurship program aimed at cultivating a younger generation of entrepreneurs. Crain's Detroit Business reported that the group New Economy Initiative of Southeast Michigan has announced an $800,000 grant to support replication of the University Miami's Launch Pad entrepreneurship resource program at Walsh College and Wayne State University. David Egner, the group's executive director, said the backbone of the economy in the next 30 to 40 years is today's students. “Wouldn't it be great to launch an entire generation of serial entrepreneurs?” he asked. The free program will helps students vet the marketability of their startup ideas, develop business plans, trademarks or copyright ideas, incorporate companies, build a board, hire employees and network with other entrepreneurial students through a website. It will also give students access to venture coaches and mentors to learn from their experiences and provide them with networking opportunities to tap potential investors once their business ideas are deemed market-ready, Egner said. At the University of Miami, the program has created 45 companies and at least a 100 paying jobs in southern Florida since its inception almost two years ago.  |