“Now is the time for Michigan to reinvest in its commitment to transition the state’s economy into a 21st century knowledge economy driven by innovation,” according to the report that looks at the impacts and effectiveness of the state’s 21st Century Jobs Fund. “The economy of Michigan is at a crossroads — its ability to reshape itself through innovation and entrepreneurship is predicated on its ability to stay the course and continue to make significant investments to improve the entrepreneurial climate of the state.

“Michigan must not turn back. The time is now to seize this economic development opportunity.”

The study found that the 21st Century Jobs Fund invested $261.6 million to assist nearly 1,400 companies, 1,073 of which were still operating as of 2014. Those companies directly employed more than 11,000 people and paid wages and benefits of $879.5 million, according to the TEConomy report.

Report: Michigan must continue to diversify economy, grow entrepreneurship