Monday, April 23, 2012
Plastomer Lighting Technologies receives $50,000 from the Business Accelerator Fund
Early March, the Macomb-Oakland University INCubator submitted an application on behalf of Plastomer Lighting Technologies (PLT) for a request of funds from the Business Accelerator Fund (BAF) from the Michigan Small Business and Technology Development Center (MI-SBTDC). PLT, a Rochester, Michigan company, was awarded $50,000 in funding.
The BAF allows the Macomb-OU INCubator, and 13 other accelerators across the state, to provide specialized business acceleration services to companies commercializing advanced technology. It is a 21 Century Jobs Fund Program managed by the MI-SBTDC in partnership with the Michigan Economic Development Corporation and Michigan’s network of business accelerators.
PLT is a unique, ambient lighting technology, growth-stage Company. Since inception in 2010, PLT has created patent-pending ambient lighting designs and assemblies so unique and cost-effective that the company achieved Tier 1 designation for GM within 12 months. As a result, the company has been awarded highly visible still-plate lighting business for both the 2013 XTS and 2014 Cadillac Escalade.
This $50,000 BAF, in particular, will be used for financial infrastructure, human resources, and TS 16949 Certification and Process Mapping.
"Mr. Licatovich and his team have worked tirelessly to position the company for institutional funding assistance. The BAF Fund is essential to the company's ability to meet the required milestones necessary to position the company appropriately,” says Mike Brennan, Macomb-OU INCubator’s Business Commercialization and Capital Investment Advisor. “It’s truly wonderful to have these unique tools in place to help a company like PLT get to the next level, gain real traction and grow for our community."