IURTC launches statewide SBIR/STTR program\nThe IU Research and Technology Corporation has created the Indiana S4 Initiative, a statewide program that will aid small technology businesses seeking federal Small Business Innovation Research and Small Business Technology Transfer program funding. \nThe SBIR and STTR programs are the largest source of early-stage financing for technology start-ups in the nation, with about $2 billion in federal grants and contracts given out each year. \n"Grants from the Indiana Department of Higher Education and the U.S. Small Business Administration make this initiative possible," said IURTC President and CEO Mark Long. "But we are building a model for delivering assistance that will sustain funding opportunities for Indiana small businesses for many years." \nIURTC's partners in the project include inVenture in Bloomington, the Purdue Research Park, the University of Notre Dame, the Northeast Indiana Innovation Center, EG&G Technical Services and the IU East Entrepreneurship Center. \nThroughout this program year, the Indiana S4 Initiative aims to increase awareness of the SBIR program throughout the state and to provide technical assistance to small business owners who express an interest in SBIR/STTR awards. In October, IURTC received two grants from the U.S. Small Business Administration totaling $150,000 to aid entrepreneurship and small business development throughout Indiana.
MGM Mirage-Mandalay plans to shed Detroit casino\nLAS VEGAS -- Gambling companies MGM Mirage Inc. and Mandalay Resort Group announced Wednesday they intend to sell a controlling stake in a Detroit casino and were pushing back the closing date of their merger to June 30 so they can secure approval from regulators in Illinois and Michigan. MGM Mirage shares sank more than 3 percent.\nThe companies said Mandalay reached an agreement to sell its 53.53 percent interest in the MotorCity Casino for $525 million to an affiliate of Marian Ilitch, who owns 25 percent of the casino.\nThe companies had to sell one of two Detroit casinos because Michigan law requires the city's casinos be owned separately. MGM Mirage already owns the MGM Grand, and Mandalay owns a majority stake in MotorCity Casino.\nIlitch co-founded the Little Caesar Enterprises Inc. pizza chain with her husband, Mike. The Ilitch family also controls the Detroit Tigers and Detroit Red Wings sports franchises.\nMGM Mirage said the appointment last week of new members to the Illinois Gaming Board will let the company's application before the regulatory agency move forward.\nMGM Mirage officials now expect the transaction to close in the second quarter of this year. Company executives had hoped to wrap up the deal in the first quarter.\nMGM Mirage agreed in June to acquire rival Mandalay Resort for $4.8 billion in cash. It is also assuming $2.5 billion in debt and $600 million in convertible debentures in the deal.\nAnother planned casino merger, between Caesars Entertainment Inc. and Harrah's Entertainment Inc., is still pending Federal Trade Commission and state approval.\nOnce the mergers are completed, MGM Mirage would be the second largest gambling company in the world behind Harrah's in terms of revenues.
