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Funding

Grant Programs

Business Accelerator Fund 

This program provides access to the Business Accelerator Fund (BAF) and provides capital to established business accelerators in Michigan. The business accelerator program provides specialized services to early stage companies commercializing advanced technology that falls within one or more of the 21st century Jobs Fund competitive edge technology sectors.

21st Century Jobs Fund Technology Sectors

Frequently Asked Questions

BAF Submission Review and Guidelines

If you are in need of entrepreneurial services but do not qualify as a 21st Century Jobs Fund Technology company, LEAP is still here to help. Please contact Jeff Smith, jeff@purelansing.com

Eligibility For Business Accelerator Funds

  • Company may not have raised more than $1 million in private sector investment
  • Company may not have more than $2.5 million in annual revenue (not including R&D grants/contracts from federal agencies)
  • The Company must be a Michigan company or have its principal place of business in Michigan prior to entering an Accelerator Engagement or receiving accelerator services
  • The Company is required to complete the Small Business Administration (SBA) Counseling Information Form, Download Here.

Preference will be given to:

  • product based companies with a highly scalable and protectable   business model
  • companies that collaborate with other Michigan companies and universities
  • companies that can create clearly identified multiplier effects
  • innovative service providers, CROs, and supply chain companies that contribute significantly to a region’s technology/industry cluster or strategic plan
  • companies that leverage company founders’ and/or outside parties’ cash or in‐kind resources to the proposed engagement.

Applications for Engagements of less than $15,000

1. Cover Letter signed by Participating Accelerator representative 

  • Overview of the proposed Accelerator Engagement
  • How the proposed Accelerator Engagement can help the company achieve important milestones
  • What leverage (if any) the applicant brings to the project
  • Participating Accelerator comments regarding the company potential
  • Participating Accelerator comments regarding the significance of the company’s success to the region (multiplier effect)

2. Company Executive Summary (not to exceed 5 pages)
2-Page Template
4-Page Template

Applications for Engagements greater than $15,000

1. Cover Letter signed by Participating Accelerator representative:

  • Overview of the proposed Accelerator Engagement
  • How the proposed Accelerator Engagement can help the company achieve important milestones
  • What leverage (if any) the applicant brings to the project
  • Participating Accelerator comments regarding the company potential
  • Participating Accelerator comments regarding the significance of the company’s success to the region (multiplier effect)

2. Company Executive Summary (not to exceed 5 pages)
3. Full scope of work for the Accelerator Engagement
4. Description/bio of the proposed Provider (not to exceed 1 page)

Client is responsible for 10% of the overall award to be provided in administration fees.

If you are interested in becoming a service provider with the BAF program, please contact Jeff Smith, jeff@purelansing.com

Michigan Translational Research Acceleration and Commercialization Fund (M-TRAC) Program

The Michigan Translational Research Acceleration and Commercialization Fund (M-TRAC) Program uses the nationally recognized Coulter model to translate university research into products through start-ups and licenses with the goal of creating high-tech companies and jobs in Michigan. Instead of a general approach, M-TRAC creates focused commercialization programs in Michigan’s universities with in-depth domain expertise in specific areas of research. Existing M-TRAC programs are currently funded in the following areas:

  • University of Michigan Life Sciences
  • University of Michigan Advanced Transportation
  • Michigan State University Agro-biotech
  • Michigan Technological University Advanced Applied Materials

Michigan Initiative for Innovation & Entrepreneurship (MIIE)

A collaboration of all 15 Michigan public universities with representatives of the angel/venture capital, industry and economic development communities designed to build on Michigan's universities as economic assets by funding joint projects, entrepreneurship education, and technology commercialization. MIIE goals:

  • Provide gap funding to speed commercialization of research
  • Help universities launch start-up companies
  • Promote an entrepreneurial risk-taking culture
  • Strengthen ties between small business, industry and academia

Technology Commercialization Fund

$150,000 cap

50% match required

Talent, Innovation & Entrepreneurship Education Fund

$100,000 cap

Visit the MIIE website for more information.

Matching Funds

Michigan Emerging Technologies Fund (ETF)

The Michigan ETF matches Phase I and Phase II Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) projects. 

View the Michigan Emerging Technologies Fund Fact Sheet for more information. 

Defense Advanced Research Projects Agency (DARPA) Matching Funds

Matching dollars are provided for defense advanced research projects from the Department of Defense. 
Visit the DARPA website for more information. 

