In Michigan’s tech sector, optimism shines through the clouds

With more economists forecasting a recession in 2023, some business owners are expressing concern about making it through what promises to be a tough year.

But Fred Molnar of the Michigan Economic Development Corporation reports that in Michigan’s tech sector, at least, the outlook is decidedly more upbeat.

“As I go around the tech ecosystem, there’s still tremendous optimism here,” said Molnar, senior vice president of entrepreneurship and innovation at the MEDC. “Even during the pandemic, when we thought things would really, really go down, the tech ecosystem stayed pretty level, if not improved.”

Molnar pointed to the life sciences sector in particular that grew during the pandemic, even as other industries took a hit.

“I do agree that there are potentially tough times ahead,” Molnar cautioned. “But I think from the tech ecosystem side, there’s not as much concern as there would be in a traditional business sense.”

Hear Molnar talk about MEDC’s role and other issues important to the Michigan business community in his conversation with Jeff Sloan, founder and CEO of StartupNation Media Group, on the Inside Michigan Business podcast.

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