Muskegon Sun

After a lengthy 29-hour session, the state Senate has concluded by passing Representative Greg VanWoerkom's bipartisan plan aimed at providing financial support to new businesses in Michigan. This plan, known as the Michigan Innovation Fund, seeks to bolster new business creation and enhance Michigan's competitiveness in attracting startups.

VanWoerkom, who serves as the Republican vice chair of the House Appropriations Subcommittee on Labor and Economic Opportunity, emphasized the importance of this initiative for Michigan. He stated that it is essential for the state to remain competitive with neighboring Midwest states, foster startup growth, diversify its economy, and retain and attract talent.

“Many of Michigan’s neighboring states have taken major steps to support their startups and innovation economy,” VanWoerkom remarked. “Between 2016 and 2020, Ohio invested $221 million in the six regional venture development organizations. The Michigan Innovation Fund will be a key component to our state’s economic ecosystem by supporting entrepreneurs to create the next great Michigan business.”

The plan introduces a funding mechanism that reinvests returns into future startups, creating a sustainable investment cycle for Michigan's economy. House Bills 5651-53 received bipartisan approval and are now awaiting consideration by the governor for enactment into state law.