More than 130 startups sought capital this year from a state-backed fund, far exceeding expectations and serving as another example of the need for funding at the earliest stages of the capital continuum.
ADetroit-based nonprofit will manage a new statewide fund created to provide needed early-stage capital to startups in Michigan.
A trio of initiatives from the Michigan Economic Development Corp. aims to increase the flow of capital to startups and early-stage companies in the state.
Michigan needs to maintain a major push started a decade ago to diversify the state’s economy, according to a study that credits the effort with spurring greater innovation and entrepreneurship.
The trade group for venture capitalists in Michigan wants to form a $100 million fund to match millions in private capital with public investment.