Ann Arbor SPARK has received $10.8m from the Michigan Economic Development Corp’s (MEDC) Michigan 21st Century Jobs Fund.
The funding will support two programs currently administered by Ann Arbor SPARK, including:
– the Michigan Pre-Seed Capital Fund ($9.17m), a statewide co-investment program that makes investments in pre-seed stage companies, in collaboration with all Michigan SmartZones;
– the Accelerate Michigan Innovation Competition ($1.05m), an annual business competition that Ann Arbor SPARK manages on behalf of the Business Accelerate Network of Southeast Michigan. The funding will cover company awards, event logistics such as exhibits, audio/visual and catering, and outreach to new corporate sponsors. The competition awards $1m in cash prizes to start-up and emerging companies, and aims to highlight Michigan as a venue for innovation and business opportunity.
The funding ($600k) also supports the formation of the Michigan Angel Fund, a $5m new fund that will invest in Michigan start-up companies and will offer integrated business acceleration support and services.