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.
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 additional details and to apply, visit the First Capital Fund 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 over 93 investments in 50 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.
This grant supports Michigan technology companies seeking energy and advanced transportation-related federal funding outside the SBIR/STTR program by providing matching funds for commercialization activities. The program is administered by NextEnergy.