Michigan Innovation Fund Program

The Michigan Innovation Fund (MIF) Program is awarding funding designed to strengthen Michigan’s early-stage venture capital infrastructure by supporting non-profit evergreen venture fund models that reinvest returns into Michigan-based startups.

Donor Name: Michigan Economic Development Corporation

State: Michigan

County: All Counties

Type of Grant: Grant

Deadline: 05/30/2025

Size of the Grant: More than $1 million

Grant Duration: Grant Duration Not Mentioned

Details:

Funding Information

The MSF will allocate:
- $48 million: For awards to Qualified Evergreen Venture Funds
- $4.8 million: For awards to Qualified Emerging Evergreen Funds
Funds must be used to invest in Michigan-based early-stage startups and support limited administrative operations. All investments must be committed within five years of receipt.

Eligibility Criteria

Qualified Evergreen Venture Funds: To be eligible, an applicant must be:
- A Michigan nonprofit organization or a Michigan-based higher education institution (or a foundation or affiliate acting on its behalf), exempt from taxation under Section 501(c)(3) or 501(c)(6) of the Internal Revenue Code; AND
- Must administer, manage, or operate one or more evergreen funds that:
  - Provide early-stage venture capital funding to entities located in Michigan.
  - Have been actively operating in Michigan for a minimum of three (3) years.
  - Possess at least four (4) years of experience making early-stage venture investments and mentoring startups.
  - Demonstrated activity of not less than $15 million in deployable or invested capital before January 1, 2024.
Qualified Emerging Evergreen Funds: Applicants that do not meet the full track record required of a Qualified Evergreen Fund but show strong potential may qualify as an Emerging Evergreen Fund if they meet one of the following:
- A Michigan nonprofit organization or public institution of higher education that administers at least one evergreen fund, and:
  - Has a principal office located in a county with a population between 600,000 and 700,000.
  - Is organized to provide early-stage venture capital to Michigan startups.
- A nonprofit corporation serving Michigan’s Upper Peninsula, which:
  - Leverages local resources and capital to support economic opportunity.
  - Administers at least one evergreen fund.
- A Michigan nonprofit with a principal office in a county with a population between 90,000 and 99,000, and that:
  - Provides early-stage venture funding to entities in Michigan.
  - Administers at least one evergreen fund or grantmaking program supporting startup activity.