Michigan has just launched one of our biggest EVER state investments in high-tech, high-growth startups! ?? HAPPY NEW YEAR TO US! ??
In an historic milestone, yesterday, Governor Whitmer signed the ? bipartisan ? Michigan Innovation Fund and R&D Tax Credit bills in Newlab at Michigan Central.
This gargantuan win follows a years-in-the-making grassroots effort to bolster early-stage startup investments, nurture emerging venture funds, incentivize partnerships between our tech startups and research universities, and most importantly, better support Michigan entrepreneurs.
My optimism is off the charts.
But why?
Because we've got all the underleveraged ingredients needed to unlock multi-generational prosperity for all.
For example...
The Detroit-Ann Arbor corridor's been ranked the #1 emerging startup ecosystem globally.
We're a Top 10 state for business. And for science and engineering jobs.
Our top three universities invested over $3.25 billion in research last year ($2B University of Michigan, ~$1B Michigan State University, and $250M Wayne State University - all within a <50-mi radius of each other). These are all led by three future-focused Presidents willing to break the mold and work together - huge kudos to Santa, Kevin, and Kimberly!
We're #6 in the U.S. for patents issued (!) Let that soak in. Meanwhile, the University of Michigan filed over 600 invention disclosures last year, comparable only with the Massachusetts Institute of Technology. Similarly, U-M and MSU *each* launched almost 30 startups last year, comparable to Stanford University.
Pete Martin recently reminded me that, of the largest IPOs *globally* for each of the past five years, 40% are Michigan-built companies ($11.9B Rivian in 2021 and $4.4B Lineage in 2024).
Since Dug Song's Duo Security became Michigan's first modern unicorn (i.e., a company valued at >$1B) in 2018, we've minted over half a dozen more like Llamasoft (now Coupa Software), Dan Gilbert's StockX, OneStream Software, the IPOs mentioned before, and others. That's a great trajectory.
People think of Michigan as a "mobility" state, but the data show we're much more. Of these unicorns, just one was a mobility startup. The others were cybersecurity, supply chain / logistics, enterprise software, marketplace, etc.
Meanwhile, the City of Grand Rapids ranks as the #1 best place to raise a family in America. The City of Ann Arbor ranks as the #1 best quality of life and most educated city in America. Harbor Springs is the #1 best small lake town in America. And much to the chagrin of New Englanders, the Upper Peninsula was named the #1 best place to see fall colors in America.
We've got what it takes. And the Midwest #grit to get it done.
This is one helluva way to start the new year.
Let's goooo! ??????
