$15MM startup fund launched in West Michigan

Rules are that you have to have a Michigan, LLC to receive it and do a presentation 60-90 days later. Sounds like anyone can do it, just have to buy the plane ticket there to present. No obligation to be at their location or have a "office" in Michigan.

Re: $15MM startup fund launched in West Michigan

#5

Post by outside1234 » Thu, Apr 26, 2012, 3:38 PM UTC

am i understanding the contract correctly that they want 3% for a $5000 investment?

Re: $15MM startup fund launched in West Michigan

#6

Post by outside1234 » Thu, Apr 26, 2012, 3:39 PM UTC

chbrown wrote: post #2

I knew there was a West Virginia, but I did not know there was a West Michigan!

cultural insight: west michigan is what west michiganders call themselves to distance themselves from Detroit.

Re: $15MM startup fund launched in West Michigan

#7

Post by warech » Thu, Apr 26, 2012, 4:16 PM UTC

chbrown wrote: post #2

I knew there was a West Virginia, but I did not know there was a West Michigan!

See: Northern California(http://en.wikipedia.org/wiki/Northern_California), South Jersey (http://en.wikipedia.org/wiki/South_Jersey), etc.

Re: $15MM startup fund launched in West Michigan

#8

Post by timjahn » Thu, Apr 26, 2012, 4:34 PM UTC

Regardless of the nitty gritty details, I think the most important part about something like this is that places like Grand Rapids are thinking of this. They're putting money, time, resources, and energy into helping propel this kind of entrepreneurial/startup thinking forward.

Its success by itself remains to be seen, but this program's small contribution to the overall rising tide is for sure.

Re: $15MM startup fund launched in West Michigan

#9

Post by 54mf » Thu, Apr 26, 2012, 4:44 PM UTC

outside1234 wrote: post #6

chbrown wrote: post #2

I knew there was a West Virginia, but I did not know there was a West Michigan!

cultural insight: west michigan is what west michiganders call themselves to distance themselves from Detroit.

Bingo. I'm originally from Northern Michigan - technically Northern Lower Michigan, to distance ourselves from the crazy backwoods folk in the UP, and from the run-down big city craziness of Detroit and Lansing.

Re: $15MM startup fund launched in West Michigan

#10

Post by 54mf » Thu, Apr 26, 2012, 4:47 PM UTC

Fantastic idea, really like the idea of a micro-investment. I have a ton of ideas that I'd love to get off the ground, and could do so in a month or two, but I can't afford to stop taking freelance work. $5,000 is enough to keep the lights on. I'll probably try submitting an idea or two, see what happens.

And, as a guy who spent my first 20 years in Michigan, happy to see this sort of thing sprouting there! Flying to Grand Rapids from Boston isn't very expensive, and I could even hop north and sneak in a quick visit with my family.