In January, three Michigan-based start up companies received seed funds from the Michigan Pre-Seed Captial Fund
- this is a collaborative effort from Michigan's 12 SmartZones
. Ann Arbor Spark is the fund administrator. So far this fund has invested in 30 Michigan companies. Skip Simms, Michigan Pre-Seed Captial Fund Administrator, said that the rumor businesses are not starting up right now is a myth. According to Simms, "Innovative businesses with a solid business plan are attracting funding and choosing Michigan to locate and grow."
The three most recent funding recipients were:
SenSound - developer and marketer of software, testing services and integrated testing systems for aerospace, medical device, automotive, consumer appliance, and industrial machinery manufacturers.
Creative Byline - a new model for the book publishing industry that brings together authors and publishers.
Biotectix - a biomedical device manufacturers partner that develops and implements customized materials to improve the safety, longevity, reliability, biological interaction, and energy-efficiency of such devices.
The Michigan Pre-Seed Capital Fund
is an equity fund that invests in technology-based companies. They receive the same return as their third party investor sponsors and use these monies to reinvest and serve as seed money for the continuation of the fund. To qualify, start-up companies must be a representative of one of the Michigan's identified competitive technologies and have the sponsorship of its local SmartZone
. Companies must also have received grant, angel or venture capital funding greater or equal to funding requested of the Michigan Pre-Seed Capital Fund.
This is a great boost for Michigan's economy!
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