TL/DR –
InvestUP and the Michigan Economic Development Corporation (MEDC) have launched the Michigan Outdoor Innovation Fund, a $3 million pre-seed fund to support Michigan entrepreneurs in the outdoor recreation industry. The fund is supported by the MEDC through the Michigan Innovate Capital Fund (MICF) program and is expected to support 30 to 35 companies over the next two to three years. Notably, the outdoor recreation economy in Michigan generated $12.4 billion in value-added economic impact and included nearly 120,000 jobs in 2022, highlighting the industry’s potential.
InvestUP and MEDC Launch Michigan Outdoor Innovation Fund
InvestUP and the Michigan Economic Development Corporation (MEDC) have revealed the Michigan Outdoor Innovation Fund. This $3 million pre-seed fund is designed to support Michigan-based startups in the outdoor recreation industry, with investments ranging between $50,000 and $250,000.
Unique Fund Features
This fund, supported by the MEDC via the Michigan Innovate Capital Fund (MICF), is the first of its kind in the Upper Peninsula and one of only two funds managed by economic development organizations in Michigan. Visit the Michigan Outdoor Innovation Fund for more information.
Advisory Board & Partners
For the fund’s success, InvestUP has formed an advisory board packed with dynamic partners, including Innovate Marquette SmartZone and Michigan Tech University. These partners will offer their expertise in evaluating startups and creating networks within the outdoor recreation industry.
Fund’s Impact
Over the next two to three years, the fund expects to support 30 to 35 companies. Innovate Marquette, a regional SmartZone specializing in outdoor innovation, enabled the fund through a $700,000 RISE grant from the U.S. Department of Agriculture.
Growth of Outdoor Recreation Economy
The outdoor recreation economy continues to grow, with an 11.8 percent annual growth in 2022. In Michigan alone, this sector generated a $12.4 billion economic impact and nearly 120,000 jobs.
Support for Outdoor Innovation Startups
The Michigan Outdoor Innovation Fund has already begun funding entrepreneurs. At Innovation Week 2024, Sam Shapiro’s startup Grounded won a $50,000 investment from the fund.
Contact & About
Parties interested in the fund can contact Managing Director Jim Baker at jim.baker@michiganoutdoorfund.com. For more information about InvestUP and Innovate Marquette SmartZone, visit their respective websites at www.investupmi.com and www.innovatemarquette.org.
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