The Michigan Economic Development Corporation recognizes entrepreneurs and small business owners for their contributions to growing Michigan's economy.
Michiganders are known for their entrepreneurial and creative spirits. That's why the Michigan Economic Development Corporation (MEDC) evaluates and supports entrepreneurs every step of the way. After all, it's the dreamers, risk-takers and innovators across her two peninsulas who make Michigan stand out and contribute to our economy in impactful ways.
MEDC's Entrepreneurship and Innovation Initiative helps high-tech startups and entrepreneurs accelerate research, license intellectual property, start companies, create jobs, support early-stage growth, and connect other Michigan businesses. We can help you find programs, services, and expert advisors to work with. Since 2011, this initiative has created 1,323 companies, served more than 9,000 technology companies, and issued 2,221 new patents. In 2022, Detroit also earned the honor of being the No. 1 emerging startup ecosystem by Startup Genome, further highlighting Michigan's role as the Midwest's tech hub.
Starting and growing a business takes grit, courage, and tenacity. And here in Michigan, those traits are ingrained in our DNA. There is still work left to do, but his MEDC Entrepreneurship and Innovation and Small Business Services teams in particular are working harder every day to help more risk-takers in the state realize their entrepreneurial dreams. And we're working smartly. Team Michigan works with ecosystem partners and successful founders to facilitate access to the capital and other support business creators need to succeed and build a future right here in Michigan.
Financial support is essential to the success of startups and entrepreneurs. MEDC's Entrepreneurship and Innovation team offers a variety of opportunities and avenues for early-stage funding.
Michigan Economic Opportunity Fund
With support from MEDC, Michigan Women's Forward, Huntington National Bank, and the Ballmer Group, the Michigan Economic Opportunity Fund provides loans to individuals who do not qualify for traditional loans through banks and other financial institutions, and・Provide opportunities for people who are socially challenged. They are economically disadvantaged due to lack of access to funds and credit.
A new $10 million microbusiness loan program announced in March 2023 will give Michigan women and entrepreneurs of color the opportunity to apply for up to $50,000 in funding. The Michigan Economic Opportunity Fund diversifies the economy by providing equitable access to capital to marginalized communities, while helping the state build sustainable businesses, create wealth, and create jobs. Have a positive impact on the economy.
Michigan Innovation Capital Fund
The Michigan Innovation Capital Fund (MICF) is a new program designed to continue the growth of Michigan's vibrant and robust entrepreneurial ecosystem. The program was approved by the Michigan Strategic Fund in June 2023 and received a $23 million allocation from the Jobs for Michigan Investment Fund. In October 2023, Lt. Governor Garlin Gilchrist II announced that four Michigan nonprofit organizations will receive the first awards from the MICF program. Ann Arbor SPARK, Bioscience Research Commercialization Center (BRCC), Invest Detroit, and InvestUP are recipients of his $18 million in funding from this program, with the remaining $5 million of his funding currently under review.
These funds will help early-stage high-tech companies develop and bring their products to market, create high-wage, high-skilled jobs, keep talent in Michigan, and strengthen Michigan's economy. Diversify. MICF prioritized nonprofits in underserved areas that specifically address funding gaps in underrepresented communities.
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Through a variety of partnerships and programs, MEDC helps aspiring entrepreneurs and startups find the support they need to succeed in Michigan.
Small Business Support Hub
In June 2023, Governor Whitmer announced a new Small Business Support Hub program aimed at investing in the state's small business ecosystem.
Small Business Support Hubs provides new and more comprehensive resources for small businesses across the state by providing funding to entrepreneurial hubs for operations, programming, and direct support to small businesses. The program will provide up to $6 million in funding to entrepreneurial hubs to invest in regional operations, the development of a range of business support services, as well as direct funding to small and medium-sized businesses disproportionately affected by COVID-19. We also provide grant support.
Demand for the program far exceeded the $75 million in available funding, with more than 80 applications requesting a total of $275 million. On Nov. 9, it was announced that funding had been awarded to 27 grantees across the state's 10 thriving regions.
The program across 27 hubs is designed to respond not only to regional needs, but also to economic competitiveness measures, such as resources for strategic sectors such as climate change technology and advanced manufacturing. These hubs will also provide targeted support to family-owned and local businesses to build resilience in a rapidly evolving economic landscape.
Resources available through the hub include one-on-one coaching, cohort-based learning and accelerators, mentor matching, pitch contests, networking events, access to funding, partner introductions, statewide resource navigation, and more. Masu.
Michigan currently has 20 SmartZones across the state, providing geographically distinct locations where technology-based companies, entrepreneurs, and researchers can locate in close proximity to regional assets that support their efforts. Masu. SmartZones includes technology business accelerators that offer a variety of services including business development coaching, feasibility studies, business planning, entrepreneurial training, market analysis, technology assessment, technology mining, and more. It also facilitates the commercialization of technology developed at Michigan universities by partnering with the Technology Transfer Office.
SmartZones has supported Michigan-based companies across the state, including Max Analytical Technologies, which joined the Central Michigan University Research Corporation (CMURC) SmartZone entrepreneurial ecosystem. Support from CMURC SmartZone fueled the Mount Pleasant-based company's growth and led to its acquisition by the world's largest chemical metrology company.
Allerge founder Javier Evelin turned to MEDC SmartZone, TechTown Detroit, for business development support. Javier met with the team to further develop the food allergy management platform idea through mentorship, introductions to key investors and experts, and assistance with the pitch program. Once the initial business plan was created, Javier applied for a $7,000 business accelerator fund (BAF) grant and started his first business plan using the resources provided at TechTown. helped us secure the IP of
With the help of resources provided by MEDC, Alerje has created a comprehensive and convenient food allergy management platform that helps improve the quality of life for patients dealing with severe and life-threatening food allergies.
Michigan Small Business Development Center
The Michigan Small Business Development Center (SBDC), headquartered at Grand Valley State University, increases Michigan's economic prosperity by providing consulting, training, and research to new businesses, existing small businesses, and advanced technology companies. . Representing a long-term partnership between the Small Business Administration and the state of Michigan, SBDC operates 11 regional offices and more than 20 satellite offices, providing entrepreneurs and business owners with convenient access to consulting and training throughout Michigan. access at low or no cost.
Michigan business owners have received valuable support from the SBDC, including Fred Sliger, owner of Calderwood Enterprises in the Upper Peninsula. The Northern Michigan-based contractor will discover important business skills through small business workshops with the SBDC, attend several training courses, and develop a marketing specialty to help establish a digital presence for your business. I was connected to home. The company has now launched its first website and his Google business page, significantly expanding the company's visibility online.
When Poke Bowl owners Jeron Dotson and Justin Bush wanted to bring their poke food concept back to their hometown of Flint, they secured a spot with the help of the SBDC and by winning various local pitch contests. , was able to build a business. By working with SBDC from an early stage, The Poke Bowl was able to access a wide range of consultancy and support services, from pitch development and financing resources to building acquisition support and partner introductions. While this resource was essential to getting Poke Bowl started, the surrounding community turned out to be the secret to success.
Start your entrepreneurial journey with MEDC. For more information, please visit https://www.michiganbusiness.org/services/entrepreneurial-opportunity/.
To contact a Business Development Specialist, click here or call 1.888.522.0103.