LANSING – State Representative Andy Meisner (D-Ferndale) was joined today by Representatives Joan Bauer (D-Lansing) and Barb Byrum (D-Onondaga)and announced a detailed new plan to stimulate Michigan's economy by creating a culture of entrepreneurship, and offering powerful new tools and incentives to people willing to start their own businesses and become the job providers of tomorrow.
"By embracing a culture of entrepreneurship and doing everything we can to support small business growth, we can rebuild and diversify Michigan's economy – one new business at a time," Meisner said. "What some people see as a crisis, I see as an opportunity to unleash the experience, hard work and creativity of Michigan citizens. We need all hands on deck to move Michigan forward."
Meisner's multi-point plan, the Michigan Spirit of Entrepreneurship Initiative, is designed to make Michigan first in the nation for supporting small business growth. For the short-term strategy, there will be an unparalleled set of resources and tools made available to remove barriers to the success of new businesses, especially in the first few years. The long-term strategy is to change Michigan's "big company" culture by teaching students at all learning levels about entrepreneurship, and providing access to small-business curriculum and training.
"This is an opportunity for Michigan workers to reinvent their careers and operate a business for themselves," Bauer said. "By providing the tools, resources and incentives for entrepreneurs, we will help create new jobs and jumpstart the state's economy."
Meisner's tools for entrepreneurs include:
- Healthcare tax credits for new business owners and tax deductions for personal income invested in small businesses.
- Transferable R&D tax credits to help more innovations get to the market.
- Access to the state's bulk-purchasing program to reduce small business costs.
- Free tuition for students of any age in entrepreneurship courses.
- A grant program to encourage student participation in programs like Junior Achievement that teach business skills and financial literacy.
- Creating a statewide center for entrepreneurialism.
Meisner's plan to create a culture of entrepreneurship includes:
Scott Thornton, president of Ferndale's American Electric Vehicle Company which produces the neighborhood electric car called the Kurrent, said his company was aware of some of Michigan's small business incentives when they launched last year, but Meisner's entrepreneurial package would be extremely beneficial for start-up businesses.
"Most people who start their own businesses are visionaries and full of enthusiasm, but usually do not know about all of the resources that are available and find the process hard to navigate," Thornton said. "The resources detailed in Meisner's plan have many advantages for new businesses and will be a tremendous value."
According to Michigan.gov/beyourownboss, companies with 500 or fewer employees represent 99.7 percent of all employees in the U.S. In Michigan, more than 1.4 million citizens work at one of the 230,000 firms that employ less than 50 people. Nearly 90 percent of Michigan's employees work for companies with 20 or fewer employees.
"The plan will inspire Michigan's creative business minds," Byrum said. "This plan logically removes barriers that prevent small businesses from succeeding, and provides the resources necessary to flourish in a 21st century global economy."
Meisner's proposal was inspired by the Small Business Association of Michigan's (SBAM) Entrepreneurship Scorecard, which recently upgraded Michigan from an "F" last year to a "D" this year, noting: "Nothing short of a far-reaching strategy and policy shift is warranted if Michigan is to reassert itself as a growth state."
And, The Cherry Commission Report on Higher Education and Growth also reported that: "Michigan must rekindle a culture of entrepreneurship, starting with the education of all the state's young people and extending to how Michigan thinks about economic development and job-training activities."
"Rekindling the spirit of entrepreneurship is the closest thing we've got to a silver bullet to turn our economy around, and create jobs through small businesses," Meisner said.