Michigan – Governor Gretchen Whitmer has announced the first round of awardees for the (MIF). This is a new step in the state’s efforts to help local entrepreneurs and new businesses. The MIF, which got $60 million from the state and was authorized with support from both parties earlier this year, is meant to invest in both long-established and new venture funds that are part of Michigan’s innovation ecosystem.
Eight chosen beneficiaries will split up around $53 million in funds into two primary groups: Existing Evergreen Funds and Emerging Evergreen Funds. The goal of these investments is to boost Michigan’s startup environment by backing funds that are either already successful in the market or have a lot of promise to create the next generation of high-impact companies.
ID Ventures, Ann Arbor SPARK, the University of Michigan’s Accelerate Blue Fund, and the MSU Research Foundation are all winners in the Existing Evergreen Funds category. Each received $10.6 million. The last place in this category goes to the Biosciences Research & Commercialization Center at Western Michigan University, which got $5.3 million. These funds have a long history of investing in Michigan-based entrepreneurs, and they plan to utilize the money to expand their reach and make a bigger difference.
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Three newer groups—InvestUP, 20Fathoms, and Grand Valley Research Corporation—each got $1.6 million on the emerging side. These groups are still quite new, but they are very important for increasing the ability to innovate in their areas, from northern Michigan to the Upper Peninsula.
“Michigan is a state of makers and doers, and we established the bipartisan Michigan Innovation Fund to unleash their entrepreneurial energy and keep growing our economy,” said Governor Whitmer. “Today’s awardees will harness these new resources to continue pursuing their big ideas in Michigan, leading to more jobs, more companies, and more investments in our communities.
Lieutenant Governor Garlin Gilchrist II echoed this sentiment, calling the fund an important signal that Michigan is serious about backing bold ideas and creating economic momentum from within.
The extra $7.2 million will go toward additional programming, including as business support programs and a statewide pitch competition. This is on top of the $52.9 million that has already been set aside. You can apply for this next round of funding until July 16. There will be a second and final round of applications open until August 8, as long as there is money available.
“Today’s announcement is a clear demonstration of our commitment to the ‘Make it in Michigan’ economic development strategy as it relates to both People and Projects,” said Quentin L. Messer, Jr., CEO of the MEDC and president of the Michigan Strategic Fund Board.
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While Michigan still trails many other states in total innovation investment, officials hope that the MIF will start to close that gap—retaining talent, boosting new product development, and turning Michigan into a more competitive player on the national startup scene.