Michigan Launches $60 Million Fund to Boost Startups and Accelerate Economic Growth

With the enactment of House Bills 5651, 5652, and 5653, Michigan introduces the $60 million Michigan Innovation Fund, a game-changer for early-stage businesses and startups across the state.

In a significant move to fuel Michigan’s entrepreneurial spirit and enhance its economic landscape, Governor Gretchen Whitmer recently celebrated the signing of new legislation aimed at supporting the state's startup ecosystem. Michigan’s renowned talent and research institutions position the state well for growth.

The Michigan Innovation Fund is designed to address a long-standing challenge for the state’s entrepreneurs—access to early-stage capital. In recent years, many startups have relocated to other states with more accessible funding options, hindering Michigan’s ability to compete in the innovation economy. With bipartisan support and collaboration from key stakeholders, the fund represents a bold investment in the future of Michigan’s talent and businesses, ensuring long-term economic progress and opportunity.

The initiative leverages the success of Michigan's established evergreen funds, such as ID Ventures at Invest Detroit, Ann Arbor SPARK, the University of Michigan’s Accelerate Blue Fund, the MSU Research Foundation, and Western Michigan University’s Biosciences Research and Commercialization Center. To broaden its impact, three new emerging evergreen funds will be launched in Grand Rapids, Traverse City, and the Upper Peninsula, expanding access to critical resources and support for startups across the entire state.