David Washburn:
Welcome to the MSU Research Foundation podcast. Today, we’ve got a friendly face and a friendly voice on the other end of the line—our colleague Jeff Wesley.
Jeff is our Executive Director of Venture Creation and runs our captive venture funds. I think the last time we sat down one-on-one was back in August. At the time, we said we’d do this more regularly… and here we are, six or seven months later.
So today is a quick check-in: what’s new in venture creation and investing? There’s so much happening, we thought it’d be fun to take a short tour.
Before we get started, just a reminder: nothing here should be considered legal or investment advice. We’re talking about portfolio companies connected to our work at the MSU Research Foundation.
With that—Jeff, welcome.
Jeff Wesley:
Thanks, Dave. It’s great to be back. It feels like I was just here—these quarters go so fast. I’m excited to share some of the momentum we’re seeing at MSU and across our team around Michigan.
David Washburn:
Let’s start with venture creation. We’ve got a couple of Conquer cohorts going on, and it’s the program’s 10th anniversary. What’s happened over the last six months?
Jeff Wesley:
First, a big shoutout—ten years of Conquer is an amazing milestone. A lot of accelerator programs come and go, so the fact that this has lasted speaks to the Foundation’s early investment and the people who built it.
People like Paul Jaques, Jeff Smith, Tom Stewart—so many folks have poured time into this. It’s really special.
Over the last quarter, a lot has happened. We wrapped up our Grand Rapids Conquer cohort—kudos to the team and the companies. They’re now getting ready for South by Southwest, making new connections, and we’re supporting them through that.
We also launched our MSU Federal Credit Union fintech and insurtech cohort. That partnership has been remarkable. We’re attracting companies from around the country to come to Michigan. We even have a startup that originated at MIT and Stanford now based in East Lansing.
On top of that, we launched our fourth Henry Ford Healthcare cohort. We’re seeing a lot of AI-driven healthcare technologies, and the partnership with Henry Ford is just incredible.
What really stands out is that every startup in this cohort already has a champion at Henry Ford they’re working with. For a company at this stage, that’s huge. The traction they’re getting early on is incredibly valuable.
David Washburn:
So that’s at least 15 teams across three cohorts in the last six or seven months. Two of those are sector-based, plus Grand Rapids. Was that one sector-focused?
Jeff Wesley:
That one was broader—more sector-agnostic. And we also wrapped up the Michigan Virtual EdTech cohort around that time.
So altogether, that’s about 20 companies. In the fourth quarter alone, we made about 33 investments. We’re averaging around 30 per quarter.
That really shows the impact of our early-stage funds and our team. Supporting that many companies is phenomenal.
South by Southwest
David Washburn:
You mentioned South by Southwest. I went about a hundred years ago when it was just music. Are you personally escorting these teams?
Jeff Wesley:
Not personally this time, but some of our team will be there. They’ll help the companies fully leverage the opportunity—connecting with venture folks, participating in Midwest House, and engaging with the broader Midwest ecosystem.
We’ll also be working with MEDC and partners to tell Michigan’s story and build momentum statewide.
David Washburn:
That week requires a lot of caffeine and energy.
Jeff Wesley:
You’re not wrong.
David Washburn:
Anything else on venture creation? What about Humphrey Fellows?
Jeff Wesley:
We’re doing great work with Spartan Innovations and our MSU pipeline. This is one of our strongest years for IP and startup creation.
But we also care deeply about developing young talent. Giving students and fellows hands-on experience in venture and startups is something we take a lot of pride in.
Recently, we connected about six Humphrey Fellows—an international program—with our startups and team. They’re in the office, learning, contributing, and you can see how excited they are. It’s great for them, and honestly, it’s great for us.
We’ve also been working with the VCIC program at Broad. Our venture team puts in six or seven meetings preparing students for that competition. We partner closely with David Hawthorne and the Broad team.
This year, we placed second, which ties for our highest finish. The competition keeps getting tougher, so we’re really proud.
