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ID Ventures, with lead support from the MEDC, has launched a fund to help stabilize Michigan startups impacted by the economic downturn caused by the COVID-19 pandemic, extend their runway, and put them on a path to scale when the downturn subsides. The fund will provide loans and investments typically ranging from $20,000 - $100,000 based on the startup’s sector, stage, estimated runway, and demonstration of need. It is expected that the average award will be $50,000. Larger amounts may be awarded in scenarios where justified.
Eligibility
• Headquartered in Michigan with the majority of employees located in the state
• Early stage technology and innovation businesses, less than 50 employees
• Product-oriented, scalable business - not intended for consulting and fee-for-service companies
• Prior investment from angel or venture capital sources
• Matching angel and/or VC funds are highly encouraged
• Pre-crisis, was on path for next round of funding, with favorable relationships in place
• Strong team that has proven execution capability
• Solid customer value proposition
• Implemented cash preservation measures
• Demonstrates need for funding within 12 months
• Provides a realistic plan of 9+ months of runway with funding
• Conveys that company can survive and thrive post-crisis
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