This program is currently not accepting applications. The last application period ended on February 28, 2013.
PURE MICHIGAN VENTURE DEVELOPMENT FUND DETAILS:
The Michigan Strategic Fund (MSF), through the Pure Michigan Venture Development Fund (PMVDF), will assist in the growth of the venture industry in Michigan by increasing the number of viable venture funds in the state.
This Program is designed to invest in first and second generation funds in Michigan for the primary purpose of increasing their ability to raise additional funds and become viable entities, with the intent of increasing the number of venture investments in the state.
To qualify, applicant venture funds are required to have raised $1 million in private capital from at least three unrelated investors at the time of application, which must be evidenced by signed investor commitments. Funds that have raised more than $25 million are not eligible to apply. Funds with target sizes greater than $50 million will not qualify for this Program.
The PMVDF Guidelines are designed to provide potential applicants with sufficient information to submit a proposal that meets the MSF’s minimum requirements. The minimum requirements contained in the PMVDF Guidelines are not intended to limit the proposal’s content or exclude any information the applicant feels is relevant or essential to their bid.
TIMELINE & APPLICATION PROCESS:
- January 24, 2013 – Second Round Authorization - Pure Michigan Venture Development Fund launch
- February 28, 2013 – All applications must be received by this date in order to be considered for award.
- Applicants may submit questions electronically to VDF@Michigan.org. Responses will be posted to this Web page periodically. Applicants are encouraged to check this site frequently for updates. There is no deadline for submitting questions.
- Proposals must be submitted to the MEDC via email sent to VDF@Michigan.org. Once the MEDC has received the application you will be contacted on how to pay the application fee. Proposals will not undergo peer review until the application fee has been received.
- Venture funds should not submit an application fee until they have received notice from program staff. MEDC staff will conduct an initial review of the application prior to requiring the fee to ensure the application meets the minimum criteria of the Program. MEDC staff will provide instructions for payment of the application fee upon verifying that the application meets the minimum requirements of the Program.
- Estimated 90 days from payment of the application fee - REVIEW PERIOD: An independent peer review of the application will be conducted upon receipt of all qualified applications. Applicant funds should plan to be available for face to face interviews with the peer reviewers.
- Applications will not be accepted once available funding has been fully committed. If additional funding designated for the Program or previous investments have liquidity events that are returned to the Program the application process will be reopened and announced on www.michiganadvantage.org/PureMichiganVentureDevelopmentFund.
- Applicant proposals may not exceed 35 pages, utilizing ten (10) point font or greater, submitted as a single Portable Document Format (.pdf) file. Proposals in excess of 35 pages will be disqualified. Application format requirements can be found in Section VI of the PMVDF Guidelines document.
- Prior to final submission, please verify all of the specifications described for the Program as defined in the PMVDF Guidelines document are included in your proposal.
- Applicants are required to complete a Conflict of Interest Disclosure Statement form. Click here to download this form.
Applicants are strongly encouraged to carefully read the Pure Michigan Venture Development Fund Guidelines prior to submitting an application.
Q & A SECTION:
Questions pertaining to the Pure Michigan Venture Development Fund should be submitted electronically to
VDF@Michigan.org. Responses to questions will be posted to this section of the Web page on a regular basis.
