{"id":12870,"date":"2024-04-04T14:09:37","date_gmt":"2024-04-04T14:09:37","guid":{"rendered":"https:\/\/www.investupmi.com\/?p=12870"},"modified":"2024-04-04T15:02:15","modified_gmt":"2024-04-04T15:02:15","slug":"investup-announces-michigan-outdoor-innovation-fund-a-3-million-pre-seed-fund-to-invest-in-outdoor-recreation-startup-companies","status":"publish","type":"post","link":"https:\/\/www.investupmi.com\/index.php\/2024\/04\/04\/investup-announces-michigan-outdoor-innovation-fund-a-3-million-pre-seed-fund-to-invest-in-outdoor-recreation-startup-companies\/","title":{"rendered":"InvestUP Announces Michigan Outdoor Innovation Fund, a $3 Million Pre-Seed Fund to Invest in Outdoor Recreation Startup Companies"},"content":{"rendered":"\n
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\"Left
Left to right: Marty Fittante (InvestUP CEO), Sam Shapiro (Grounded CEO & Founder), and Jim Baker (Michigan Outdoor Innovation Fund fund manager)<\/figcaption><\/figure>\n<\/div>\n\n\n\n
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\"Marty
Marty Fittante (InvestUP CEO) and Sam Shapiro (Grounded CEO & Founder) shake hands after Sam\u2019s company wins the Outdoor Innovation Pitch grand prize<\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n

Marquette, Mich., April 2, 2024<\/strong> –\u00a0 InvestUP<\/a> and the Michigan Economic Development Corporation<\/a> (MEDC) today announced the creation of the Michigan Outdoor Innovation Fund, a $3 million pre-seed fund to support entrepreneurs across Michigan in the outdoor recreation industry.\u00a0<\/p>\n\n\n\n

The Fund will make investments ranging from $50,000 to $250,000 in promising Michigan-based startups that are commercializing cutting-edge technologies in outdoor recreation. The Fund is the first of its kind in the Upper Peninsula, the only seed fund in any rural location across Michigan and one of only two funds managed by economic development organizations in the state.\u00a0\u00a0<\/p>\n\n\n\n

The fund is supported by the MEDC through the Michigan Innovate Capital Fund (MICF) program, which aims to bolster Michigan’s early-stage startup companies, create a conducive capital environment and foster high-growth technology companies. <\/p>\n\n\n\n

\u201cThe great outdoors are among Michigan\u2019s 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,\u201d said Marty Fittante, CEO of InvestUP. \u201cWe are grateful for the opportunity to manage the Michigan Outdoor Innovation Fund, and sincerely appreciate the MEDC\u2019s steadfast and ongoing support of outdoor recreation.\u201d<\/p>\n\n\n\n

To better ensure success for the Fund, InvestUP has created an advisory board that features a strong group of dynamic, collaborative partners from across Michigan. The board features noteworthy regional partners, including Innovate Marquette SmartZone<\/a> and Michigan Tech University<\/a>.<\/p>\n\n\n\n

These partners will help the Fund evaluate startups for potential investments and offer valuable connections to outdoor recreation organizations, venture funds, seed funds, and strategic investors and partners in Michigan and nationwide. <\/p>\n\n\n\n

The Fund expects to support 30 to 35 companies over the next two to three years.<\/p>\n\n\n\n

Innovate Marquette, a regional SmartZone with the goal of transforming the region into a centralized hub for technology and innovation, including outdoor recreation as one of the targeted sectors, helped enable and secure the Fund through a $700,000 Rural Innovation Stronger Economy (RISE) grant from the U.S. Department of Agriculture. Their specialty in outdoor innovation and recreation will offer valuable connections for the Fund\u2019s advisory board and recipients of the Fund. <\/p>\n\n\n\n

\u201cThanks to the MEDC\u2019s vision and InvestUP\u2019s 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,\u201d said Innovate Marquette SmartZone CEO Joe Thiel. \u201cThis 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.\u201d<\/p>\n\n\n\n

The outdoor recreation economy nationwide continues to flourish, with annual growth of 11.8 percent in 2022. In Michigan, outdoor recreation brought $12.4 billion in value-added economic impact, and the sector includes nearly 120,000 jobs (a growth of 7.4 percent year over year) in a wide range of occupations that require various skills including design, manufacturing, retail sales and hospitality. Snow activity, in which the Upper Peninsula specializes, enjoyed an 88 percent increase in the last three years alone.<\/p>\n\n\n\n

\u201cWe are proud that InvestUP is among the first organizations to receive support from the Michigan Innovate Capital Fund, which provides the state with another tool to increase the amount of capital being invested in Michigan-based competitive edge technology companies,\u201d said Nataliya Stasiw, Equity Capital Program Director, Entrepreneurship & Innovation at the Michigan Economic Development Corporation. \u201cThe Michigan Outdoor Innovation Fund will help accelerate high-tech innovation in outdoor recreation across the state, further diversifying Michigan\u2019s economy. Together, we\u2019ll continue sending a clear message to all innovators and inventors that when it comes to driving a high-tech future, they can do that and more right here in Michigan.\u201d<\/p>\n\n\n\n

