Ford Motor Company, JPMorganChase, the State of Michigan, Michigan Central and Newlab have announced the Michigan Launchpad for Industrial Innovation & Transformation (Michigan LIFT), a public-private initiative the companies say is designed to strengthen manufacturers’ competitiveness and supply-chain resilience while accelerating the growth of innovative suppliers expanding production in Michigan.
The partners say they hope the initiative will help innovative suppliers win business from leading manufacturers, and access the financing and state support they need to expand production. Michigan LIFT creates and facilitates an “open call” system that connects suppliers with industry buyers to satisfy needs in robotics and automation, critical minerals, semiconductors and other priority areas. Industry buyers do not have to be in the state to participate.
According to a September 29 press release, over the next decade, Ford “aspires” to award up to $1 billion in contracts to participating suppliers; JPMorganChase aspires to provide up to $1 billion in financing to suppliers on Michigan LIFT; and Michigan Central, Newlab and MEDC aspire to attract additional industrial buyers representing more than $1 billion in annual demand by 2036.
“Michigan has always been a state that builds, and we’re going to keep leading the next generation of American industry,” said Governor Gretchen Whitmer. “Michigan LIFT will bring together our world-class manufacturers, innovative companies, skilled workers and capital to turn big ideas into real products, new investment and good-paying jobs. By working together, we can bring more critical supply chains home, help Michigan businesses grow and show the world that the future is built right here in Michigan.”
Michigan LIFT is calling on additional industrial buyers and innovative suppliers across critical sectors to join the platform. As yet, there is no website for the program.
