MARQUETTE, Mich. (WZMQ) – InvestUP has recently been chosen by Governor Gretchen Whitmer for the first-ever Michigan Innovation Fund (MIF).
On Monday, Whitmer announced the eight recipients of this new entrepreneurial funding. These include both long-standing investors, receiving more money through the programs Existing Evergreen Funds as well as newer entrepreneurial bases, under its Emerging Evergreen Funds.
“For a rural region to have this type of investment and this type of opportunity, it’s really important because what we need is the opportunity for growth,” said InvestUP CEO, Marty Fittante. “Particularly for this type of demographic that typically takes those types of risks, and that are a little bit younger.”
InvestUP, a leading economic organization in the region, was given 1.6 million dollars through the Emerging Evergreen Funds, and say they plan to focus on recreational development.
“It will all go in some respect to outdoor recreation technology companies,” said Fittante. “The hope here really is that we’ll get to a point that the fund becomes evergreen, sustainable, and perpetual. This, in our eyes, is a step towards that.”
Additional fund recipients will be announced by Governor Whitmer at a later date. For more information on the Michigan Innovation Fund Program, visit its website.
