David Washburn
Today’s conversation is with my colleague Pete Martin, Director of Portfolio Management within our venture funds at the Research Foundation. We talked about his background and spent a lot of time on a new business plan competition launching this fall in Michigan. I think you’re going to love it.
Welcome to the MSU Research Foundation podcast. I’m here with Pete Martin, Director of Portfolio Management. I want to learn more about your role and the big announcement you’ve been working on. Quick reminder: nothing here should be considered investment or legal advice. Welcome, Pete.
Pete Martin
Hey Dave, glad to be here.
David Washburn
You joined us in November 2024, right?
Pete Martin
That’s right—week before Thanksgiving. I joined, then immediately had a break.
David Washburn
Tell us about your background. You’re a Broad College alum.
Pete Martin
Proud MSU alum. Graduated in 2009, then spent most of my career outside Michigan. I started at an electronic broker dealer in New York and Chicago, then co-founded a data security company in 2014. Took that through Series B, moved from Chicago to Florida, then Austin. Finally came back to Michigan in August 2022.
David Washburn
A boomerang back to Michigan. Glad to have you here. You’re doing portfolio management—what does that mean?
Pete Martin
Officially, I step in once we commit to investing in a company. Beyond capital, it’s about support—introductions to VCs, connections to talent, resources at MSU. Basically clearing the road so founders can move fast, reach their next funding stage, and ultimately give us better exits and returns.
David Washburn
Right. Writing a check is easy—it’s the mentoring, coaching, and sometimes tough advice that really helps startups survive and grow.
Pete Martin
Exactly. And we can support companies at almost any stage. Across Michigan we help founders for free in Lansing, Grand Rapids, and Detroit. Those that grow can join Conquer Accelerator for mentorship. Then there’s Michigan Rise and our Red Cedar Ventures funds for early but scaling companies. We can support from the very beginning and keep going.
David Washburn
You’ve also become a really active voice in Michigan’s entrepreneurial ecosystem. Before you joined us, you spent a lot of time researching and networking. What did you learn?
Pete Martin
Honestly, it started with soul-searching. I’d stepped back from my company and suddenly went from 100 miles an hour to zero. I asked myself: what’s my purpose? I knew I wanted to stay in tech and entrepreneurship, but I also wanted to have more impact than just building one company.
When we moved home, it was really for family. We’d missed a dozen years of birthdays, graduations, all the little things. But I didn’t know how much Michigan’s startup scene had changed. Growing up, I thought I had to leave the state to build a career.
Then I got lucky—I met Trista Van Tine, who started Michigan Founders Fund. She told me about Michigan Tech Week. When I walked into that first event, it shattered my old perception. Hundreds of people, founders, investors—it blew my mind.
That’s where I met Tommy Skinner, now my colleague here. Met Chris Sell from the Burgess Institute. Started connecting everyone I knew to Tommy because he and the Foundation had this reputation: even if they didn’t invest, they’d help. Conquer Accelerator, Spartan Innovations—people knew we’d find a way to support them.
Over the past two years I’ve traveled all over—Grand Rapids, Traverse City, Marquette. Learned about Y Combinator companies in Traverse City. Saw new funds launching in Kalamazoo and Oxford. The momentum here is undeniable.
David Washburn
And lucky for us, right as you were doing that statewide inventory, we needed someone to manage our growing portfolio. You brought that energy to us. Which brings us to the big announcement you’ve been leading.
Pete Martin
The new thing! The state awarded us $3 million to run pitch competitions across Michigan through 2026. The Foundation is adding $1 million of our own, so we’ll be investing $4 million total.
We’re launching September 29 in Grand Rapids with a healthcare and life sciences pitch competition—winner gets $250,000. Next day in Traverse City: CleanTech and outdoor innovation, another $250,000. Then Detroit for mobility, advanced manufacturing, and defense. Finally Ann Arbor for software and AI. Four cities, four days, four winners, each with a quarter-million dollar investment.
Six months later, during 517 Entrepreneurship and Innovation Week in Lansing, those four winners come back and compete for $1 million. That gap is intentional—we want to see how far they get with the initial investment, how their regions rally behind them, and the jobs they create. It’s going to be incredible.
David Washburn
So if I have a startup in healthcare, I’d apply to the Grand Rapids competition, right?
Pete Martin
Exactly. All competitions are open statewide, but you should apply where your sector fits best.
David Washburn
And this runs for two years?
Pete Martin
Yes. The first series this fall, the state championship in April, then another round in summer 2026, with a final championship in December.
David Washburn
How are you partnering with others in these regions?
Pete Martin
Well first, we’re co-investing alongside the state grant. That’s $4 million going into startups by next year. But what really makes this possible is the statewide support. We’ve got partners in Grand Rapids, Traverse City, Detroit, Ann Arbor—and we’re already talking to folks in the UP. Everyone’s excited to host and showcase their local strengths.
David Washburn
Where should people go to apply?
Pete Martin
Go to pitchmi.org. The series is called PitchMI. If you’re a startup, apply. If you want to get involved in other ways—sponsorships, partnerships—email us at pitchmi@msufoundation.org.
David Washburn
My guest today has been Pete Martin, Director of Portfolio Management at the MSU Research Foundation—and maybe a future podcast host for some of our portfolio companies and PitchMI winners. Pete, thanks for being here.
Pete Martin
Thank you, Dave. Always a pleasure.
