$3 million fund created to support outdoor recreation industry
UPPER PENINSULA, Mich. (WJMN) – From the Great Lakes to the rugged terrain of the Upper Peninsula, outdoor activities abound in every season. In an effort to support the outdoor recreation industry, InvestUP and the Michigan Economic Development Corporation (MEDC) announced on Tuesday, the creation of a $3 million fund.
The Michigan Outdoor Innovation Fund will support investments of $50,000-$250,000 to startups in the state who are focused on integrating the latest technology in outdoor recreation. Funding is expected to support 30-35 companies over the next few years.
The announcement of the funding marks the first of its kind in the Upper Peninsula. It is also the only seed fund in any rural area in the state.
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Support for the funds comes by way of the MEDC and its Michigan Innovate Capital Fund (MICF) program.
“The great outdoors are among Michigan’s greatest assets, and outdoor recreation is a critically important and rapidly-growing sector for the Upper Peninsula and the entire state of Michigan. The Michigan Outdoor Innovation Fund will be a gamechanger for innovators and entrepreneurs who exist at the intersection of technology, industry, tourism and natural resources, and who recognized that quality of life is often tied to the quality of outdoor recreation opportunities,” said Marty Fittante, CEO of InvestUP in a release on Tuesday. “We are grateful for the opportunity to manage the Michigan Outdoor Innovation Fund, and sincerely appreciate the MEDC’s steadfast and ongoing support of outdoor recreation.”
An advisory board has been created, including Innovate Marquette SmartZone and Michigan Tech University. These partners will help evaluate potential investments opportunities for startups. They will also help build connections to existing outdoor recreation organizations and other resources.
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“Thanks to the MEDC’s vision and InvestUP’s stewardship, the Michigan Outdoor Innovation Fund will allow us to continue disrupting the outdoor recreation industry by investing in startups and entrepreneurs whose ideas will serve as a catalyst for economic growth as well as the enjoyment of residents and visitors alike,” said Innovate Marquette SmartZone CEO Joe Thiel in Tuesday’s release. “This investment by the MEDC to launch the Michigan Outdoor Innovation Fund demonstrates their commitment to growing outdoor recreation as well as make it more accessible for everyone.”
Innovate Marquette helped secure the Fund through a $700,000 Rural Innovation Stronger Economy (RISE) grant from the U.S. Department of Agriculture.
You can learn more about the funding and how to apply at michiganoutdoorfund.com.
You can also contact the Fund’s Managing Director, Jim Baker, by emailing jim.baker@michiganoutdoorfund.com.
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