The LRSZ also supported 131 businesses and raised $4 million, according to the newly released LRSZ annual report
EAST LANSING, Mich.—(Oct. 19, 2023)—The Lansing Regional SmartZone (LRSZ) drove growth in the Greater Lansing region through its backing of 32 new companies and its support of 131 businesses in the last fiscal year, according to its new LRSZ Annual Impact Report. The LRSZ contributed to a thriving entrepreneurial ecosystem through these direct support services and through raising $4 million in private and public funds during the fiscal year that ran from July 1, 2022 to June 30, 2023.
“The tremendous successes spotlighted in our annual report have been years in the making,” said Ben Bakken, who serves as board chair of the Local Development Finance Authority, which oversees the LRSZ. “We’re incredibly grateful to our partners for helping us lay the groundwork for long-term success. The partnerships that continue to grow, along with new ones being formed, mean a better, more inclusive, and more sustainable future for the LRSZ.”
View the LRSZ Annual Impact Report Fiscal Year 2022-2023 via this link or download below.
The Lansing Regional SmartZone stimulates the growth of technology-based businesses in the Lansing region by funding local partners to deliver exceptional entrepreneurial support services. A dynamic organization of leaders from all backgrounds and business sectors, the LRSZ is a partnership between Ingham County, City of Lansing, City of East Lansing, Lansing Community College, East Lansing Public Schools, Lansing School District, MEDC, Michigan State University Research Foundation and Michigan State University Innovation Center. Since 2012, the Lansing Economic Area Partnership (LEAP) has managed the Lansing Regional SmartZone on behalf of the Local Development Finance Authority.
“The success stories showcased in the LRSZ Annual Impact Report represent a major step forward for the region’s entrepreneurial ecosystem,” said LRSZ Development Director Harrison Leffel-Jones. “We’re tracking meaningful, measurable results and strengthening our partnerships with key stakeholders. We deployed sustainable funds to our regional partners that delivered exceptional results for high-growth, high-tech businesses.”
Key accomplishments in Fiscal Year 2022-23 also include:
- The approval of the LRSZ’s Tax Increment Financing (TIF) renewal, which allows the LRSZ to continue to collect and deploy funds until 2027.
- A Memorandum of Understanding (MOU) between the Lansing Economic Area Partnership (LEAP), Michigan State University, and the Michigan State University Research Foundation, which has led to greater collaboration and mutual support.
- Improvements to the Technology Innovation Center (TIC) business incubator, including a full-scale podcast studio. Occupancy at the TIC rose from 33% to 65%, including 10 new tenants.
- The development of a new brand identity, which will raise awareness of LRSZ’s mission and focus.
“We have made several infrastructural enhancements that will allow the LRSZ to work more effectively and efficiently for decades to come,” Leffel-Jones said. “We have a lot to be excited about, and we’re thrilled to share our progress with the region.”
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The Lansing Regional SmartZone (LRSZ) drives growth in the Greater Lansing region’s high-tech sector by funding local partners to deliver exceptional entrepreneurial support services. The LRSZ is a partnership between Ingham County, City of Lansing, City of East Lansing, Lansing Community College, East Lansing Public Schools, Lansing School District, the Michigan Economic Development Corporation (MEDC), the Michigan State University Research Foundation, Michigan State University Innovation Center, and the Lansing Economic Area Partnership (LEAP). A dynamic organization of leaders from all backgrounds and business sectors, the LRSZ has locations in downtown East Lansing at the Technology Innovation Center (TIC) and in Lansing at the MSU Health Park. To learn more, visit LansingRegionalSmartZone.com