David Washburn: 00:04
My guest today is Jeff Wesley, Executive Director of Ventures at the MSU Research Foundation and a familiar voice on this podcast. We cover a lot of ground, including PitchMI, Conquer, our investment funds, the Henry Ford Health and MSU Innovation Hub, the new Innovation Fund, the Big Ten Venture Capital Alliance, and the Michigan Innovation Alliance. Lots to unpack, so let’s get started.
Jeff, welcome back.
Jeff Wesley: 00:30
Thanks, David. It’s great to be back and share some of the exciting things happening with our team at the MSU Research Foundation.
David Washburn: 00:36
We last had you on in February. Since then, we’ve wrapped up another fiscal year and moved into a busy new season. Let’s start with PitchMI. The finals were held this spring, and year one is officially in the books. Give us a recap and maybe a preview of what’s ahead.
Jeff Wesley: 00:54
Absolutely. As a reminder, PitchMI is a statewide pitch competition. In its first year, we received 375 applications from roughly 100 communities across Michigan. We were incredibly encouraged by the response because it highlighted both the strength of our founders and the willingness of organizations across the state to work together.
The competition culminated in Lansing, where Adrenaline Interactive and founder Max Elbert won the $1 million grand prize. Overall, we awarded more than $2.3 million to Michigan startups, helping founders advance their innovations and build their companies.
A huge credit goes to our team, especially Pete, Heather, and everyone who helped make the event possible. The program was recently recognized with an Excellence in Economic Development Award from the International Economic Development Council. We’re also a finalist for an MVCA Community Impact Award.
Those recognitions are exciting, but what matters most is the impact we’re having on founders. As we head into year two, we’re raising the bar with new programming, new partnerships, and some surprises we’ll announce when we reveal this year’s Top 20 companies. We’re grateful for our partnership with the MEDC and excited about what’s ahead.
David Washburn: 02:15
Congratulations on a successful first year. I know Pete recently interviewed the Adrenaline Interactive team, and it’s been great to watch their progress.
This is a two-year partnership with the MEDC, so year two is already underway. Things are about to get busy again with regional events this fall and another statewide competition cycle leading up to the finals next spring.
Jeff Wesley: 02:34
That’s right. Last year was a hundred-yard dash. We had about 30 days from receiving the grant to launching the program.
This year we’ve had a little more time to bake the cake.
We’re kicking things off at Tech Week in Grand Rapids with an aerospace and defense event. Then we’re headed to Kalamazoo for AI and software, up to Marquette for manufacturing and recreation technology, and over to Detroit, where we’ll partner with Renaissance Venture Capital on UnDemo Day with a focus on healthcare.
Detroit will also give us an opportunity to highlight some of the great work we’re doing with Henry Ford and other healthcare partners in Southeast Michigan.
Once again, we’ve had hundreds of applications come in, and we’re excited to announce the Top 20 and provide even more support. We’ve also seen tremendous engagement from sponsors and co-investors across the state. At the end of the day, raising the bar only happens through strong partnerships, and we’re fortunate to have them.
David Washburn: 03:43
You mentioned Henry Ford Health. Since we last spoke, we’ve checked a few major boxes with the Innovation Hub and the Innovation Fund. Let’s start with the hub and then move into the fund.
Jeff Wesley: 03:55
We’re now in year six of the 30-year partnership between MSU and Henry Ford. From the Foundation’s perspective, it’s created a unique opportunity to support innovation and startup development alongside two great institutions.
Over the years, we’ve launched challenges, Conquer programs, and, about two years ago, formally launched the Innovation Hub.
I’m really proud of the collaboration between our team and the Henry Ford Innovations team under Lisa Prasad’s leadership. The hub continues to gain momentum. From January through July alone, we’ve worked with 235 startups. For comparison, we engaged about 163 startups during the entirety of last year.
The number of clinician engagements, champions, and connections we’re creating is exactly what we hoped for. The hub is helping bring innovators together with healthcare professionals and accelerating healthcare innovation throughout Michigan.
David Washburn: 04:55
And this summer we officially launched the fund as well.
Jeff Wesley: 04:59
We did. Building on the success of the partnership, the MSU Research Foundation and Henry Ford came together to launch a new $10 million innovation fund.
Since we last talked, we’ve already made our first two investments.
The first was LightHearted AI, which uses light-based technology to capture heart sound data and detect heart valve disease in about 10 seconds. That’s pretty remarkable. You can imagine a future where someone walks into a clinic and receives rapid screening through a simple, non-invasive process.
The company was raising an oversubscribed round, and they’re already working with Henry Ford. We’re excited not only about the investment itself but also about the potential impact on patient outcomes.
Our second investment was M3D, a Michigan-based company developing advanced imaging technologies capable of real-time radiation detection. It’s another example of the kind of innovative healthcare solutions we’re hoping to support.
They’re both excellent companies, and we’re excited to see what comes next.
David Washburn: 05:59
That’s fantastic. Congratulations.
You mentioned Conquer, which is also celebrating a milestone this year. Somehow it’s already been 10 years.
Jeff Wesley: 06:08
It’s hard to believe.
Conquer has grown tremendously over the last decade. We now run five cohorts annually spanning sectors like education, healthcare, fintech, and insurtech, supported by strong regional partners throughout the state.
Right now, we’re in the middle of our East Lansing cohort while working through applications for Grand Rapids.
