DETROIT--(BUSINESS WIRE)--Michigan Founders Fund (MFF), a nonprofit organization that provides startup programming and company-building support to high-growth entrepreneurs, has now reached 56 pledged members. Pledged members are tech founders and investors who have pledged 1% of equity, carry or profit into a fund for Michigan-based grantmaking.
“When people ask what makes Michigan a great place for innovation, what makes it different, we can genuinely say it’s the people,” says Trista Van Tine, Executive Director and co-founder of Michigan Founders Fund. “The generosity of our high-growth entrepreneurial community speaks for itself, by pledging 1% of their future success back to the state, founders and investors are not only advancing Michigan’s economy through the companies they are building here, but are giving back some of that success to the communities where they live and operate.”
“These pledges will contribute to the other half of the equation in innovation - placemaking - ensuring the broader community also grows and thrives to provide a high quality of life for talent in our state.”
One company who made the 50th pledge to MFF, is Hum. Based out of Detroit, Hum enables multi-family operators to easily offer and monetize move-in ready Internet.
“The Hum Team is beyond excited to join the Michigan Founders Fund network. We made the decision to join as a way to connect with other founders, grow together, and in return - give back to others as they begin their own entrepreneurial journeys,” shares Christina Fair, Co-Founder of Hum. “Founders create other founders which stimulates our state economy and drives the fact that MI is the place to be if you're looking to start a tech company of your own."
The founding team of Hum previously built and exited another Detroit-based startup, Rocket Fiber, whose former employees went on to start four new companies post-exit.
"Michigan has always been a hotbed of innovation, from mobility to biotech and much more. What better way to fan that flame than to support MFF and fellow entrepreneurs, the lifeblood of our new economy,” states Mykolas Rambus, Co-Founder and CEO of Detroit-based cybersecurity company, Hush.
The increase of high-growth innovation is taking place in all parts of Michigan - including the Upper Peninsula - making the value of a statewide founder-to-founder network like MFF more important than ever to drive density and ensure entrepreneurs have the support that they need, wherever they are located.
Kall Morris Inc (KMI), Marquette-based orbital debris research and solution development company that leverages proprietary software and exclusive hardware in advancing active debris removal, joined MFF earlier this year. Co-Founder Troy Morris shares more on the team’s decision to build their company in Michigan.
"Michigan offers so much to so many, and when we were determining where to found our problem-solving company, we knew we had to return to Michigan. While our problem (orbital debris) is over every state, the intrinsic and sincere support of fellow founders, in addition to the hardy and hardworking neighbors we share the state with, are proof positive that if you have a problem worth solving, or a solution worth sharing, your surest steps of success start in the state of Michigan. Exemplifying this community approach is the collaboration, connections, and comfort of joining with Michigan Founders Fund, to share and support with other founders as we all work to build a better tomorrow."
KMI has been selected for 3 USSF Orbital Prime Phase I STTRs, and just been selected by CASIS for NLRA 2022-5: Technology Advancement and Applied Research Leveraging the ISS National Lab.
In recognition of the importance of the high-growth sector to the future prosperity of the state and the critical support role that MFF serves for company-builders, the William Davidson Foundation, a leading funder of entrepreneurship advancement in Michigan has also awarded MFF a grant to increase operational capacity and accelerate the current programming.
For more information about the unique opportunities available to entrepreneurs through the Michigan Founders Fund and how to become a member, please visit www.MichiganFoundersFund.org.
About Michigan Founders Fund
Michigan Founders Fund (MFF) is the state’s founder community. Together, we are committed to fellowship, cultural intention, and funding solutions that uplift communities across the state where we live and operate. MFF’s mission is to grow the presence of successful high-growth ventures and advance civic leadership in Michigan’s entrepreneurial ecosystem by (1) creating a strong, inclusive, and active founder-to-founder support network to help leaders succeed in their ventures, (2) driving a for-purpose, founders-for-founders and founders-for-community culture, (3) providing founders with a simple mechanism for philanthropic giving and opportunities to become community leaders in parallel to being business leaders. MFF creates programs for founders and investors to advance relationships, the ecosystem, and startup success. The MFF network of entrepreneurs and venture capitalists have pledged 1% of equity, profit or investment carry from their businesses into a fund for state-based grantmaking. To date, the organization has 56 pledged members.
