LANSING, MI— An Upper Peninsula economic development agency is among the initial eight recipients of the first-ever Michigan Innovation Fund.
Signed earlier this year, the law specifies funding be divided across certain cohorts. Monday’s announcement includes Existing Evergreen Venture Funds—those with a longstanding record of successful investment—and Emerging Evergreen Funds—those with a solid base of support but who are newer to the entrepreneurial ecosystem.
InvestUP was given $1.6 million in Emerging Evergreen funds.
“The funding from the Michigan Innovation Fund is recognition that rural regions like the Upper Peninsula have the sophistication and capability to be meaningful partners in innovation and entrepreneurship. This distinction is critical given growth follows a culture of innovation,” said Marty Fittante, CEO of InvestUP. “More broadly, this funding directly addresses a big need for investment capital in the entrepreneurial community across Michigan where we already have proof that investing in great, high-growth companies across the state yields significant returns. We are excited to continue deploying capital in creative ways to founders serving the outdoor industry, and others, across Michigan, and are grateful to the Governor, the MEDC and legislators – including members of the U.P. delegation – for this opportunity.”
The $7.2 million remaining of the total $60 million appropriation will be used for entrepreneurial support programs and a pitch competition that is currently accepting applications through noon Wednesday. Applications received after this deadline and by August 8, 2025, at noon, will be reviewed as part of a second and final round, pending availability of remaining funds. For more information on applying for the remainder of funds, visit the Michigan Innovation Fund website.
