58 Early-Stage Tech Companies Receive $3 Million in Support from State’s Tech Startup Stabilization Fund
A total of 58 early-stage tech companies are receiving direct investments or loans from the state’s Tech Startup Stabilization Fund to assist them during the COVID-19 outbreak, the Michigan Economic Development Corporation announced today. Announced in mid-April, the Tech Startup Stabilization Fund has been administered by ID Ventures in Detroit to support early-stage tech companies in Michigan with fewer than 50 employees and a demonstrated need for support due to the economic impacts of the pandemic.
The Tech Startup Stabilization Fund prioritized support for early-stage companies that are headquartered in Michigan and that demonstrated a strong customer value proposition, comprised a team with proven execution capability, and pre-COVID-19 were on a path for an additional round of funding, in addition to other criteria. Support through the fund ranged from $10,000 to $125,000 depending on demonstrated need and allowed recipients to retain their workforce, advance vital high-tech research initiatives and support operating costs, in addition to meeting other critical needs.
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