Funding Available to Startups
Business Accelerator Grants
Grants for consulting services such as business modeling, marketing, or strategic planning, intellectual property advice. More details.
Loans, up to $50,000, for items related to product development, commercialization, or hiring. More details.
Equity investment, up to $250,000. Must be matched dollar-for-dollar with outside investments. More details.
Criteria for all Start-ups Applying for Funding Through SPARK
– Technology-driven company, especially with defensible intellectual property.
– Less than $1 million outside investment, and less than $1 million or $2.5 million in 12-month trailing revenue (depends on program requirement)
Presence in Michigan
– Company is registered with the State of Michigan, and at least half of employees physically work in Michigan
Follow-Up – Company is required to report quarterly during a funding engagement, and annually afterwards for 5 years.
Other Criteria – Depend on requirements of the particular program
What we Look for in the Entrepreneurs we Support
Funding – Within 1 year, the company reasonably expects to have sales revenue, raise outside equity, and/or have partnered with a larger company
Coachability – The entrepreneurs accept and incorporate feedback
Team – At least 2 co-founders or people strongly committed
Milestones – The company has targeted milestones that SPARK can reasonably help them achieve
Skin in the game – The entrepreneurs are personally and financially invested in the startup
High potential – The business could reasonably grow to $10 million in revenue within 5 years
Stage – Past idea phase, within 1 year of commercialization, or with business plan & early prototype
Available Funding Want to know what kind of funding is available to jumpstart your company? Skip Simms, Vice President of Ann Arbor SPARK, manages the Michigan Pre-Seed Capital Fund and the Michigan Microloan Fund Program, and he guides you through the options in this brief video.