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Division of Research & Innovation

Office for Technology Commercialization

Funding resources

What does it take financially to start a company? Where does the money come from? According to the Kauffman Foundation, the majority of start up companies open their doors with less than $50,000 in start up capital. The funds come from a variety of sources including personal assets of the founders, friends, and family. Federal grant programs can fund hundreds of thousands of dollars to advance its commercial interests. The State of Michigan offers financial support for university start ups through a number of programs.  Bank loans account for some start up capital, while formal venture capital funding accounts for small amounts of funding for early stage start ups. Below is information about a number of programs that you might find helpful. If you have questions or do not find the specific information you are looking for contact the Technology Commercialization Office for assistance.

State of Michigan

Loans

  • SBA-Small Business Association
  • Banking Institutions
    •  Receivables financing
    •  Equipment Leasing
    •  Residential Real Estate Loans
    • Commercial Real Estate Loans
    • Asset Based Loans
    • Sale Lease Back
    • Note Financing

Federal grants

The Small Business Innovative Research (SBIR) and Small Business Technology Transfer (STTR) grant programs, sponsored by several United States Government agencies, are excellent sources of funding for start-up companies. For detailed information on these programs, visit https://techtransfer.wayne.edu/techtransfer/entrepreneurs/sbir-sttr-grant.

  • SBIR/STTR grant assistance program (subsidized by the State of Michigan through its Strategic Fund) is available through BBCetc.

Angel and venture capital funding

  • Great Lakes Entrepreneur's Quest
    • Business Plan Competition: 15 separate awards totaling $175,000 awarded annually
    • Business plan training
    • Mentoring
    • Networking Opportunities and exposure to investors  
  • Great Lakes Angels
    • Angel network meets September through June yearly to consider investments in Michigan Companies
  • Michigan Venture Capital Association (MVCA) 
  • Michigan Venture Capital Firms with MLSC- Seed Stage Investment Funds
    • Arboretum Ventures: $1,550,000 fund 
      • Industry Preference: Medical Device Companies, Life Science opportunities
      • Investment range: $150K - $2M
    • TGap Ventures: $1,550,000 fund
      • Industry Preference: Software, medical devices, IT and specialty Mfg.
      • Investment range: $250K-$750K

    • Apjohn Ventures Fund: $1,550,000 

      • Industry Preference: Biopharmaceuticals
      • Investment range: (3-6 start-ups per year)

    • Seneca Partners: $1,550,000 

      • Industry Preference: Healthcare
      • Investment range: up to $3M

    • Waypoint Ventures

      • Indsutry Preference: IT, MEMS, nanotechnology, advance manufacturing
      • Investment range:

Other resources