The University of Michigan’s Innovation Partnerships program in Ann Arbor has received $5 million from the Michigan Economic Development Corp. to establish the Michigan University Innovation Capital Fund and Michigan University Innovation Capital Consortium.
This fund was created to solidify the state’s university research commercialization environment through a partnership between U-M, Michigan State University in East Lansing, the Michigan State University Research Foundation, Wayne State University in Detroit, Western Michigan University in Kalamazoo, and Michigan Technological University in Houghton.
The fund’s purpose is to drive economic development by supporting the growth of startups from Michigan’s public universities. The money also supports establishing the Michigan University Innovation Capital Consortium, a platform that brings together university tech transfer offices and university managed pre-seed venture fund leaders.
“We are thrilled to receive this award from the MEDC to create and develop the Michigan University Innovation Capital Fund and Consortium,” says Kelly Sexton, associate vice president of research, innovation partnerships and economic impact at the University of Michigan.
The consortium will provide advisory and strategic support to the fund and portfolio companies through knowledge exchange, networking, resource sharing and fostering a collaborative environment where innovative ideas can support the state’s startups coming from Michigan’s public universities.
“Collaboration is essential if we want to accelerate innovation, and so I am incredibly excited to see how the fund and consortium will create synergies between academia, venture capital and industry, facilitating the flow of ideas, expertise and resources to help build a brighter future for our great state,” says Rebecca Cunningham, vice president for research and innovation at U-M.
This collaborative approach with peer institutions statewide is needed to ensure that research activity emanating from across Michigan’s public universities not only addresses the challenges of today, but contributes to the growth and prosperity of tomorrow.”
Initial consortium members include investors and tech transfer leaders from the partner universities. During the past six years, they have launched an average of 26 technology-based startups annually.
Michael Psarouthakis, executive director for impact investments and strategic alliances for the Innovation Partnerships, will oversee the fund.
The builds on the commercialization success of five MEDC grant programs that operate statewide, including the Michigan Translational Research and Commercialization program that has hubs managed by U-M (life sciences and advanced transportation), MSU (agricultural technologies and industrial biotechnology), Wayne State (advanced computer technologies), and Michigan Tech (advanced materials).
The fund also builds off the success of the Tech Transfer Talent Network Mentor-in-Residence program operating throughout the state.
