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February 19, 2024 | Tom Ballard

Michigan Governor proposes $60 million Innovation Fund

It would assist high-growth scalable start-ups and the innovation and entrepreneurship ecosystem.

Among the items included in Michigan Governor Gretchen Whitmer‘s Fiscal Year 2025 Executive Budget recommendations presented to a joint session of the House and Senate Appropriations committees was a new $60 million Innovation Fund. It is one item among  a number of priorities that seek to enhance Michigan’s economic competitiveness and build on the “Make It in Michigan” strategy — the Governor’s plan for investing in the state’s people, places, and projects.

According to a report in the SSTI Weekly Digest, the strategy focuses on cultivating good-paying jobs, a skilled, talented workforce, and making Michigan an affordable, equitable, and vibrant place to live. The Innovation Fund would assist high-growth scalable start-ups and the innovation and entrepreneurship ecosystem. The fund would also provide universities and nonprofits funding to invest in tech start-ups, with all returns on investment being reinvested back into the program to support additional start-ups in the future. The efforts will diversify the state’s economy, as well as attract entrepreneurs to the state.

Other items that the Governor included in her budget proposal include:

  • $100 million for a Research and Development (R&D) Tax Credit, beginning on or after January 1, 2024, to spur innovation and attract more knowledge-based jobs to Michigan; and
  • $25 million for the Make It in Michigan Competitiveness Fund to augment green economy initiatives and leverage available federal funding opportunities focused on energy, technology, and climate.

 


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