TLDR:
- The University of Michigan has officially launched a $5 million venture fund to finance spinouts from Michigan’s 15 public universities.
- The fund, called Michigan University Innovation Capital Fund, focuses on investing in early-stage and life sciences startups based in Michigan.
The University of Michigan has introduced a pre-seed venture fund, the Michigan University Innovation Capital Fund, to support spinouts from the state’s 15 public universities. The fund will provide investments ranging from $50,000 to $250,000 for Michigan-based early-stage and life sciences startups seeking their first investment capital. In addition to funding, leaders from Michigan University’s technology transfer and investor communities will offer advisory services to both the fund and its portfolio companies. The launch of this fund follows the establishment of the university’s Accelerate Blue Fund in 2021, which exclusively invests in spinouts from the institution.
Research by Global University Venturing indicates that only a third of US research universities currently have a venture fund, suggesting a growing trend of academic institutions investing in their own spinouts. Members of the newly established fund include Western Michigan University, Michigan State University, Wayne State University, Grand Valley State University, and Michigan Technological University.
The initiative aims to foster innovation and entrepreneurship within the state’s academic institutions, providing crucial support and funding to early-stage startups with promising technologies and solutions. With a focus on early-stage and life sciences startups, the Michigan University Innovation Capital Fund is expected to play a significant role in driving economic growth and technological advancement in Michigan’s innovation ecosystem.
