Governor Gretchen Whitmer announced the initial eight recipients of the first-ever Michigan Innovation Fund, which was signed into law earlier this year. With bipartisan support from elected officials in the 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.
Key Points:
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- The law specifies that funding be divided across certain cohorts.
- This 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.
- 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.
Michigan Innovation Fund:
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- The legislature passed the bipartisan plan in December 2024, and the governor signed it into law in January 2025.
- The goal is to support Michigan businesses and help attract potential investments to our state.
- The fund aligns Michigan with other Midwest states by creating an innovation fund that provides financial support for entrepreneurs and companies.
