$25M in State Funding Will Support Entrepreneurs, Startups

7/28/11Follow @XconomyDET

The Michigan Economic Development Corporation (MEDC) announced yesterday that the Michigan Strategic Fund (MSF) has awarded $25 million to six metro Detroit organizations that will support entrepreneurs in launching and growing startup companies throughout the state.

The funding comes from the state’s 21st Century Jobs fund, which is focused on the commercialization of cutting-edge technologies in areas that include cleantech, life sciences, advanced manufacturing and materials, information technology, and other innovative sectors.

Metro Detroit organizations that received awards from the MSF include the following:

  • Ann Arbor SPARK, $10.8 million: Michigan Pre-Seed Capital Fund, a statewide co-investment program targeting pre-seed stage companies; Accelerate Michigan Innovation Competition, an annual business competition that awards $1 million in cash prizes to startup and emerging companies; and the Michigan Angel Fund, a new fund that will invest in Michigan startup companies.
  • Biotechnology Business Consultants (BBC), Ann Arbor, $1.6 million: Statewide support for Michigan companies to secure funding through federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
  • Detroit Creative Corridor Center (DC3), $400,000: Creative Producers, a program that will deliver targeted business acceleration services to early and second-stage businesses in the digital and media production fields.
  • Great Lakes Entrepreneurs Quest (GLEQ), $1.1 million: Statewide annual business plan competition that provides a network of volunteer coaching, investor talent, and entrepreneurial support programs for early stage companies.
  • Inforum Center for Leadership, Detroit and Grand Rapids, $700,000: Implementation of two programs focused on high-growth women entrepreneurs—ACTiVATE, a technology commercialization curriculum, and Astia, a global network of mentors and investors.
  • Michigan Venture Capital Association (MVCA), Ann Arbor, $3.1 million: Entrepreneur-in-Residence and CEO placement programs, to improve talent in entrepreneurial companies; the Michigan Venture Fellows program, to develop talent for Michigan venture capital firms; and the Angel Network Growth program, to strengthen angel investment networks across the state.

“Early-stage companies require seed capital and access to a strong network of public and private resources,” said MEDC President and CEO Michael A. Finney in a statement. “We are confident that with the funding of these organizations and the types of programs—from federal grant support to business plan completion to providing services and angel and pre-seed funding—we will continue to accelerate the growth of innovative technology start-ups in Michigan.”

Sarah Schmid is the editor of Xconomy Detroit. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET

By posting a comment, you agree to our terms and conditions.