In 2022, the Office of Outdoor Recreation Industry<\/a> moved within MEDC to strengthen the state’s focus on retaining and attracting outdoor recreation businesses and products. The office\u2019s director, Brad Garmon, was appointed to chair the national outdoor industry Confluence of States <\/a>coalition for 2023. <\/p>\n\n\n\n

\u201cThe Outdoor Recreation Industry thrives on improving product performance, incorporating more sustainable materials and processes, and responding to new user interests and demands,\u201d said Brad Garmon, Director of the Office of Outdoor Recreation Industry. \u201cInvestUP\u2019s Michigan Outdoor Innovation Fund will strengthen the future of Michigan\u2019s outdoor recreation economy, ensuring that the recreation technologies and innovations of tomorrow will be made in Michigan. I look forward to working alongside them to support the ideas coming from our Michigan startups as a result of this fund.\u201d<\/p>\n\n\n\n

The Michigan Outdoor Innovation Fund is already funding entrepreneurs across Michigan in the outdoor recreation industry. Recently during Innovation Week 2024, a professional development conference for thought leaders, creatives, and entrepreneurs held by Innovate Marquette SmartZone and SISU: The Innovation Institute at Northern Michigan University, the startup Grounded, led by CEO Sam Shapiro, won the grand prize of the Outdoor Innovation Pitch competition. Shapiro walked away with a $50,000 investment funded by the Michigan Outdoor Innovation Fund for his outdoor innovation startup.<\/p>\n\n\n\n

Interested companies and organizations are encouraged to visit michiganoutdoorfund.com<\/a> or contact the Fund\u2019s Managing Director, Jim Baker, by emailing jim.baker@michiganoutdoorfund.com<\/a>. Dr. Baker comes to this role with significant experience, including 25 years leading Michigan Technological University\u2019s technology commercialization and startup business development activities, 9 years as an owner of Michigan-based outdoor products manufacturing company, and active service as a board member or advisor with numerous early stage venture funding organizations, entrepreneurial support service organizations, startup companies, and non-profit conservation organizations.<\/p>\n\n\n\n

About InvestUP<\/strong><\/p>\n\n\n\n

InvestUP is the regional economic development organization for the Upper Peninsula.  Led by the private-sector, InvestUP\u2019s mission to drive prosperity across U.P. through a focus on people, place, projects, policy, and promotion by working in partnership and with passion and persistence. <\/p>\n\n\n\n

About Innovate Marquette SmartZone<\/strong><\/p>\n\n\n\n

Innovate Marquette offers access to critical resources, mentorship, funding, talent and network collaboration to entrepreneurs, existing businesses and startups. As one of 20 SmartZones designated by the Michigan Economic Development Corporation (MEDC), Innovate Marquette works with partners to create a thriving local entrepreneurial ecosystem. With an emphasis on technology-focused ventures inoutdoor innovation, creative technology, and sustainable technology, Innovate Marquette aims to draw economic opportunity to the region and sustain an inclusive and approachable business community. Through a customized innovation journey and partnerships with the MEDC, City of Marquette, Northern Michigan University and other local economic development organizations, Innovate Marquette helps create a comprehensive network to support current and future economic development in the region. For more information, visit www.innovatemarquette.org<\/a>.<\/p>\n\n\n\n

Media Contact<\/h4>\n\n\n\n
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Adam Johnson, PR Manager
The Marketing Department for InvestUP
906-281-6983
adam@marketingdepartmentinc.com<\/a><\/p>\n<\/div>\n\n\n\n

\n

Luke Londo, Senior Account Executive
Siren, for Innovate Marquette
313-348-1677
luke@sirenstrategy.co<\/a> <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Marquette, Mich., April 2, 2024 –\u00a0 InvestUP and the Michigan Economic Development Corporation (MEDC) today announced the creation of the Michigan Outdoor Innovation Fund, a $3 million pre-seed fund to support entrepreneurs across Michigan in the outdoor recreation industry.\u00a0 The Fund will make investments ranging from $50,000 to $250,000 in promising Michigan-based startups that are […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12870","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nInvestUP Announces Michigan Outdoor Innovation Fund, a $3 Million Pre-Seed Fund to Invest in Outdoor Recreation Startup Companies - InvestUP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investupmi.com\/index.php\/2024\/04\/04\/investup-announces-michigan-outdoor-innovation-fund-a-3-million-pre-seed-fund-to-invest-in-outdoor-recreation-startup-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"InvestUP Announces Michigan Outdoor Innovation Fund, a $3 Million Pre-Seed Fund to Invest in Outdoor Recreation Startup Companies - 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