Additional awardees encouraged to apply for remaining funds
LANSING, Mich. – On July 14, Governor Gretchen Whitmer announced the initial eight recipients of the first-ever Michigan Innovation Fund (MIF) signed into law earlier this year. With bipartisan support from elected officials in the state Legislature, the fund received a $60 million appropriation to distribute across existing early-stage evergreen venture funds in Michigan, emerging evergreen funds in Michigan, and others who contribute to the entrepreneurial ecosystem in Michigan, especially toward startup companies, founders and funds.
“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. Just last week, we were named a top 10 state for business for the third year in a row, achieving our highest ranking ever. We will build on this momentum by continuing to empower Michigan innovators and make our state the best place to have an idea and build something real.”
“Today’s announcement is a bold proclamation to a rapidly growing, highly sought-after entrepreneurship and innovation community that Michigan is willing to put in the work to make this community’s dreams a reality right here in our great state,” said Ben Marchionna, Chief Innovation Ecosystem Officer at the Michigan Economic Development Corporation (MEDC). “It is my hope this announcement is the first of many to come, not only for the state’s support of this industry, but for all of Michigan to see what Michigan is capable of when we invest in the entrepreneurial and innovation ecosystem.”
The law specifies funding be divided across certain cohorts. Today’s announcement includes Existing Evergreen Venture Funds ($48 million) – those with a longstanding record of successful investment – and Emerging Evergreen Funds ($4.8 million) – those with a solid base of support but who are newer to the entrepreneurial ecosystem. Additional fund recipients will be announced at a later date for those who are not affiliated with a higher education system or local economic development organization.
To that end, awardees were made in the following regions and divisions:
Existing Evergreen Funds:
- ID Ventures, $10.6 million
- Ann Arbor SPARK, $10.6 million
- University of Michigan Accelerate Blue Fund, $10.6 million
- MSU Research Foundation, $10.6 million
- Western Michigan University Biosciences Research & Commercialization Center, $5.3 million
Emerging Evergreen Funds:
- InvestUP, $1.6 million
- 20Fathoms, $1.6 million
- Grand Valley Research Corp., $1.6 million
The $7.2 million remaining of the total $60 million appropriation will be used for entrepreneurial support programs and a pitch competition that is currently accepting applications through noon on July 16, 2025. Applications received after this deadline and by August 8, 2025, at noon, will be reviewed as part of a second and final round, pending availability of remaining funds. For more information on applying for the remainder of funds, visit the Michigan Innovation Fund website.
“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. “We remain grateful and committed to creating the environment for a higher probability of success for all involved in this process – from our governor to the state legislature, the entrepreneurs and startups who continue to bet on Michigan and our team at the MEDC, and partners from academia and elsewhere throughout Michigan’s increasingly vibrant entrepreneurial ecosystem.”
WHY IT MATTERS: In Fiscal Year 2024, MEDC support helped bring 1,167 new products or services to the marketplace while directly helping 168 new startups and entrepreneurs launch their business in Michigan via programs like the Michigan Translational Research and Commercialization (MTRAC), Technology Transfer Talent Network (T3N), and the Michigan Innovate Capital Fund.
The MEDC also supports SmartZones – which offer localized, low-cost co-working spaces for entrepreneurs, researchers, and startups to receive business mentoring, conduct feasibility studies, and more – as well as Small Business Support Hubs – which offer similar services on behalf of existing and emerging small business owners – to promote entrepreneurial activity.
Despite this, a recent report by Business Leaders for Michigan found that Michigan’s innovation economy ranks 32nd in growth funding compared to other states – more specifically, 36th in seed funding, 23rd in early-stage funding, and 35th in late-stage funding. The MIF is a newer economic development tool that allows Michigan to keep top-notch talent in-state rather than lose them to places where funding opportunities are more consistent and plentiful.
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