GRAND RAPIDS – An assortment of state-backed capital funds and initiatives to support business startups, innovation and entrepreneurs recently earned renewal in Lansing.
The Michigan Strategic Fund Board last month allocated more than $7 million that will go to back entrepreneurs working to bring innovations to market.
Half of the money will go to the Grand Rapids-based Michigan Small Business Development Center’s Business Acceleration Fund and the Emerging Technology Fund. The $3.5 million will keep both funds operating through 2020.
The SBDC’s Acceleration Fund grants up to $50,000 to high-tech businesses to access specialized professional services they need that are not otherwise available at any of the 19 business accelerators in state-designated SmartZones.
Since October 2014, the Business Accelerator Fund has served 464 high-tech startups and helped to create 51 new companies and 500 full-time jobs. Those companies secured more than $20 million in federal funding, nearly $80 million in venture capital and angel investments, and collectively increased sales by $65 million, according to the memo from staff at the Michigan Economic Development Corp. to the Strategic Fund Board.
To read the rest of the story, https://mibiz.com/sections/finance/state-allocates-7-million-in-funds-to-back-early-stage-entrepreneurs