We’re also working with the Student Venture Capital Fund and Broad classes, giving students real companies to evaluate and even making small investments.
All of this goes beyond our daily work. It’s about connecting with students and mentoring. That’s one of the most rewarding parts of what we do.
David Washburn:
That ties in well with what President Stanley talked about recently—real-world experience for students. Doing due diligence, navigating ambiguity, understanding early-stage companies… that’s invaluable.
Jeff Wesley:
Exactly. I often hear from alumni, “I wish this existed when I was here.” That tells me we’re doing something meaningful that stays with them long-term.
David Washburn:
Let’s shift to investments. We have Red Cedar Ventures, Michigan Rise, and the upcoming Henry Ford Health Fund. How many investments have we made in the last few months?
Jeff Wesley:
We’re still averaging about 25 to 30 per quarter across pre-seed, Michigan Rise, and Opportunity Fund activity.
What’s interesting is the market shift. A year ago, we saw a lot of bridge rounds. Now we’re seeing more momentum—new rounds, more activity.
There are so many strong startups coming out of MSU and Michigan that it’s actually harder to choose.
Right now, we’re managing over 265 active investments.
Beyond writing checks, we focus heavily on portfolio support—helping companies reach their next inflection point.
And exits are picking up. In the last 12 months, we’ve had nine exits. That’s really encouraging.
David Washburn:
Anything you can share publicly?
Jeff Wesley:
One is Atlas, which was acquired by York last year. York recently went public with a valuation around $4.75 billion.
What’s powerful about that story is how Michigan Rise supported that northern Michigan and U.P. ecosystem—companies like Kal Morris, Orbion, and Atlas. Now it’s come full circle.
Seeing Michigan startups contribute to major defense and aerospace work—it’s pretty amazing to know we played even a small part.
Another is First Ignite, founded by Chase Bontag, who came through Conquer. He’s been a great partner for years, especially in Traverse City. His company was recently acquired by Merritt Holdings. It’s great to see that growth.
And then there’s TheraB. I’ve known Alexa Jones since I first arrived eight years ago. She chose entrepreneurship over a traditional path, focused on women’s health, and built Snugglet—a wearable for newborn jaundice.
After everything she’s navigated, she was recently acquired by Natus Sensory. That’s an incredible journey.
You look at the numbers and economics, but you also see these personal stories. That’s the real reward. Michigan is at a remarkable moment, and I hope we keep investing in it.
David Washburn:
Those are great stories. I remember TheraB from the very beginning. You did a lot of coaching there.
And First Ignite merging with Inteum makes perfect sense in the tech transfer space. It’s exciting to see those products come together.
Jeff Wesley:
It really shows how programming, investments, and partnerships all work together. Each piece matters on a startup’s journey.
David Washburn:
This really reflects our mission—activating innovation across MSU and the state through partnerships like MEDC and Henry Ford.
Let’s wrap up with PitchMI. How’s that going?
Jeff Wesley:
PitchMI has been incredible. Our finals are April 7, and we already have over 200 people registered.
Two highlights:
First, working with MVCA and Ara Topouzian to give founders direct feedback—that was huge.
Second, we did several days of intensive pitch and personal development work, including improv.
What stood out is how bonded these founders are. They’re learning from each other, building relationships, and growing personally—not just professionally.
All four finalists are winners. I’m excited for April and hope everyone comes out to support them. Programs like this can shape Michigan’s future.
David Washburn:
April 7 at Grewal Hall—also during Innovation Celebration and Entrepreneurship & Innovation Week. It’ll be a big week.
Jeff Wesley:
Absolutely. A full week to experience the ecosystem.
David Washburn:
We’ll also have upcoming episodes where Pete Martin interviews the four finalists. And we’re planning round two later this year.
Jeff Wesley:
We’re already planning it. If you’ve grown since applying last year, get ready. Announcements are coming.
David Washburn:
My guest today has been Jeff Wesley, who leads our venture practice here at the MSU Research Foundation. Jeff, thanks for joining us. Let’s plan on doing this again in May or June.
