Investing $200 Million in Michigan's Future

Governor Jennifer M. Granholm this week announced that the Venture Michigan Fund I (VMF I) is now open to invest in venture capital funds focused on growing early stage technology companies in Michigan. The fund has reached its goal of raising $200 million. Distribution of the funds will target Michigan technology start-up companies that need access to venture capital to become successful job-producing businesses.

"This fund opens doors to good-paying jobs for the future and puts Michigan far ahead of all other states in our support for development of new tech companies," Granholm said. "Venture capital is vital to the growth of start-up technology businesses needed to diversify our economic base."

Granholm first called for a new source of start-up funding for new businesses and entrepreneurs in her 2004 State of the State address with the following goals: to grow and develop the venture capital community in Michigan and to grow technology firms in Michigan so we can develop 21st century jobs.

The VMF I will focus on venture capital funds that have a presence in Michigan and that target investments in Michigan-based start-up companies engaged in research, technology, and new product development. Investments will benefit a variety of emerging technologies targeted by the governor's 21st Century Jobs Fund, including advanced manufacturing and industrial technology, alternative energy, health care and the life sciences, homeland security and defense, and information technology.