MARQUETTE, MI— InvestUP and the Michigan Economic Development Corporation have announced the creation of the Michigan Outdoor Innovation Fund.
It’s a $3 million pre-seed fund to support entrepreneurs across the state in the outdoor recreation industry. The Fund will make investments ranging from $50,000 to $250,000 in promising Michigan-based startups that are commercializing cutting-edge technologies in outdoor recreation.
The Fund is the first of its kind in the Upper Peninsula, the only seed fund in any rural location across Michigan, and one of only two funds managed by economic development organizations in the state.
To better ensure success for the Fund, InvestUP has created an advisory board comprising a group of partners from across Michigan. The board features regional partners like the Innovate Marquette SmartZone and Michigan Tech University. They will help the Fund evaluate startups for potential investments and offer connections to outdoor recreation organizations, venture funds, seed funds, and strategic investors and partners in Michigan and nationwide.
The Fund expects to support 30 to 35 companies over the next two to three years.
