Bipartisan Bills Creating Michigan Innovation Fund Introduced in Lansing
Funding would provide crucial support for entrepreneurs and startups by helping to create self-sustaining nonprofit early-stage evergreen funds and leverage existing fund infrastructure
Lansing, Michigan - A bipartisan group of lawmakers in Lansing has introduced new bills to create the Michigan Innovation Fund, providing critical funding support to Michigan’s existing early-stage evergreen venture funds and entrepreneur ecosystem. Michigan House Bills 5651, 5652 and 5653, sponsored by Representative Alabas Farhat (D-Dearborn), Jason Hoskins (D-Southfield) and Greg VanWoerkom (R- Norton Shores), would provide $105m to a coalition of five impactful, established Michigan based nonprofit early-stage evergreen funds as well as provide additional increased funding to key partners in the ecosystem that support startup companies, founders and funds.