Building Technology Where Resources are Abundant
Entrepreneur's New Year’s Guide
When Greg Clark founded his company in 2017, he set out to take induction technology to a new level, making it more convenient, safe, and sustainable. From that mission, Inductive Intelligence was born.
Based in Grand Rapids, Mich., the company’s patented Inductive Intelligence system turns paper, plastic, glass, foil pouch and metal packaging into heatable IoT devices. Inductive Intelligence has developed product packaging that includes a matrix of data that communicates to a base heating system. The base unit identifies the package and wirelessly sends the appropriate amount of energy to a metal receptor in the package to create the right heating experience for the package and its contents.
“If you want to use the most efficient method of heating possible, and provide temperature control, that’s what we do,” Clark says. The system was designed for industries including single serve foods, commercial cooking, food delivery, as well as many others.
Tapping into a wealth of resources.
It’s one thing to have a great idea like Clark’s vision for Inductive Intelligence. It’s another thing completely to have access to the right resources and talent to make that idea come to life. Clark says he wouldn’t have done it anywhere except Michigan.
“People never expect technology businesses to come out of Michigan, which makes no sense given our history,” he says. “But it’s always fun to surprise people with what you’re building and open their eyes to development happening in the middle of the country.”
As it turns out, Michigan has the highest concentration of engineers in the nation, with more than 130,000 engineers across the state. It is also home to 250,000 skilled trades workers and several top-rated higher education institutions.
“If you plan to make something, we have everything you need here in the state to make that happen, so finding experienced, talented people and vendors isn’t difficult at all,” Clark says. “Michigan is becoming a hub for entrepreneurship. People across the state understand the importance of building businesses to retain good, young talent, and to create quality jobs.”
More than just business.
Michigan isn’t just a hub for entrepreneurship because of its wealth of skilled workers. Smart business owners are also attracted by the state’s vast resources, business-friendly environment, and positive lifestyle.
Michigan’s cost of living is 10 percent below the national average and ranks as the fourth most affordable state in the country, according to statistics from the Michigan Economic Development Corporation. Other attractive factors include
- 6 percent corporate income tax
- 4.25 percent personal (flat) income tax
- 6 percent sales tax (+ no local sales tax)
All of these elements make Michigan an ideal place to start or relocate a company — and is a place that’s ripe with opportunity. “The entrepreneurial ecosystem in Michigan is still forming and evolving,” Clark says. “I think those involved in the ecosystem have learned a lot over the last decade, and the state is now starting to see the fruits of their labor and investment.”
Click here to learn more about why Michigan might be the right place for your business.