Detroit, MI, January 13, 2025 – Michigan Governor Gretchen Whitmer signed into law the Michigan Innovation Fund legislation during a high-profile ceremony at Michigan Central, Detroit’s historic innovation hub. This strategic location underscores the state’s commitment to fostering innovation and technological growth as Michigan continues to position itself at the forefront of cutting-edge industries.
“I’m thrilled to start 2025 off strong by celebrating this historic new investment in Michigan’s innovation economy,” said Ben Marchionna, Chief Innovation Ecosystem Officer at the MEDC. “By establishing the Michigan Innovation Fund alongside th
e new R&D Tax Credit, we’re declaring the grit, creativity, and enduring prowess of our entrepreneurs and innovators deserve to be supported and showcased. Equitable, accessible funding and an R&D-friendly tax environment is how we’ll transform today’s big ideas into tomorrow’s growth industries. I’m grateful to the legislature, Governor Whitmer and Lt. Governor Gilchrist for supporting this as the largest state appropriation for entrepreneurship and innovation in nearly two decades. This bold move shows the world that Michigan is serious about building a thriving innovation ecosystem – one where founders can truly ‘Make it’ in Michigan.”
House Bills 5651, 5652, and 5653, sponsored by state Representatives Greg VanWoerkom (R- Norton Shores), Jason Hoskins (D-Southfield), and Alabas Farhat (D-Dearborn), support Michigan businesses and help attract potential investments to our state by establishing a Michigan Innovation Fund Program, allocating $60 million to fuel Michigan innovation. Currently, entrepreneurs and business startups face difficulties in Michigan due to a lack of early-stage capital. These bills align Michigan with our Midwest neighbors by creating an innovation fund that provides financial support for entrepreneurs and companies. Not only will existing businesses be able to thrive, but companies will be incentivized to locate to our state, expanding Michigan’s talent pool and fostering innovation and economic development across our communities.
“With this bill becoming law, we’re creating a cycle of opportunity that will generate good paying jobs and elevate Michiganders. We are creating stronger entrepreneurs and building up a foundation for local businesses,” said state Representative Jason Hoskins (D-Southfield). “Today, we ensured that Michigan remains a place where great ideas can thrive. The Michigan Innovation Fund will provide direct support to startups and job creators here at home.”
“I am proud to see the Michigan Innovation Fund cross the finish line, paving a better road forward for our state’s business startups to thrive,” said state Representative Alabas Farhat (D-Dearborn). “This legislation will uplift small businesses across the state, creating more jobs and more family-supporting paychecks for workers. Michigan has an immense amount of homegrown entrepreneurial talent — we’re tapping into that resource to move our economy forward and keep establishing Michigan as a hub for innovation.”
“I truly believe the next great business is here in Michigan, and the Michigan Innovation Fund will play a vital role in advancing our state’s economic ecosystem and helping our entrepreneurs thrive,” said state Representative Greg VanWoerkom (R-Norton Shores).
“We’re so grateful for the vision and leadership shown by Governor Whitmer and the members of the Michigan legislature in creating the Michigan Innovation Fund,” said Santa J. Ono, President of the University of Michigan. “U-M is proudly a leader in research and innovation, but we can do so much more. Through this support, we will foster new collaborations between researchers and businesses, accelerating discovery and innovation, and driving economic growth and job creation like never before.”
“This investment in Michigan’s innovation economy would not have been possible without the support of leaders like Governor Whitmer, Lt. Governor Gilchrist, Representatives Alabas Farhat, Jason Hoskins, Greg VanWoerkom, and our coalition partners,” said Dave Blaszkiewicz, President and CEO of Invest Detroit. “As home to ID Ventures, one of the five evergreen funds supported by this program, Invest Detroit is proud to contribute to this effort. The Michigan Innovation Fund is a vital step in strengthening our start-up ecosystem, empowering entrepreneurs, and positioning Michigan as a leader in innovation and economic growth. This fund proves Michigan’s commitment to competing globally as a hub for talent and innovation and demonstrates what is possible when we unite around a shared vision for our future.”
“The Michigan Innovation Fund will bring historic support to Michigan’s startup economy, including northwest Michigan’s nationally-recognized startup and entrepreneurial community,” said Warren Call, president and CEO of Traverse Connect. “Innovative startups in Michigan are developing scalable businesses that will thrive and grow thanks to this important investment.
(source: press release from Michigan Executive Office of the Governor)
CLICK HERE: MI Innovation Fund Bill Signing Press Release – Final
