Tech Stabilization Fund Announced

Liz Gullett

Apr 17, 2020

The Michigan Economic Development Corporation announced the creation of a $3 million Tech Startup Stabilization Fund. The fund will help stabilize early-stage tech startups in the state that are being impacted by the COVID-19 outbreak through direct investments or loans that can be converted into equity. Investment and loan sizes are expected to range between $20,000 and $100,000, depending on the stage of the company, the sector, and demonstration of need. The fund will prioritize early-stage tech companies that are beyond ideation and have previously raised capital from angel and/or venture capital sources. Other criteria for prioritization include:

- Companies headquarted in Michigan, with the majority of employees located in state
- Early-stage technology and innovation-based businesses with fewer than 50 employees
- Strong teams that have proven executive capability
- Pre-COVID-19, was on path for next round of funding, with favorable relationships in place
- Strong customer value proposition
- Conveys that company can survive and thrive post-crisis

For more information, please visit https://www.tssfund.com/.

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