Early stage funding is critical to the success of startup companies and entrepreneurs. Through a number of programs, MEDC’s Entrepreneurial & Innovation initiative is here to help you find the early stage funding needed.
As of May 1, 2020, the Tech Startup Stabilization Fund is no longer open to new applicants. If you would like to be notified of future application windows, please visit: www.TSSFund.com.
The $3 million Tech Startup Stabilization Fund supports early-stage tech startups in Michigan that are being impacted by the COVID-19 outbreak. The fund is administered by ID Ventures in Detroit.
Investment sizes will vary between $20,000 to $200,000 based on a company’s stage, sector, runway and demonstrated funding needs. Typical investments will likely be between $50,000 to $100,000, which is generally enough to extend a company’s runway time by 3-5 months.
ID Ventures aims to administer funding from the TSS Fund within 2-3 weeks of full application documentation submission, provided a company meets all investment criteria.
Startups interested in learning more about the fund and applying can go to TSSFund.com.
Entrepreneurs should consider the First Capital Fund as their first investment choice as the First Capital Fund provides “genesis” funds (up to $150,000) to new technology companies at the earliest stages of commercialization in the State of Michigan. The fund is milestone-driven and focused on helping companies achieve follow-on funding from Invest Michigan, angel or venture investors within 12 months. For more information, visit the Invest Detroit website.
Invest Michigan manages the Michigan Pre-Seed Fund II, which invests capital in early stage high tech Michigan businesses. The firm is actively investing in new opportunities, completing 108 investments in 51 companies, and supporting these companies with “follow-on” investments through multiple rounds of financing with targeted investments between $500,000 to $1,000,000 per company. For more information contact a local SmartZone or visit the Invest Michigan website.
The Business Accelerator Fund (BAF) is available to participating business accelerators in Michigan’s statewide SmartZone network. These funds are used toward the delivery of highly specialized services to their clients that are not otherwise available from these business accelerators. Participating business accelerators engage third party specialists to help advance the client’s path to commercialization, company success, and economic impact for the state of Michigan.
The Michigan Emerging Technologies Fund (ETF) is designed to expand funding opportunities for Michigan technology-based companies in the federal innovation research and development arena by providing match dollars (of up to $25,000 for Phase I and up to $125,000 for Phase II) to eligible Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) proposals. Approved ETF applications receive a letter of support to include with their SBIR/STTR proposal. The ETF is administered by the SBDC. For more information and to apply visit the SBDC website.