Michigan LIFT launched by Ford and JPMorganChase to boost manufacturing

Ford Motor Co., JPMorganChase, the State of Michigan, Michigan Central, and Newlab have launched the Michigan Launchpad for Industrial Innovation & Transformation (Michigan LIFT). This public-private initiative aims to strengthen manufacturing competitiveness and supply-chain resilience by helping innovative suppliers scale production within Michigan.

Over the next decade, Ford intends to award up to $1 billion in contracts to suppliers participating through the platform. Simultaneously, JPMorganChase aims to provide up to $1 billion in debt financing to these suppliers as part of its $1.5 trillion Security and Resiliency Initiative.

The platform functions by having industrial buyers issue ‘Open Calls’ to identify specific manufacturing and supply-chain challenges. Suppliers with viable solutions are then connected to customer demand, financing, state resources, workforce programs, and commercialization support. The initiative also seeks to attract 10 to 20 additional industrial buyers representing more than $1 billion in annual demand commitments by 2036.