Lt. Governor Garlin Gilchrist this week joined the Michigan Strategic Fund (MSF) and Michigan Economic Development Corporation (MEDC) to announce the final awardee selected to receive support from the Michigan Innovate Capital Fund (MICF), a program representing the state’s efforts to continue growing a vibrant and robust entrepreneurial ecosystem.
The University of Michigan’s (U-M’s) Innovation Partnerships team was awarded $5 million to establish the Michigan University Innovation Capital Fund (MUICF) and the Michigan University Innovation Capital Consortium, solidifying the state’s university ecosystem through a collaborative partnership between Michigan State University, Michigan State University Research Foundation, Wayne State University, Western Michigan University and Michigan Technological University. The MUICF will drive economic development by supporting cutting-edge research and technology transfer from Michigan’s public universities.
Lt. Governor Gilchrist said the money will help unleash innovation and imagination.
“Michigan has always been a state of dreamers, innovators, and doers. The MUICF will unleash Michigan innovation and imagination within our university ecosystem and support startups across the state as they grow our economy and create good-paying, high-tech jobs. Congratulations to the University of Michigan’s Innovation Partnerships and their partners on this collaborative effort to keep Michigan in the lead on the jobs, technology, and ideas of the future.”
The MUICF is designed to support and invest in startup companies that are based on research from Michigan’s public universities, operate in the state and demonstrate high potential for driving economic growth and innovation. The comprehensive application highlighted these universities’ dedication to driving positive change through collaborative research and commercialization of technological advancements.
In addition to the new venture fund, the $5 million award will support the establishment of the Michigan University Innovation Capital Consortium, a platform that brings together university tech transfer and university managed pre-seed venture fund leaders. The consortium will provide advisory and strategic support to the fund and portfolio companies through knowledge exchange, networking, resource-sharing and fostering a collaborative environment where innovative ideas can support the state’s startups coming from Michigan’s public universities.
