Lt. Gov. Gilchrist Announces $5 Million to Establish a New Venture Fund Supporting the State’s University Innovation and Entrepreneurial Ecosystem
MSU Research Foundation and Michigan State University are inaugural members of a new state sponsored venture program collaboration that will add new early-stage funding sources to help university spin off companies succeed.
EAST LANSING, MI — Lt. Governor Garlin Gilchrist II 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 program, awarded to the University of Michigan’s Innovation Partnerships, is a $5 million fund that will lead to the establishment of the Michigan University Innovation Capital Fund (MUICF) and the Michigan University Innovation Capital Consortium.
The Michigan State University Research Foundation is an inaugural member of the consortium, along with investors and tech transfer leaders from Michigan State University, Wayne State University, Western Michigan University and Michigan Technological University. During the past six years, these universities have launched an average of 26 technology-based startups per year.
The MUICF will drive economic development by supporting cutting-edge research and technology transfer from Michigan’s public universities.
"Michigan has always been a state of dreamers, innovators, and doers,” said Lt. Governor Garlin Gilchrist II. “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.”
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.
“We’re excited to collaborate with universities across the state on the new MUICF consortium,” said Jeff Wesley, Executive Director of Ventures at the MSU Research Foundation. “This new fund is a great example of how our state is supporting pre-seed and early-stage companies directly from its universities.”
MUICF builds upon the commercialization success of five MEDC grant programs that operate statewide, including the Michigan Translational Research and Commercialization program that has hubs managed by U-M (life sciences and advanced transportation), Michigan State University (agricultural technologies and industrial biotechnology), Wayne State University (advanced computer technologies) and Michigan Technological University (advanced materials). Additionally, the new fund builds off the success of the Tech Transfer Talent Network Mentor-in-Residence program operating throughout the state of Michigan. Michael Psarouthakis, Executive Director for Impact Investments and Strategic Alliances within Innovation Partnerships, will oversee the MUICF.
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About the Michigan State University Research Foundation
The Michigan State University Research Foundation was established in 1973 as an independent nonprofit committed to the commercialization of cutting-edge technologies invented by MSU faculty, staff, and students. Today, the MSU Research Foundation is focused on enhancing research, encouraging innovation and entrepreneurship, and facilitating economic growth at MSU and across the state through its subsidiary organizations—Spartan Innovations, Red Cedar Ventures, and Michigan Rise Pre-Seed Fund III—and its Research Parks.