The universities of Michigan and their partners inside and outside the State of Michigan are hard at work creating a world-class entrepreneurial ecosystem in Ann Arbor, Grand Rapids, Lansing, Kalamazoo, and Detroit and throughout the State of Michigan.
The rapidly expanding entrepreneurship programs at UM, for example, and the spinouts from the $1.3 billion dollars of annual research expenditures are creating the seeds for disruptive innovation and business models that are truly unique in the world.
This entrepreneurial ecosystem has experienced dramatic growth in the past five years and an unprecedented opportunity now exists to accelerate the creation of world-class startups in the ecosystem.
Michigan eLab is a technology venture capital fund created to capitalize on this growth of entrepreneurial activity and will seek startups with disruptive innovations, exceptional teams, and capital efficient business models that have the potential to serve large markets. Michigan eLab is strategically based both in Ann Arbor, to leverage innovation and talent, and in Silicon Valley, to leverage customers, business development, funding sources and a strong network of experienced advisors (our coaches). Michigan eLab’s mission is to improve the entrepreneurial ecosystem by bridging valuable but scarce resources from the Valley to local entrepreneurs in Michigan.
We are passionate about Michigan and nurturing world-changing ideas by connecting entrepreneurs to capital and expertise needed to build great, disruptive companies!
Similar to an accelerator, Michigan eLab will make small seed investments in early stage companies (typically $25,000 - $100,000) in return for equity. Unlike an accelerator, however, Michigan eLab does not fund companies in batches but instead takes a more focused strategy of working closely with our startup companies. Additionally, we don't restrict our involvement with startups to three months but instead we work side-by-side with startups given each of our deep operating and investment experience, as well as, leverage our customer, coaches and entrepreneurial network to bring the right connections to companies at the right time.
We believe "the team" is the most important aspect of a successful startup company and Michigan eLab partners and coaches will work with your company to help you put together the right team so you can nail product-market fit and make your first customers insanely successful (both critical for your success and for attracting additional financing).
Michigan eLab has experience in building strong investment syndicates with world class investors. We lead Series A investments either with companies that have already matured into Series A or those companies that have accelerated with eLab as part of the founding team.