$100 million "New Economy Initiative"

Last week Crain's Detroit wrote about a $100 million initiative to "fund efforts to change Southeast Michigan into an innovation-based economy." The New Economy Initiative looks to fund efforts in three areas:

1. Talent development and retraining
2. Innovative and entrepreneurial activities.
3. Transforming the region’s culture to an educational, entrepreneurial community.

Metromode interviewed one of its leaders, Rip Ranson, the president of the Kresge Foundation. According to Ranson, "This is the single biggest pooled investment that a consortium of foundations has ever made in urban America." The initiative is regional, but he insists it is especially important for the city of the Detroit.

I wish it every success.