Gov. Gretchen Whitmer announced Monday 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.
“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.”
The law specifies funding be divided across certain cohorts. Today’s announcement includes Existing Evergreen Venture Funds ($48 million) – those with a longstanding record of successful investment – and Emerging Evergreen Funds ($4.8 million) – those with a solid base of support but who are newer to the entrepreneurial ecosystem. Additional fund recipients will be announced at a later date for those who are not affiliated with a higher education system or local economic development organization.
To that end, awardees were made in the following regions and divisions:
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
Western Michigan University Biosciences Research & Commercialization Center, $5.3 million
Emerging Evergreen Funds:
InvestUP, $1.6 million
20Fathoms, $1.6 million
Grand Valley Research Corp., $1.6 million
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. For more information on applying for the remainder of funds, visit the Michigan Innovation Fund website.
“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.”
The law specifies funding be divided across certain cohorts. Today’s announcement includes Existing Evergreen Venture Funds ($48 million) – those with a longstanding record of successful investment – and Emerging Evergreen Funds ($4.8 million) – those with a solid base of support but who are newer to the entrepreneurial ecosystem. Additional fund recipients will be announced at a later date for those who are not affiliated with a higher education system or local economic development organization.
To that end, awardees were made in the following regions and divisions:
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
Western Michigan University Biosciences Research & Commercialization Center, $5.3 million
Emerging Evergreen Funds:
InvestUP, $1.6 million
20Fathoms, $1.6 million
Grand Valley Research Corp., $1.6 million
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. For more information on applying for the remainder of funds, visit the Michigan Innovation Fund website.
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