Equity Funding Programs

Michigan Innovate Capital Fund Program

The Michigan Innovate Capital Fund (MICF) Program will award incentives to multiple non-profit organizations that operate fund programs to invest in pre-seed and start-up stage competitive edge technologies that require capital in the earliest stages of the commercialization process. The primary objectives of the program are to:

• Increase the amount of capital being invested in Michigan-based competitive edge technology companies that are in the earliest stages of commercialization.
• Create a capital climate that supports the development, retention, and attraction of venture-backed competitive edge technology companies in Michigan.
• Build a pipeline of high-growth, competitive edge technology company deal flow for the subsequent stages of funding, attracting investments from inside and outside the State of Michigan.

Program Qualifications
There are two categories of eligible applicants: one for those who have previously received financial support from the MSF or MEDC for pre-seed fund activities (Established Applicants), and one for applicants who have not previously received funding from MSF or MEDC (Emerging Applicants).

To qualify, applicants will have to demonstrate an ability and willingness to invest in high growth technology-based companies that are primarily in the earliest phases of commercialization (seeking $250,000 or less to prove out technology and market concepts). Specific program guidelines are outlined at: https://www.michiganbusiness.org/public-notices-rfps/

• View Program Guidelines
• View Application Process
• View Frequently Asked Questions Document
• Read Press Release Announcement

Michigan Rise Pre-Seed Fund

The objective of Michigan Rise Pre-Seed Fund is to help early-stage high-tech companies achieve commercial and technical milestones that will position them for future scaleup through capital, talent, etc. Economic development and diversification of the Michigan economy is the primary objective of the Fund. Administered by the Michigan State University Research Foundation, it provides up to $250,000 in funding through priced or convertible financial instruments. Investments are generally provided in tranches according to milestones and execution demonstration. Companies are encouraged to work through their local SmartZone to provide an email referral to Michigan Rise. You can also submit a contact request through: https://www.michiganrise.com. 

SSBCI 2.0 Small Business Venture Capital Program

The State Small Business Credit Initiative (SSBCI) was recently reinstated with $10 billion in funding as part of the American Rescue Plan Act of 2021 and is intended to provide capital to small businesses and startups that can be used either for debt or equity investment programs. On May 19, 2022, Michigan has been approved for up to $236,990,950 to utilize for capital access, credit support, and venture capital programs designed to assist small businesses grow.

The Small Business Venture Capital Program (“SBVCP”) provides up to $75 million to increase the availability of capital to early-stage, technology-based businesses in the State of Michigan. As approved by the U.S. Department of the Treasury, the Program supports funding for qualified for-profit early-stage, technology-based businesses by investing as a limited partner in venture capital funds operating in the State of Michigan.

Applications will be accepted until the close of business on Friday, August 30, 2024.

For more information, visit here.