US Department of Economic Development. $ 2 Million Grant to Support MI Tech Startups

Governor Gretchen Whitmer, along with the Michigan Economic Development Corporation, said 2 million from the U.S. Department of Economic Development (EDA) to support the Michigan’s three SmartZones programs to “promote innovation and technology-based economic development.” Announced that it has been awarded a grant of more than $ dollars. “

“In Michigan, we focus on supporting small businesses, supporting growth, and providing significant access to capital to secure the state’s long-term economic opportunities,” Whitmer said. Stated. “Today’s grants help us leverage private funding to create high-income jobs, grow start-ups in the state, and usher in a new era of Michigan’s prosperity.”

Grants were awarded to Automation Alley’s Michigan Industry 4.0 Accelerator ($ 1.3 million), Innovation Marquette Enterprise Corporation ($ 305,465), and TechTown Detroit ($ 400,000).

US Secretary of Commerce Alejandra Y. Castillo announced Thursday that it would be eligible for a “Build to Scale” grant. The Build to Scale program, managed annually by the US Department of Economic Development, aims to accelerate technology entrepreneurship by increasing access to business support and start-up capital.

Castillo is proud that EDA can support this year’s Build to Scale grant recipients to fuel regional innovation hubs across the country. Investing in scalable start-ups and creating access to capital creates more economic opportunities and supports the next generation of industry-leading companies. This is an important type of work that creates a better agenda that President Vidence promises to continue to support.

Susan Corbyn, director of the Michigan Department of Labor Economic Opportunities, said: With these grants, we focus on equity and local programs that not only help communities recover from the difficulties posed by the pandemic, but also prepare them to withstand future financial shocks. And services can grow. “

Grants were awarded in two categories: Venture Capital Fund and Capital Challenge.

Venture capital funds aim to leverage regional strengths to accelerate innovation and job creation by facilitating comprehensive access to high-growth technology entrepreneurship and proven entrepreneurship models. The Capital Challenge lacks risk capital by providing operational support for early-stage investment funds, angel capital networks, or investor training programs focused on both traditional and hybrid equity-based models. Increase access to the capital of your community.

Automation Alley has received a venture capital grant. They plan to use the grant to extend the Michigan Industry 4.0 (MI4.0) Accelerator with the Centerpolis Accelerator at Lawrence Institute of Technology and the Lean Rocket Lab at Jackson. MI4.0 uses Michigan’s existing manufacturing industry as a gateway catalyst to attract best-in-class advanced manufacturing technology companies from around the world to have a meaningful impact on the domestic value chain. The purpose is to find a route.

TechTown Detroit has partnered with Angel Capital Association, Venture Well and Anner Bath Park to recruit and train 200 HNWIs undervalued in the angel investor community and unlock their investor potential. I received a Capital Challenge Grant to use. .. TechTown’s goal is to support 50 projects totaling $ 34.7 million with early-stage capital.

Innovate Marquette also received a Capital Challenge Grant. This is worth $ 306,446 with local funding. They plan to use the resources of the Make It Marquette Start to Scale (Marquette STS) project, which leverages education, economic development and partnerships with capital investors. Marquette STS, along with project partners, educates local angel investors on scalable technology investment opportunities and connects them to state, regional and national venture capital networks.

The project is also designed to be 100% sustainable after the proposed 3-year project schedule.

Click here for a complete list of recipients of the Build to Scale program.

Click here for more information on the US Department of Economic Development.

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