Michigan's economy was built on the power and spirit of the automotive industry, but as the Detroit three continue to restructure, Michigan's businesses are diversifying to find new avenues to make money.
The Mackinac Policy Conference's three-part session on entrepreneurial diversification included Patricia Mooradian, CEO of The Henry Ford, who talked about the history of innovation and announced the institution's educational initiative, "On Innovation," which aims to document the creative process. The initiative outlines the five keys to innovation, including curious, break rules, collaborate, meet needs (?), embrace failure
This segment of the session included Ari Emanuel, founder of Endeavor Talent Agency, who detailed his plans to open a film production and television business in Pontiac that will be up and running in March. Emanuel discussed the connection between Michigan's economy and the rest of the country, and specifically how it relates to the entertainment industry, which relies heavily on advertisers. Emanuel noted that the biggest advertisers on prime time are autos and banks, and, in his words, "If we don't bail them out, we're screwed. They are our lifeline."