The University of Michigan’s Innovation Partnerships has received $5 million from the Michigan Economic Development Corp. to establish the Michigan University Innovation Capital Fund and Michigan University Innovation Capital Consortium. This venture fund will support startups from Michigan’s public universities and drive economic development.
The fund aims to invest in startup companies based on research from public universities and demonstrate high potential for economic growth and innovation. It also supports the establishment of the Michigan University Innovation Capital Consortium, which will provide advisory and strategic support to the fund and portfolio companies through knowledge exchange and networking. Initial consortium members include investors and tech transfer leaders from partner universities.
Michael Psarouthakis, Innovation Partnerships’ executive director for impact investments and strategic alliances, will oversee the fund. The new fund builds on the success of five MEDC grant programs and the Tech Transfer Talent Network Mentor-in-Residence program.
