Lillian VestMichigan Gov. Gretchen Whitmer announced the first eight recipients of the Michigan Innovation Fund (MIF)on July 14, seeking to reinforce the state’s growing economy and entrepreneurs statewide.
The fund, which was signed into law early this year, received a $60 million appropriation to distribute across existing early-stage evergreen venture funds, emerging evergreen funds and other programs that contribute to the entrepreneurial ecosystem in Michigan.
The fund includes $48 million for the Existing Evergreen Venture Funds and $4.8 million for the Emerging Evergreen Funds. The agency anticipates announcing additional fund recipients at a later date for entities that are not affiliated with a higher education system or a local economic development organization.
Among the awardees, the Existing Evergreen Funds features allocations of $10.6 million for ID Ventures, $10.6 million toward Ann Arbor SPARK and $10.6 million for the University of Michigan Accelerate Blue Fund. The existing fund also includes $10.6 million toMichigan State University Research Foundation and $5.3 million to the Western Michigan University Biosciences Research & Commercialization Center.
The Emerging Evergreen Funds include $1.6 million to InvestUP, $1.6 million to Grand Valley Research Corp. and $1.6 million to 20Fathoms.
According to the release, the remaining $7.2 million of the $60 million appropriation will go toward entrepreneurial support programs. While the initial round is closed, applications submitted by Aug. 8 will be considered for a second and final round, subject to the availability of remaining funds.
In 2024, support from the Michigan Economic Development Corp. (MEDC) helped introduce more than 1,100 new products and services to the market and enabled 168 startups and entrepreneurs to launch businesses in Michigan, according to the release. Through programs such as the Michigan Translational Research and Commercialization (MTRAC), Technology Transfer Talent Network (T3N) and the Michigan Innovate Capital Fund, the state delivers fund to enable further economic development throughout the state.
The MEDC also backs SmartZones — localized, affordable co-working spaces that provide business mentoring, feasibility studies, and other resources for entrepreneurs, researchers and startups — along with Small Business Support Hubs, which offer comparable assistance to current and prospective small business owners, to encourage entrepreneurial growth
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