TL/DR –
The state of Michigan’s Michigan Innovate Capital Fund (MICF) has awarded $5 million to Ann Arbor SPARK to support high-tech startups. The funding will be used to continue investing in Michigan-based tech startups, diversify the economy, and create jobs for the future. Mike Flanagan, vice president of capital programs at SPARK, expressed the necessity of early-stage investors in Michigan compared to other regions and hopes the funding can help retain entrepreneurs and technologies within the state.
Michigan Tech Companies Boosted by State Funding
Ann Arbor SPARK, a Michigan non-profit, was recently awarded a $5 million grant from the Michigan Innovate Capital Fund (MICF) to support high-tech startups in the region.
Alongside SPARK, three other non-profits – Biosciences Research and Commercialization Center, Invest Detroit, and InvestUP – are set to receive a total of $18 million from MICF.
Mike Flanagan, SPARK’s vice president of capital programs, stated that the funding will significantly strengthen their capacity to continue investing in Michigan-based tech startup companies. These investments aim to help Michigan become more competitive, diversify its economy, and create jobs in emerging tech industries.
Flanagan emphasized that, unlike in places like Silicon Valley, Boston, or New York, Michigan has a scarcity of early-stage investors. As a result, many tech companies that fail to secure investments often leave Michigan. This poses a significant loss to the state and its technological advancement.
With the MICF funding, SPARK plans to expand its existing Capital Program. This program is dedicated to providing early-stage funding to help high-tech startups in Michigan grow. Flanagan’s ultimate goal is to retain entrepreneurs and technologies in Michigan and realize the job growth potential of the state.
Flanagan expressed appreciation for the state’s initiative and hopes that all high-growth technology startups will benefit from the fund.
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