MEDC Announces $6.8 Million Pre-Seed FundBy Amanda Lewan on April 15th, 2014 /
A new fund was announced late last week, offering up to $6.8 million in funding for high-tech early stage startups.
Early stage tech startups in the fields of Advanced automotive, manufacturing, agricultural technology, alternative energy, Homeland Security, Life Sciences, Information Technology and more are all invited to apply for the fund.
The fund will aim to be matched by $8 in private investment for every dollar invested from the Michigan Economic Development Corporation. This pre-seed fund will be managed Charlie Moret of Invest Michigan, previously from TechTown Detroit.
“The Michigan Pre-Seed Fund 2.0 is a state wide fund, and will invest in companies across the entire state of Michigan,” said Moret. “It will also provide financing to companies willing to move into the state.”
On the board of the fund is MEDC’s Vice President of Entrepreneurship & Innovation Paula Sorrell, who says the fund will aim to help innovative companies take those last steps to becoming commercially viable.
“With the wealth of entrepreneurial talent we have in Michigan, we want to make sure good ideas turn into businesses that help expand and strengthen the state economy,” said Sorrell.
How can this money help grow and sustain technology companies in Michigan?
“Use of Michigan Pre-Seed Fund 2.0 will be targeted at providing financing that creates the most value for company development and reaching customers,” says Moret. “For example, hiring new employees that brings critical talent and resources to a startup or completing a beta prototype that allows the company to put the product in the hands of a customer will be an excellent use of funds.”
Companies interested in applying should visit their local Michigan Smartzone to prepare.
Learn more about the MEDC and their resources for Michigan entrepreneurs.
*Update: This is managed by Invest Michigan, not Invest Detroit. Invest Detroit does sit on their board but does not actively manage this fund.