The Michigan Economic Development Corporation (MEDC) has named Ann Arbor SPARK as one of the first-ever recipients of the Michigan Innovation Fund.
Ann Arbor SPARK received $10.6 million in state funding from the MEDC to distribute among early-stage entrepreneurial ventures across Washtenaw County.
Mike Flanagan is the Vice President of Capital Programs at Ann Arbor SPARK. He says while it’s fortunate they’re able to fund new state and local businesses, they’re concerned that funding for university student-led start-ups is currently on the chopping block in the state Legislature.
“We’re at risk of this E&I—Entrepreneurship and Innovation—budget being cut, which will hurt the supply of those companies that we’re trying to invest in.”
Flanagan says SPARK is currently negotiating with state lawmakers to continue funding early start-up support programs, such as MTrack and the Michigan Talent Transfer Talent Network.
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