What's happening: Thanks to a collaboration between InvestUP and the Michigan Economic Development Corporation, a new fund has been created: the Michigan Outdoor Innovation Fund. The fund is specifically to help make investments in Michigan-based startups using new technologies in outdoor recreation. A total of $3 million pre-seed fund support is dedicated to the fund, and MEDC leadership is hoping that this investment can help create 30-35 new companies over the next two to three years.
What is a seed fund: The fund is a first of its kind in the Upper Peninsula. It is also the only seed fund in a rural location in Michigan and just the second fund managed by economic development organizations in the state. Seed funds often have their own board to help manage the funds and diversify opportunities, and this fund is no different. The board includes multiple regional partners including Michigan Technological University and Innovate Marquette Smart Zone.
What they're saying: “The great outdoors are among Michigan’s greatest assets, and outdoor recreation is a critically important and rapidly growing sector for the Upper Peninsula and the entire state of Michigan. The Michigan Outdoor Innovation Fund will be a gamechanger for innovators and entrepreneurs who exist at the intersection of technology, industry, tourism, and natural resources, and who recognized that quality of life is often tied to the quality of outdoor recreation opportunities,” said Marty Fittante, CEO of InvestUP. “We are grateful for the opportunity to manage the Michigan Outdoor Innovation Fund, and sincerely appreciate the MEDC’s steadfast and ongoing support of outdoor recreation.”
What's next: Outdoor recreation continues to be a leading industry in Michigan, with strong roots in the Upper Peninsula. “The Michigan Outdoor Innovation Fund will help accelerate high-tech innovation in outdoor recreation across the state, further diversifying Michigan’s economy. Together, we’ll continue sending a clear message to all innovators and inventors that when it comes to driving a high-tech future, they can do that and more right here in Michigan,” said Nataliya Stasiw, Equity Capital Program Director, Entrepreneurship & Innovation at MEDC.
Companies interested in receiving money from the fund should visit
michiganoutdoorfund.com.
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