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Michigan is now considered the 12th best state for entrepreneurs, a dramatic improvement from a decade ago when it was ranked 42nd.
A study released by MiQuest, a Lansing-based nonprofit research organization, said the state had shown major improvements in a variety of areas. The study used 137 indicators to measure Michigan against all the other states.
The study found Michigan ranked fifth in terms of industry research and development, eighth in terms of university of research and development, and fifth in degrees and certificates in technology areas.
It also found the state ranked fourth in the workers in the physical sciences and engineering, and second in high-tech manufacturing employment.
Michigan also ranked second in terms of the growth of new business owners and second in terms of private lending to small businesses.
The indicators also showed Michigan ranked 21st overall in terms of entrepreneurial climate, compared to 48th in 2008, and 12th in entrepreneurial change, compared to 49th in 2008.
The study was backed by the Small Business Association of Michigan, Consumers Energy, DTE Energy, the Michigan State Housing Development Authority and the Presidents Council, State Universities of Michigan among others.
