The fund will write cheques for early-stage spinouts from the state's 15 public universities.
The University of Michigan in the US has opened a pre-seed venture fund to finance spinouts from the US state’s 15 public universities.
The Michigan University Innovation Capital Fund focuses on investing in Michigan-based early-stage and life sciences startups that are typically seeking their first investment capital. Initial investments will be between $50,000 to $250,000.
Leaders from Michigan University’s technology transfer and investor communities will also offer advisory services to the fund and portfolio companies.
The University of Michigan already has its own venture fund, Accelerate Blue Fund, which the technology transfer office, Innovation Partnerships, launched in 2021. That fund exclusively invests in spinouts from its university.
Global University Venturing research finds only a third of US research universities have a venture fund. This looks set to increase as more academic institutions seek to invest in their own spinouts.
Members of the fund include Western Michigan University, Michigan State University, Wayne State University, Grand Valley State University and Michigan Technological University.
