Michigan Innovation Fund Program

The Michigan Innovation Fund (MIF) Program is administered by the Michigan Strategic Fund (MSF) and supported through the Michigan Economic Development Corporation (MEDC). It was created under Public Act 190 of 2024 and is funded by the 21st Century Jobs Trust Fund. The program aims to enhance Michigan’s early-stage venture capital ecosystem by supporting the growth of nonprofit evergreen venture funds that reinvest returns into Michigan-based startups, particularly in high-tech and competitive edge sectors. The overarching goals of the MIF Program include building a durable and long-lasting investment capacity within the state, improving geographic equity in access to capital, and accelerating innovation-driven economic development across Michigan. The focus is on nonprofit venture fund models that are evergreen, meaning they continuously reinvest investment returns to support more startups. Eligible funds are expected to focus their investments within Michigan and in sectors such as life sciences, mobility, IT, and advanced materials. A total of $52.8 million is allocated for this funding round, divided into two components. $48 million is reserved for Qualified Evergreen Venture Funds, which must be nonprofit organizations or higher education institutions (or their affiliates) with a strong operational and investment track record in Michigan. $4.8 million is allocated for Qualified Emerging Evergreen Funds, which cater to nonprofits with potential but lacking full eligibility metrics. Emerging funds must still operate in Michigan and focus on early-stage venture investments, particularly in underrepresented regions such as counties with populations between 600,000–700,000 or 90,000–99,000, or the Upper Peninsula. Applications will be assessed based on a sector-weighted formula for Qualified Evergreen Funds and an equal-share formula for Qualified Emerging Evergreen Funds. Multi-sector applicants receive a double allocation compared to single-sector applicants to encourage investment diversification. Emerging Evergreen Funds, on the other hand, share the $4.8 million pool equally. All awardees are subject to specific funding use requirements, including reinvesting at least 85% of returns into eligible Michigan startups, ensuring at least 5% of capital supports geographically disadvantaged business enterprises, and capping administrative costs at 15%. Annual public reporting of investment outcomes is mandatory. The application process requires complete submissions to be emailed to the MSF at [email protected] by Friday, May 30, 2025. Incomplete or incorrectly submitted proposals will not be considered. Submissions must clearly identify the program and applicant name in the subject line of the email. Applications are accepted until the full budget is allocated, so early and accurate submission is critical. For additional information or questions, applicants can contact the Michigan Economic Development Corporation at 300 N. Washington Sq., Lansing, MI 48913, or by phone at 888.522.0103. All communications and applications must align with the requirements detailed in the program’s official application process documents.