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.

“The funding from the Michigan Innovation Fund is recognition that rural regions like the Upper Peninsula have the sophistication and capability to be meaningful partners in innovation and entrepreneurship. This distinction is critical given growth follows a culture of innovation,” said Marty Fittante, CEO of InvestUP, which received $1.6 million in the Emerging Evergreen Fund category. “More broadly, this funding directly addresses a big need for investment capital in the entrepreneurial community across Michigan where we already have proof that investing in great, high-growth companies across the state yields significant returns.”

In a written statement, Gov. Gretchen Whitmer agreed.

“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,” Whitmer said. “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.”

Here’s the breakdown of who got what.

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.

Bud Sargent can be reached at 906-228-2500, extension 544. His email address is bsargent@miningjournal.net.