MARQUETTE, Mich. (WJMN) – A grant secured by Innovate Marquette SmartZone will bring $611,911 to Marquette, which is expected to support local economic development efforts for the next three years.
The Capital Challenge grant comes from the U.S. Economic Development Administration (EDA) through its Build to Scale (B2S) program.
Using the grant and matching funds Innovate Marquette plans to use the new resources for the Make it Marquette Start to Scale (Marquette STS) project. The way it works is outlined below:
It will leverage educational, economic development and capital investor partnerships. Together, with project partners, Marquette STS will educate local angel investors about scalable tech investment opportunities and connect to state, regional and national venture capital (VC) networks. Marquette STS outputs and outcomes include the following:
- Support 30 scalable tech startups with the support of $5,000 to $30,000 each of financial assistance for services from crowdfunding members.
- Engage 50 new angel investors to provide $750,000 in seed funding and sponsor 15 startups through acceleration.
- Cultivate 25 new VC firms to invest $1.5 million to $5 million in scalable tech startups in Michigan’s Upper Peninsula.
According to Innovate Marquette, the project is also designed to be 100 percent sustainable after the proposed three-year project timeline.
You can read the full release from Innovate Marquette, here.
We are speaking with Joe Thiel, Innovate Marquette SmartZone CEO next week about the plans, and to learn more about Innovate Marquette is working in our community.
Learn more about Innovate Marquette SmartZone by visiting: https://www.innovatemarquette.org/.