MI New Economy
Venture-backed companies create roughly 10% of new jobs nationally, with a disproportionate amount in the high-wage, high-skill category, as well as over 20% of GDP nationally. Strong Michigan venture firms are a critical factor in the success of Michigan startups. With Michigan venture investors backing 96.4% of all Michigan venture-funded startups, our state's entrepreneurial economy hinges on our ability to consistently provide high-growth, high-potential companies with access to capital. Strong Michigan venture firms are a critical factor in the success of Michigan startups. According to the most recent data from the Michigan Venture Capital Association ("MVCA"), MVCA survey respondents estimate that $1.2 billion of additional venture capital will be required to adequately fund the growth of Michigan's 165 startup companies in the next two years. The initiative will be targeted exclusively towards Michigan start-ups that faced documented COVID-19 impacts, and will specifically target support for entrepreneurs of color, women-owned businesses and businesses located in geographies disproportionally economically impacted by COVID.