Marquette’s InvestUP among 4 Michigan tech nonprofits to get $18M in awards
Summary
Garlin Gilchrist II on Friday said that four Michigan nonprofit organizations will receive initial awards from the Michigan Innovate Capital Fund (MICF), a new program designed to help grow a robust entrepreneurial ecosystem in Michigan.Michigan is home to dreamers, doers, innovators and pioneers pushing the boundaries and building the future, Gilchrist said. The Michigan Innovate Capital Fund is about unleashing Michigan innovation and supporting startups across our state as they grow our economy, create good-paying, high-tech jobs, and bring supply chains back home from overseas.Ann Arbor SPARK, Biosciences Research and Commercialization Center, Invest Detroit and InvestUP will receive $18 million in funding from the program, which was approved by the MSF Board in June 2023. Located in Marquette and formed in 2017, InvestUP drives economic growth by supporting and nurturing local businesses, attracting businesses to relocate or establish new operations, promoting talent and workforce development, creating connections between businesses for joint ventures and supply chains, and working to accelerate economic growth throughout the Upper Peninsula.As part of the MICF program, InvestUP will receive $3 million to establish the Michigan Outdoor Innovation Fund, the first fund of its kind in the Upper Peninsula. Outdoor recreation is not only a strategic asset for both the State and especially the Upper Peninsula, but also serves as a new avenue of opportunity with innovation, entrepreneurship and industry. We look forward to moving this opportunity forward in partnership with statewide and regional stakeholders, like Innovate Marquette SmartZone, who was instrumental in building the concept for this Fund, Michigan Tech University, Shophouse Park, and the MEDCs Michigans Office of Outdoor Recreation Industry.