Spartan Innovations deploys $100,000 in non-dilutive funds to Grand Rapids based startups through 1st half of 2022
Non-dilutive funding totaled $100,000 across 12 companies from January 1 – June 30, 2022
GRAND RAPIDS, Mich., AUGUST 31 2022 –– Spartan Innovations, as part of its partnership with the Grand Rapids SmartZone Early-Stage program, announced that it has provided $100,000 in non-dilutive funding to 12 early-stage companies in the first six months of 2022. The program provides funding and services to advanced technology companies that are in the early-stages of their growth and does not require the founders to give up ownership in return for the funding.
The program has been established and administered by Spartan Innovations and is made possible through the City of Grand Rapids SmartZone. Funding and services support early-stage companies that look to commercialize high-tech innovations, seek aggressive expansion through business development activities, building business plans, achieving product/market/fit and positioning the company for success.
Spartan Innovations, a subsidiary of the Michigan State University Foundation, is a venture studio that assists entrepreneurs across all industries develop their ideas and successfully launch new startup companies to commercialize high tech products and services. Spartan Innovations works with local business accelerators, like the Grand Rapids SmartZone Fund, to bring early-stage funding to qualified companies.
“These non-dilutive funding awards provide early-stage companies with resources and services to help build robust marketing plans, perform market research, build financial models, and offset costs associated with intellectual property protection,” said Janet Wyllie, Director of Gateway Grand Rapids. “For many early-stage companies, this is critical funding that will help answer many of the questions future investors will want to understand and we’re excited to be a support system and watch these entrepreneurs build their business.”
From January - July 2022, the Grand Rapids SmartZone program:
Awarded a total of $100,000 in funding to 12 qualifying companies in increments ranging from $1,000 to $11,000.
Provided funding for five companies classified as Socially and Economically Disadvantaged Businesses. “The Grand Rapids ecosystem gives startups immense opportunities to connect with both our internal and external experts,” said Kyle McGregor, Director of Health Innovations at Spartan Innovations, “Not only does our partnership with the program allow Michigan startups to grow faster, but it also helps them maintain a strategic mindset so they can stay the course.”
Two companies to highlight:
Auxin Games is an educational gaming platform based on scientific concepts, founded by first-generation college graduate from Michigan State University, Rhys Gogonis. The funding provided to Auxin Games was used to hire a software developer to enhance the user experience/interface.
OPNR, is a marketplace platform that connects concert organizers, artists and fans. The funding assisted CEO Andrea Wallace to bring on VeOra Media to implement an email marketing system for sales, investor updates and general automation outreach.
“Throughout the Grand Rapids area, we continue to support business and job growth. Partnering with Spartan Innovations has led to more resources and programs that contribute to our strong economic impact,” said Jeremiah Gracia, Director of Economic Development for the City of Grand Rapids. “As more early-stage companies look to us for that support, it’s more important than ever to work alongside organizations that are passionate about Michigan’s entrepreneurial ecosystem, and the MSU Foundation and its subsidiaries certainly embody that.”
The Grand Rapids SmartZone program continues to provide non-dilutive investment dollars and services to early-stage startups. Funds are awarded after companies go through an application process which includes engaging with Spartan Innovations. Companies must have a high technology, high growth focus, be based in Michigan, be privately held and have less than $1 million in private sector investments.
If interested in learning more about this program, please review the guidelines and recommendations here. For more information, please contact Janet Wyllie, Director of Gateway Grand Rapids at jwyllie@spartaninnovations.org.