Michigan Lawmakers working to support startups, innovation in state

FOX 2 (WJBK) - Some call it long overdue, but there is now an effort underway by some Michigan representatives to introduce laws that develop crucial support for entrepreneurs and startups in the state.

"We’re actually seeing people move from all across the country, all across the world because of what’s happening… here in Michigan," said Garrett Winther with Newlab.

Michigan House members came together on Friday to introduce bipartisan bills to create the Michigan Innovation Fund, an early-stage, pre-seed evergreen fund that will support new businesses and build a strong ecosystem for Michigan’s startup community.

"What this means is that we as a state are making a committed effort to invest in our entrepreneurs and our talents here. Keep them here, keep those jobs here, keep that spending here," said Rep. Alabas Farhat (D-Dearborn).

Lawmakers point to success other states have had using these funds.

"Over the course of five years, it’s estimated that the impact of Ohio’s investments contributed $10 billion to the state’s economy there," said Rep Jason Hoskins (D-Farmington).

That’s why these lawmakers say the more capitol that goes into this fund, the better outcome for businesses and Michigan’s economy.

Three packages would establish $105 million for the Michigan Innovation Fund.

"With a Michigan Innovation Fund, we have a powerful tool to create new business creation and stop the trend of businesses leaving and stop the tend of a brain drain occurring here in our state," Farhat said.

Those who support the innovation fund make it clear this strategy is needed and the time is now.

"These bills are not just legislative text, they’re a long overdue con to Michigan’s innovation economy," said Patti Glaza, the executive VP of Invest Detroit & Managing Director of ID Ventures.