Let's see. Our state has three major research institutions: Wayne State, Michigan, and Michigan State. In order to turn our economy around, we need to build a new generation of young, knowledgable workers capable of attracting 21st Century jobs.

So, how do we capitalize on our assets to stimulate economic activity? In a word, icubators.

Here's the story from MSU's student newspaper, the State News:

In coming months, the city will discuss and eventually implement a “high-tech incubator” on the third floor of the building that contains Barnes & Noble, 333 E. Grand River Ave.

The city hopes the incubator will serve as a nurturing environment for small business as they struggle to mature and grow into full-fledged establishments, City Manager Ted Staton said.

“You know the notion of an incubator,” Staton said. “The immature baby is sort of coddled in this nurturing environment until the baby gets healthy enough. Well, it’s the same thing. Immature companies will come over here and be given a chance to grow and become mature.”

The first set of businesses, which will be selected by the city in the coming months, will settle within a 7,000-square-foot region in the building, said Tim Dempsey, East Lansing’s community and economic development administrator.

Initially, the city will let up to five businesses settle in the incubator, but as interest peaks, the city will consider expanding the area and opening it for the simultaneous use of more businesses, he added.

Incubated businesses will reap the benefits of below market rent rates, discounted utilities, high-speed Internet and common space, Staton said.

The concept of buisness incubators isn't new. Ann Arbor SPARK is a non-profit organization that aims "to advance the economic development of innovation-based businesses in the Ann Arbor region by offering programs, resources, and proactive support to business at every stage, from start-ups to large organizations looking for expansion opportunities."

Earlier this month, SPARK announced a similar venture to the one taking shape in East Lansing:

Arbor SPARK also is planning two office-style incubators -- one in downtown Ann Arbor and another in Ypsilanti -- to nurture startup companies in a host of other fields. Altogether, SPARK is working with 31 businesses that have located or plan to locate in one of the three new business accelerators and many either have ties to university research or former Pfizer employees.

SPARK leaders have been working with at least 14 startup companies looking for wet lab space, trying to find alternative locations for those they can't accommodate. The availability of Pfizer space where numerous small companies can be housed presents a large opportunity for many new and growing firms.

According to UM, the region has long had a shortage of privately available wet lab space. SPARK's incubators will fill lthat void.

What's particularly interesting about the project in Ann Arbor is that SPARK is actively pushing business accelerators for former Pfizer employees.

Back in January, Pfizer announced it was closing three research sites in Ann Arbor. Similar to the Armory Arts project we highlighted yesterday, this is another perfect example of someone taking a symbol of Michigan's econoimc struggles and turning it around.

The message here is actually pretty simple. With non-profits and Michigan's public reserach universities pulling in the same direction, we can capitalize on our collective assets and accomplish some remarkable things.