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News and Information Article
ANN ARBOR, Mich., Oct. 18 // -- Ann Arbor SPARK, the driving
force in establishing the Ann Arbor region as a destination for business
expansion, retention, and location, was recently awarded $8 million from
the Michigan 21st Century Jobs Fund. The funding will be used to create the
Michigan Pre-Seed Capital Fund, an equity fund that will invest in
technology- based companies to support business formation and acceleration.
"Support for technology-based start-up companies through the Michigan
Pre- Seed Capital Fund will provide a strong catalyst for jobs creation and
growth throughout the state, contributing to Michigans emerging
entrepreneurial- driven economy," said Ann Arbor SPARK president and CEO
Michael A. Finney. "By matching funding from third party sources, such as
venture capitalists and angels, the Michigan Pre-Seed Capital Fund will
serve as a signal to investors that Michigan is committed to supporting
entrepreneurs and developing a robust 21st century economy. The Fund is
great news for entrepreneurs, investors and high-tech communities
throughout the state."
The Michigan Pre-Seed Capital Fund is a collaborative effort of
Michigans 11 SmartZones. Each SmartZone is responsible for recommending an
investor to the Michigan Pre-Seed Capital Fund review board. Ann Arbor
SPARK will serve as the Funds administrator, with Skip Simms as its
director.
To qualify for the Michigan Pre-Seed Capital Fund, start-up companies
must be representative of one of the states identified competitive
technologies and have the sponsorship of its local SmartZones. In addition
to SmartZone sponsorship, companies must have received grant, angel or
venture capital funding greater or equal to funding requested of the
Michigan Pre-Seed Capital Fund.
The Michigan Pre-Seed Capital Funds terms will match the terms of a
recipients agreement with the third party investor. The Michigan Pre-Seed
Capital Fund is an equity investment fund and, as such, will receive the
same returns as the third party investor.
"The Michigan Pre-Seed Capital Fund is focused on providing funding to
companies with a market-ready product that need financial assistance to
support myriad needs, such as employment of marketing, sales, and
leadership professionals, or initial customer acquisition," said Skip
Simms, the director of the Michigan Pre-Seed Capital Fund. "The
collaboration of SmartZones, Ann Arbor SPARK and universities is indicative
of wide-spread recognition for this type of assistance for early stage
companies."
Investments from the Michigan Pre-Seed Capital Fund will be determined
by the Funds review board, comprised of 11 professional investors. Each
SmartZone will recommend and provide investors for the Funds review board.
"The Michigan Pre-Seed Capital Fund is a terrific initiative that will
demonstrate to investors that entrepreneurs in the state have the support
of their local communities and business accelerators," added Tom Kinnear,
chair and president of the Venture Michigan Fund. "The resources made
available to support emerging business is a key consideration of any
investor; the Michigan Pre-Seed Capital Fund is sure to attract attention
and interest in Michigans emerging companies from venture capitalists,
angel and other investors."
Ann Arbor SPARK will begin accepting applications for funding through
the Michigan Pre-Seed Capital Fund in late 2006.
ABOUT ANN ARBOR SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in
establishing the Ann Arbor region as a destination for business expansion,
retention, and location by identifying and meeting the needs of business at
every stage, from startups to large organizations. Ann Arbor SPARK
represents all communities in Washtenaw County. Ann Arbor SPARK
collaborates with business, academic, government, and community investor
partners including the University of Michigan, Eastern Michigan University,
the Herbert and Grace Dow Foundation, Pfizer, Washtenaw County, the City of
Ann Arbor, the Bank of Ann Arbor and the Michigan Economic Development
Corporation. For more information, please call (734) 761-9317 or visit
http://www.AnnArborSPARK.org .
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