LANSING — Following through with her promise to invest in Michigan innovation, Governor Gretchen Whitmer announced the creation of the Michigan Innovation Fund. The fund is a first for Michigan – a state that is known for its innovation history from fur trading, lumber, defense industries and the automotive industry.
“Michigan is a state of makers and doers, and we established the bipartisan Michigan Innovation Fund to unleash their entrepreneurial energy and keep growing our economy,” said Governor Whitmer. “Today’s awardees will harness these new resources to continue pursuing their big ideas in Michigan, leading to more jobs, more companies, and more investments in our communities. Just last week, we were named a top 10 state for business for the third year in a row, achieving our highest ranking ever. We will build on this momentum by continuing to empower Michigan innovators and make our state the best place to have an idea and build something real.”
In a press release, the governor announced the initial eight recipients of the first-ever Michigan Innovation Fund (MIF) signed into law earlier this year. With bipartisan support from elected officials in the state 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.
The recipients are:
Existing Evergreen Funds:
- ID Ventures, $10.6 million
- Ann Arbor SPARK, $10.6 million
- University of Michigan Accelerate Blue Fund, $10.6 million
- MSU Research Foundation, $10.6 million
Emerging Evergreen Funds:
- InvestUP, $1.6 million
- 20Fathoms, $1.6 million
- Grand Valley Research Corp., $1.6 million
In addition to the grants announced today, the Whitmer administration also announced that 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. Applications received after this deadline and by August 8, 2025, at noon, will be reviewed as part of a second and final round, pending availability of remaining funds.
“Today’s announcement is a clear demonstration of our commitment to the ‘Make it in Michigan’ economic development strategy as it relates to both People and Projects,” said Quentin L. Messer, Jr., CEO of the MEDC and president of the Michigan Strategic Fund Board. “We remain grateful and committed to creating the environment for a higher probability of success for all involved in this process – from our governor to the state legislature, the entrepreneurs and startups who continue to bet on Michigan and our team at the MEDC, and partners from academia and elsewhere throughout Michigan’s increasingly vibrant entrepreneurial ecosystem.”
Reactions from the organizations receiving the funds praised the program and promised to work towards the goals of the program:
“In Ann Arbor, we put a premium on innovation and ingenuity. In a given year, Ann Arbor SPARK will connect 450+ entrepreneurs with the resources or funding needed to scale, and the Michigan Innovation Fund’s investment will help us reach even more startups, entrepreneurs, and visionaries,” said Mike Flanagan, Vice President of Capital Programs at Ann Arbor SPARK. “One of the most significant things we can do to scale our innovation ecosystem is to show stability and reliability in our investments, and this fund provides us that assurance. We look forward to continuing this work with all who know Michigan is home to the best and brightest eager to thrive.”
“The funding from the Michigan Innovation Fund is recognition that rural regions like the Upper Peninsula have the sophistication and capability to be meaningful partners in innovation and entrepreneurship. This distinction is critical given growth follows a culture of innovation,” said Marty Fittante, CEO of InvestUP. “More broadly, this funding directly addresses a big need for investment capital in the entrepreneurial community across Michigan where we already have proof that investing in great, high-growth companies across the state yields significant returns. We are excited to continue deploying capital in creative ways to founders serving the outdoor industry, and others, across Michigan, and are grateful to the Governor, the MEDC and legislators – including members of the U.P. delegation – for this opportunity.”
In the press release from the Whitmer administration – it was pointed out that Michigan ranks 32nd in innovation in the United States. The goal and hope of the Michigan Innovation Fund is to move up and increase innovation in Michigan.