Advanced Research Projects Agency - Energy (ARPA-E) Matching Funds

Matching dollars are available for this specified department of energy research program. 
Visit the ARPA-E website for more information. 

Equity Fund Programs

Pure Michigan Venture Match Fund

The Michigan Strategic Fund (MSF), through the Pure Michigan Venture Match Fund (PMVM Fund), is soliciting applications from for-profit Michigan-based companies that have received an equity investment commitment from a qualified venture fund for commercialization and growth purposes to provide a match of the investment as follows:

  • Qualified venture led investments from $700,000 to $1,000,000 will be matched by a 50% ($350,000 to $500,000) investment from the PMVM Fund.
  • Qualified venture led investments from $1,000,000.01 to $5,000,000 will be matched by a $500,000 investment from the PMVM Fund. 
  • Applications will be accepted starting April 2, 2012 and must be submitted to PMVMF@michigan.org

The PMVM Fund Guidelines are designed to provide potential applicants with sufficient information to submit a proposal that meets the MSF’s minimum requirements. The minimum requirements contained in the PMVM Fund Guidelines are not intended to limit the proposal’s content or exclude any information the applicant feels is relevant or essential to their bid. 

Click here to view more indepth detail regarding the Timeline & Application Process and to view all PMVM Fund related documents.

Michigan Angel Fund

The Michigan Angel Fund (MAF) provides funding to capital efficient early stage companies located in Michigan. MAF works closely with other stakeholders in the Michigan entrepreneurial ecosystem to ensure that we invest in the most promising companies and to ensure the future success of these companies and our investments. MEDC provides administrative support only, but investments and screening is done by private investors.

Visit the Michigan Angel Fund website for more information. 

Michigan Pre-Seed Fund Investment Program

The Michigan Pre-Seed Capital Fund supports high-tech start-up companies as they near commercial viability by providing access to early-stage capital, accelerating company development. As a central fund to the Michigan SmartZone Network, these funds are designed to support this critical stage in the development lifecycle to prepare companies for follow-on private investment.

  • The Pre-Seed fund investment is a convertible note up to $250,000.
  • Eligible companies have less than $1 million in revenues and less than $1 million in third party funding.
  • 100% matching funds from a third party source are required.
  • Eligible companies will need to be past the concept development and analysis phase.

Contact your local SmartZone for more information. 

EB5 Investment and Visa Program

The EB-5 Investment Program attracts foreign investors seeking legal permanent residency and a chance to invest in the American economy. Investors can be eligible by pledging a minimum of $500,000 to a project within a Targeted Employment Area (“TEA”), through an approved regional center (Lansing Regional Center-LINK TO EB5 PAGE), and independently apply for an EB-5 visa. If approved by U.S. Citizenship and Immigration Services (USCIS), foreign investors are granted a conditional two-year green card. After two years, the investor must provide proof that they have created at least ten jobs as a result of the investment and have met additional investment requirements set by USCIS.

Debt Funding Programs

MEDC offers programs to assist companies with debt capital needs. Please visit the link(s) below to find more information on current debt program(s):

Michigan Pre-Seed Fund Loan Program

The Michigan Pre-Seed Capital Fund supports high-tech start-up companies as they near commercial viability by providing access to early-stage capital, accelerating company development. As a central fund to the Michigan SmartZone Network, these funds are designed to support this critical stage in the development lifecycle to prepare companies for follow-on private investment. Companies developing technologies in advanced automotive, manufacturing and materials, alternative energy, homeland security and defense and life sciences, statewide are eligible for these funds through the Michigan SmartZone Network.

  • The Pre-Seed fund loan is up to $50,000.
  • Eligible companies have less than $1 million in revenues and less than $1 million in third party funding. 
  • Eligible companies will need to be past the concept development and analysis phase. 

Contact the Lansing Regional SmartZone for more information. (LINK TO PAGE)

Angel Capital Programs

MEDC is committed to supporting the growth of angel capital in the state. Please see the list below which shows current programs.

Angel Network Growth Program

The Angel Network Growth Program is designed to support angel groups within the State of Michigan. These awards will reward investment activity and provide the angel group with additional resources to encourage and support further investment and growth in membership. MEDC and the Michigan Venture Capital Association are supporting angel groups because investing through angel groups has been shown to provide for greater returns and a higher degree of success due to improved decision making processes. 

