Page 14 - LRCC FOCUS October 2021

FOCUS ON TALENT FOCUS MAGAZINE | OCTOBER 2021

Michigan Rise: Planting the Seeds for High-Tech Startups

A restaurants and provides actionable insights to improve
program provided by the
Michigan State University
back-of-house operations.
(MSU) Foundation in
partnership with the Michigan Another success story is that of ADHD Online, a leader
Economic Development in telehealth diagnosis and treatment for attention
Corporation and the Michigan deficit hyperactivity disorder (ADHD), ADHD Online
Strategic Fund is helping launch aims to grow its services to include diagnosis of
technology startups in Michigan other behavioral health issues, such as anxiety and
and assisting in commercializing depression, while continuing to build its network
innovative technologies. The throughout the country.
Michigan Rise Pre-Seed Fund III
provides early-stage funding to Wesley In addition to pre-seed funding, Michigan Rise provides
help Michigan high-tech startups gain greater access several other services to assist companies in which it
to technology support to reach the commercial market. invests, including networking, connections to talent,
strategy, marketing, finance, and deep science support
“We provide that early necessary gap funding to help through the team at Spartan Innovations.
companies get commercial traction and support them
with value-added services,” said Jeff Wesley, executive “I am really proud of the team and what we are building
director, Michigan Rise. “That startup funding is critical here in mid-Michigan,” said Wesley. “To have the start-
for early-stage ventures.” up ecosystem that we have based in East Lansing is
a positive thing for the region as we help drive new
Since its formation in August 2020, Michigan Rise has innovation, create jobs and expand new commercial
invested $3.7 million in startup funds to 26 companies opportunities.” l
in the high-tech, high-growth arena.

“Some of the spaces we support are areas that are
very important to the state of Michigan,” said Wesley.
“Advanced mobility, advanced manufacturing, IT, life
sciences, agtech, alternative energy – those areas
where the state feels there will be great opportunities
for innovation, job growth, and economic impact here
in Michigan.”

Michigan Rise can invest up to $250,000 per company.
The average investment has been about $140,000 per
company to date. The pre-seed funding has resulted
in an additional $100 million in funds that have been
leveraged through other investments secured by the
companies.

Michigan Rise has invested in two companies in the
past year: Greenmark Bio, based in East Lansing and
86 Repairs based in Grand Rapids. Greenmark Bio
recently received approval from the FDA to market its
first product, a preventative dental care product called
Lumicare Caries Detection Rinse, as a 510K Class II
device and plans to begin sales of the product in the
fall of this year.

One of Michigan Rise’s earliest investments at the
height of the Covid-19 pandemic was 86 Repairs.
Disrupting the $26 billion restaurant equipment repair
and maintenance industry, 86 Repairs automates
the end-to-end repair and maintenance process for

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