Michigan State University Research Foundation plans to hold a series of business competitions across the state for startup companies over the next two years.\u00a0<\/p>\n
Backed with $3 million in state grant funding awarded today, the MSU Research Foundation will add $1 million to the Statewide Startup Investment Competitions initiative and co-invest in winning startups. The commitment brings the pool for the competition to $4 million that\u2019s available for startups to earn in regional and statewide competitions.\u00a0<\/p>\n
The foundation also committed $750,000 for administrative and entrepreneurial support services, and for promotion and marketing to draw startups into the competitions.\u00a0<\/p>\n
The Michigan Strategic Fund board this morning approved the $3 million in funding, \u201cwhich strengthens our joint commitment to advancing Michigan\u2019s innovation economy,\u201d said David Washburn, CEO of the MSU Research Foundation.\u00a0<\/p>\n
Keep up with all things West Michigan business. Sign up for our free newsletters today<\/a>.<\/p>\n \u201cMichigan\u2019s entrepreneurial ecosystem is strongest when we work together,\u201d Washburn said. \u201cBy expanding access to capital and mentorship through statewide competitions, we\u2019re helping to launch the next generation of high-impact startups.\u201d\u00a0<\/p>\n The competition aims to accelerate \u201cthe growth of early-stage, high-tech startups in Michigan,\u201d Alison Todak, vice president of entrepreneurship and innovation at the at the Michigan Economic Development Corp., wrote in a memo to Strategic Fund board members ahead of today\u2019s meeting.\u00a0<\/p>\n \u201cThe competition structure proposed by (the MSU Research Foundation) is designed to drive innovation and equitable economic growth across multiple regions and sectors. It will spotlight Michigan-made technologies, accelerate capital access, and build a pipeline of investment-ready startups with statewide and national visibility,\u201d Todak wrote in the memo.\u00a0<\/p>\n The Statewide Startup Investment Competitions funding starts next month and comes from the $60 million Michigan Innovation Fund Program that the Michigan Strategic Fund created in April. The MEDC will brand the startup competition as PitchMI. The agency initially launched the PitchMI brand in 2024 as a $100,000 competition for mobility companies.\u00a0<\/p>\n Targeted sectors include advanced mobility, agricultural technology, life sciences, software, \u201cand many more,\u201d Todak said.\u00a0<\/p>\n This summer, the MEDC received six applications from organizations seeking to administer the initiative. The MSU Research Foundation \u201crose to the top\u201d in the application process, Todak said during the board meeting this morning.\u00a0<\/p>\n \u201cMSU Research Foundation has a proven track record of running successful statewide competitions,\u201d Todak said. \u201cThe team has deep experience managing statewide competitions and is well-positioned to deliver on this initiative.\u201d\u00a0<\/p>\n The co-investment commitment and strong support from partners such as The Right Place Inc. in Grand Rapids, Renaissance Venture Capital in Ann Arbor, Henry Ford Health, and other organizations also reflects \u201cbroad-based alignment\u201d with the MSU Research Foundation across the state on the initiative, Todak said.\u00a0<\/p>\n \u201cWe believe this partnership will amplify the program\u2019s reach, maximize statewide participation, and ensure that we\u2019re targeting the most promising high-growth companies here in Michigan,\u201d she said.\u00a0<\/p>\n The MSU Research Foundation\u2019s proposal also \u201cstood out for its reach and breadth,\u201d Todak said. The proposal the MEDC received from the foundation \u201cdemonstrates meaningful engagement\u201d with SmartZones across the state, as well as universities, investors and entrepreneurial support organizations, she said.\u00a0<\/p>\n The\u00a0MEDC\u2019s recommendation that the Michigan Strategic Fund board select the foundation\u2019s proposal reflects its \u201creadiness to deploy the program with scale, equity, and high impact in mind, advancing Michigan\u2019s leadership in innovation and entrepreneurship,\u201d according to Todak\u2019s memo to the Michigan Strategic Fund board.\u00a0<\/p>\n \u201cThe competition structure proposed by (the foundation) is designed to drive innovation and equitable economic growth across multiple regions and sectors,\u201d she wrote.\u00a0<\/p>\n The foundation will host eight regional startup competitions over two years that will feed two statewide events and target \u201ca large pool of applications, ensuring startups from all over the state have a pathway to the stage,\u201d Todak said.\u00a0<\/p>\n The MSU Research Foundation operates two venture capital funds, Red Cedar Venture and Michigan Rise, that have deployed more than $44 million in 240 Michigan-based startup companies.\u00a0<\/p>\n More from Crain\u2019s Grand Rapids Business:<\/p>\n Developer completes its first multifamily project \u2014 under budget and ahead of schedule<\/a><\/p>\n Old Mission wineries eye \u2018cautious\u2019 growth after court win<\/a><\/p>\n