Michigan is home to a diverse and robust economy that thrives on innovation, manufacturing, and entrepreneurship. Known as the birthplace of the automotive industry, Michigan continues to be a global leader in automotive production and engineering, with major companies like General Motors, Ford, and Stellantis headquartered in the state. Beyond its automotive legacy, Michigan has also fostered growth in emerging sectors such as advanced manufacturing, life sciences, and renewable energy. The state’s SmartZone network—technology hubs established to support innovation and collaboration between researchers, entrepreneurs, and businesses—has been instrumental in driving advancements and creating opportunities for startups and established companies alike.
Small businesses in Michigan play a critical role in boosting the state’s economy, representing over 98% of all business establishments. Michigan’s entrepreneurial ecosystem has benefited from state and private initiatives designed to support business innovation and growth. For example, Michigan Economic Development Corporation (MEDC) offers programs like the Michigan Small Business Development Center and the Michigan Business Growth Fund, tailored to assist businesses in securing capital, refining strategies, and achieving sustainable growth. Coupled with access to a highly skilled workforce—thanks to world-class institutions like the University of Michigan and Michigan State University—the state has solidified its position as a thriving hub for business and innovation.