The University of Michigan is poised to receive about $10 million in new state funding for research commercialization, as part of a package of bills recently signed by Gov. Gretchen Whitmer.
The bipartisan legislation establishing the Michigan Innovation Fund and Research and Development Tax Credit is designed to bolster Michigan-based startups and attract potential investments to the state.
Notably, a second bill offers an additional incentive — a $200,000 tax credit for companies that collaborate with a research university, further encouraging partnerships that leverage academic research and expertise.
This influx of funding at U-M will go to the Accelerate Blue Fund, an early-stage venture fund that invests in university-licensed startups. A focus of the fund is to bridge the critical gap between a startup company’s launch and the ability to attract venture capital funding.
“Innovative startups have the power to change lives — whether through medical breakthroughs or cutting-edge technologies — and they play a crucial role in driving Michigan’s economy forward,” said Kelly Sexton, associate vice president for research – innovation partnerships and economic impact.
“The University of Michigan is proud to be ranked second in the nation for startup company formation — a testament to the creativity and drive of our researchers and our commitment to empowering groundbreaking ideas. Gov. Whitmer’s signing of this bill into law demonstrates our state’s dedication and foresight in supporting Michigan-founded startups.”
Full story: State to give U-M $10M to help develop new startups | The University Record
