Michigan Tech and Five Other Public Universities Awarded $5 Million to Support Entrepreneurs and Innovation

The Michigan Strategic Fund and Michigan Economic Development Corporation award funding to Michigan universities to support the entrepreneurial and innovation ecosystem in Michigan. Yesterday Lieutenant Governor Garlin Gilchrist, with state agencies, announced six universities have partnered to establish the Michigan University Innovation Capital Fund and the Michigan University Innovation Capital Consortium (MUICF). Awarding the partnership five million dollars for both programs.

Chief Commercial Officer of the MTEC SmartZone Patrick Visser says the business incubator is pleased to see Michigan Tech join the group of universities in the MUICF and Consortium. Going further, Visser adds, the SmartZone and Michigan Tech have worked collaboratively for several years to support startup technology companies emboldened by innovative research on campus. High-tech industries require immense capital to start and which remains a significant challenge for entrepreneurs. Visser says that the new program will greatly impact the needs of Michigan entrepreneurs and bridge the gap between university research and successful commercialization for job creation in the region.

The five other Michigan schools in the MUICF include U-M, Michigan State University, Michigan State University Research Foundation, Wayne State University, and Western Michigan University. In the past six years, all six universities have helped launch an average of 26 start-up technology companies per year. The MUICF builds upon several other MEDC grant programs including the Michigan Translational Research and Commercialization program that has hubs managed by Michigan Tech, U of M, MSU, and Wayne State University.

Find more information on the Michigan University Innovation Capital Fund and the Michigan University Innovation Capital Consortium here.