Visit the MVCA website for more information. 

Angel Investment Group Seed Program

Financial support is available to the angel investment groups in the State of Michigan to attract more members and enhance deal flow. 

An angel group can receive $500 for each new member, and $25,000 to cover administration fees for any organization that brings on 50 new members or more.

Visit the MVCA website for more information. 

Venture Capital & Private Equity Programs

MEDC is committed to supporting the growth of venture capital and private equity in the state. Please see the list below which shows current and past programs. 

Accelerator Fund Program

The Accelerator Fund program seeded two new early stage venture capital funds. The Michigan Strategic Fund has committed a total of $12 million to the program.

Michigan Accelerator Fund I

Michigan Accelerator Fund I is an investment partnership headquartered in Grand Rapids, Michigan. The purpose of this venture capital fund is to achieve significant, long-term capital appreciation for its investors. 

The Fund invests in early stage companies that fall into one of six target sectors: life sciences technology; advanced manufacturing; homeland security; alternative energy technology; information technology; and agriculture. Companies must be based in Michigan. The Fund focuses primarily on seed and early stage venture capital investments in life science technology companies.
 

Visit the Michigan Accelerator Fund I website for more information. 

Huron River Ventures

Huron River Ventures (HRV) is an investment partnership headquartered in Ann Arbor, Michigan. The firm invests in seed-stage, energy technology, Cleanweb, and smart transportation enterprises. HRV is ideally positioned to take advantage of the convergence of two significant trends: Global Energy Technology Growth and Michigan’s Economic Transition. As these trends converge, entrepreneurs and technologists are increasingly seeking early-stage capital and support to commercialize breakthrough technologies. HRV was established to meet this need. 

Visit the Huron River Ventures website for more information. 

21st Century Investment Fund

The 21st Century Investment Fund is a fund of funds created in 2006, managed by Credit Suisse. It has committed $109 million from the 21st Century Jobs Fund as a limited partner in 12 venture capital, mezzanine, and private equity funds. These funds must invest in Michigan companies, at minimum, an amount equal to the MSF investment in each fund. The Fund seeks to strengthen and diversify Michigan's economy by fostering the creation and growth of new jobs, businesses, and industries within the state. This initiative is focused on four main sectors of the economy, including life sciences, alternative energy, homeland security and defense, and advanced manufacturing. 

Visit the 21st Century Investment Fund website for more information. 

Venture Michigan Fund I & II

The Venture Michigan Fund (VMF) is a $95 million venture capital investment program designed to help Michigan create jobs and bring new industries to the state through the creation of a fund-of-funds that invests in private equity managers that invest primarily in Michigan-based early stage companies. A unique component of VMF is that the capital for the fund is strictly raised by outside investors, with the Michigan Department of Treasury offering to provide investors with up to $200 million of tax voucher certificates to offset any shortfall. VMF seeks to invest in mainly Michigan based companies as well and Michigan focused private equity funds. Credit Suisse Bank manages the fund, and strives to highlight the strong opportunity for private equity investment in Michigan given the state's strong capital and resource base, a vibrant infrastructure of government, industry and academics, and the increasing number of start-up companies that require financing for growth. 

Visit the Venture Michigan website for more information. 

InvestMichigan!

InvestMichigan! represents a groundbreaking partnership of public and private interests in the deployment of private equity capital. InvestMichigan! is a $300 million fund focused on generating strong returns for investors and growing the next generation of Michigan companies. InvestMichigan! has two main components in order to support companies in both early and later stages of development. Under the Growth Capital Program, InvestMichigan! targets lead and co-investment opportunities in venture capital and small buyout stage companies. The Michigan Opportunities Program targets lead investment opportunities in buyouts and growth equity investments in well established companies. InvestMichigan! strives to fundamentally change the way that government and private business work together, and has several goals: to retain and attract businesses to Michigan, nurture portfolio companies at each phase of development, enhance the reputation and further develop Michigan’s entrepreneurial ecosystem, and attract leading regional and national private equity and venture capital investment funds to Michigan. 

Visit the InvestMichigan! website for more information. 

Venture Fellows Program

This 18-24 month program will allow up to 10 fellows in a three year period to be hired at the venture capital firms in Michigan to create opportunities for emerging leaders who want to stay or move back to Michigan to seek careers in venture capital.

Visit the Michigan Venture Fellows Program website for more information.