Michigan Outdoor Innovation Fund

The Michigan Outdoor Innovation Fund is a $3 million investment fund dedicated to fostering the growth of early-stage startups in outdoor innovation and recreation technology across Michigan. The outdoor recreation and tourism industry is a strong and rapidly growing sector in Michigan, and the state’s outdoor recreation economy contributed $10.8 billion in value-add in 2021, supporting 109,595 jobs and $4.7 billion in compensation to employee households. There are more than 7,000 Outdoor Recreation Industry companies in Michigan, ranging from manufacturers, service providers, and facilitators to retailers and wholesalers. Fund Investment Eligibility Requirements ▪ Michigan-based: Company is a for-profit LLC, C corporation, or S corporation that has been in business for seven years or less and with key founders and a majority of its full-time employees located in Michigan ▪ Outdoor-focused: We invest in companies developing products and services that increase the enjoyment, accessibility, safety, or sustainability of outdoor experiences; either directly as core offerings to outdoor markets, or indirectly through supply chain innovations that serve and strengthen companies in the outdoor sector ▪ Early-stage with Evidence of Traction: Demonstrated execution against business model and is in the early stages of commercialization ▪ High-growth: On a scalable path that has strong potential for job creation, return on capital deployed, and diversifying the Michigan economy Other Investment Notes ▪ Investment Amounts: $50,000 – $150,000 initial check with variable maximum thresholds per company over multiple rounds, which vary based on specific sources of investment capital provided ▪ Investment Types: Preferred Equity, Convertible securities (including Notes and SAFEs), and revenue-based financing and other asset-backed structures ▪ Prior Investment Threshold: Preference will be given to eligible companies that have received less than $2.5M in investments over the preceding 12-month period ▪ Revenue Threshold: Preference will be given to eligible companies that have received less than $1,500,000 in revenue in the immediately preceding 12-month period