Inequities continue to weaken Michigan's capacity to respond quickly and effectively to crises, both natural and human-made. Minority and low-income populations, already disadvantaged, suffer the burden of the inequitable social, environmental, and economic injustices that have culminated in previously unacknowledged levels. Since 2011, the Michigan State University U.S. Economic Development Administration (EDA) University Center for Regional Economic Innovation (REI) has been leveraging higher education assets in collaboration with distressed regions to support the co-creation, co-implementation, and dissemination of new economic development strategies to build equitable, resilient, and inclusive economies. To date, REI has generated over $68 million in economic impact across Michigan through its collaborative and community-engaged strategies. The Michigan State University Center for Community and Economic Development (CCED) and its REI initiative's unique approach embraces collaboration to create innovative economic development tools, models, policies, and programs to improve the lives of underserved and historically excluded citizens. The CCED addresses these challenges through community engagement, strategic partnerships, and collaborative learning. Through technical assistance, Student-Led Faculty-Guided (SLFGs) projects, Co-Learning Plans (CLPs), and Innovation Fellowships (IFs), REI and partners co-create innovative and equitable initiatives leading to long-term economic recovery across Michigan. Addressing these issues requires an innovative, community-centered approach that leverages higher education assets. Engaging Michigan's underserved communities through a collaborative model can drive high-growth entrepreneurship, job creation, and equitable economic development, fostering resilience and long-term prosperity. REI's approach also emphasizes justice, equity, diversity, inclusion, and belonging (JEDI+B), and draws on the unique strengths of higher education to empower local communities. These efforts have resulted in measurable outcomes, including increased community investment, stronger regional ecosystems, and demonstrated capacity to retain homegrown talent, positioning REI as a replicable model for regional economic innovation.