LANSING — Lt. Gov. Garlin Gilchrist II on Friday said that four Michigan nonprofit organizations will receive initial awards from the Michigan Innovate Capital Fund (MICF), a new program designed to help grow a robust entrepreneurial ecosystem in Michigan.
“Michigan is home to dreamers, doers, innovators and pioneers pushing the boundaries and building the future,” Gilchrist said. “The Michigan Innovate Capital Fund is about unleashing Michigan innovation and supporting startups across our state as they grow our economy, create good-paying, high-tech jobs, and bring supply chains back home from overseas.”
Ann Arbor SPARK, Biosciences Research and Commercialization Center, Invest Detroit and InvestUP will receive $18 million in funding from the program, which was approved by the MSF Board in June 2023. The program received a $23 million allocation from the Jobs for Michigan investment fund. The remaining $5 million allocated for the MICF program is currently in the review process.
These funds will help early-stage, high-tech companies develop products and put them on the market, creating good-paying, high-skilled jobs that keep talent in Michigan and diversify Michigan’s economy. Applicants were eligible to receive initial awards of up to $5 million with the option to increase the award amount during the term of the award, subject to available funding and approval of the MSF. MICF gave preference to nonprofits in underserved locations that clearly addressed the funding gap in underrepresented communities.
Here’s a closer look at the Northern Michigan award recipient:
InvestUP: $3 million
InvestUP is the lead economic development organization for Michigan’s Upper Peninsula. Located in Marquette and formed in 2017, InvestUP drives economic growth by supporting and nurturing local businesses, attracting businesses to relocate or establish new operations, promoting talent and workforce development, creating connections between businesses for joint ventures and supply chains, and working to accelerate economic growth throughout the Upper Peninsula.
As part of the MICF program, InvestUP will receive $3 million to establish the Michigan Outdoor Innovation Fund, the first fund of its kind in the Upper Peninsula. The Fund will invest in startups innovating new technology in outdoor recreation, strengthening the long-term future of Michigan’s outdoor and tourism industry. In 2021, outdoor recreation contributed $10.8 billion to Michigan’s economy and the state’s outdoor recreation industry employs nearly 110,000 people and $5 billion in compensation.
“InvestUP is grateful for and proud of the opportunity to launch and manage the Michigan Outdoor Innovation Fund to support entrepreneurs across Michigan,” said InvestUP CEO Marty Fittante. “We extend our sincere gratitude to MEDC CEO Quentin Messer and his team at the MEDC for their continued support and partnership, and the commitment to making investments that seek to build upon regional strengths. Outdoor recreation is not only a strategic asset for both the State and especially the Upper Peninsula, but also serves as a new avenue of opportunity with innovation, entrepreneurship and industry. We look forward to moving this opportunity forward in partnership with statewide and regional stakeholders, like Innovate Marquette SmartZone, who was instrumental in building the concept for this Fund, Michigan Tech University, Shophouse Park, and the MEDC’s Michigan’s Office of Outdoor Recreation Industry.”