The companies participating this year are tackling some fascinating problems. We’re seeing technologies focused on sensing and monitoring systems, drone-based inspections at scale, industrial manufacturing intelligence, and even an AI platform designed to make public spaces more accessible.
It’s exciting to see how founders are using technologies like AI to solve real-world problems and create meaningful value.
David Washburn: 07:02
It’s really impressive. Paul Jaques started Conquer ten years ago as a single summer cohort in East Lansing. Today it’s expanded across multiple sectors and regions. The growth has been remarkable.
Jeff Wesley: 07:17
You could probably do an entire episode on the evolution of Conquer.
In the early days, it was focused primarily on building startup pipelines and supporting students and first-time founders. Today, it’s become much more integrated into the entrepreneurial ecosystem.
Programming is still important, but increasingly we’re connecting founders with first customers. That’s where the Henry Ford partnership has been especially valuable.
We’ve been looking at the data, and these deeper partnerships have dramatically increased the number of meaningful connections we’re creating. That’s a huge benefit for startups because customer access is often one of the biggest challenges they face.
David Washburn: 07:58
All of this connects back to helping entrepreneurial people bring their ideas to life.
A few weeks ago, your team hosted a Lab to Launch event here in East Lansing. I attended and really enjoyed it. Tell us about that initiative.
Jeff Wesley: 08:12
One of our ongoing priorities is making sure people understand the resources available to them.
Lab to Launch was designed to bring faculty, researchers, and innovators together so we could share more about our programs, funding opportunities, and commercialization support.
We had nearly 50 people attend, and it created opportunities for valuable one-on-one conversations. In fact, several new ideas and potential startup opportunities emerged from those discussions.
We’re excited to expand the program because there’s tremendous innovation happening on campus and throughout Michigan. We want to ensure founders and researchers know where to go for support and understand the pathways available to commercialize their work.
David Washburn: 08:58
I agree. We have a strong platform in place. The challenge now is continuing to tell the story and connect people with those resources.
Let’s shift to our venture funds. We’ve talked about the Henry Ford Innovation Fund, but we also have Red Cedar Ventures and Michigan Rise, which have been operating for much longer. How did fiscal year 2026 finish?
Jeff Wesley: 09:20
It was another phenomenal year.
Across all of our funds, we deployed nearly $7.5 million and completed 91 investments into 84 companies. For the last three years, we’ve consistently been in that 90-to-100-investment range annually, so we’re definitely staying active.
Organizations like Rise of the Rest and PitchBook have recognized us among Michigan’s most active investors, and we’re proud of that. More importantly, we’re proud to be supporting great founders.
During the fourth quarter alone, we invested roughly $1.5 million across our portfolio. We supported new companies like SitSense and continued backing existing portfolio companies like Switch Source, which recently completed a $15 million raise.
We also completed the PitchMI investment into Adrenaline Interactive and made several follow-on investments, including one in Mott.
But beyond the capital, I’m especially proud of how our team supports founders. We’ve made a conscious effort over the last year to deepen those relationships. More founders are reaching out to tell us how valuable the team has been in helping them find customers, secure funding, and hit key milestones.
Those partnerships are incredibly important to us.
David Washburn: 10:35
One thing I enjoy is comparing notes with our peers across the Big Ten. Every major research university now has some version of the innovation ecosystem we’re building, and there’s a lot to learn from one another.
Jeff Wesley: 10:51
Absolutely.
As we’ve built our own infrastructure and expanded our capabilities, we’ve had more opportunities to collaborate with peer institutions across the Big Ten. Those conversations allow us to share best practices, exchange data, and explore ways to collectively strengthen technology commercialization.
We’re also working on some shared initiatives that we’ll be able to talk about soon, and I’m excited about what’s possible.
David Washburn: 11:20
It’s also interesting because those conversations provide insight into what’s happening at the state level across the region.
That brings us to another initiative you’ve been heavily involved in: the Michigan Innovation Alliance.
Jeff Wesley: 11:34
It really connects to the same theme: success building on success.
The Big Ten is finding new ways to collaborate. The Midwest venture community is doing the same. Here in Michigan, many organizations that have been investing in innovation for years are now coming together around a shared goal: becoming a top 10 innovation state.
We formally announced the Michigan Innovation Alliance earlier this year, and since then several committees have been actively working on strategy, policy, engagement, amplification, and statewide coordination.
We’re also preparing to announce a new executive board.
What’s been most impressive is the dedication of people across Michigan who are committed to a shared vision. We want to support founders, universities, corporations, and innovation organizations while strengthening Michigan’s ability to compete nationally.
David Washburn: 12:26
I’m very excited about it. The goals resonate across the entire state, and it’s encouraging to see so many organizations coming together around a long-term strategy.
Jeff Wesley: 12:38
It’s definitely heavy lifting, but I think it’s the right work at the right time.
We want to keep talent in Michigan. We want to create jobs, bring new technologies to market, and help build companies that choose to stay and grow here.
I’ve always believed in Michigan, and I’ve always believed that innovation and entrepreneurship are critical to our future. When you combine that with advances in AI and so many other emerging technologies, it feels like a natural moment for organizations across the state to come together.
I truly believe the alliance can benefit all of us.
David Washburn: 13:15
Well, we could probably keep going all afternoon, but we’ll save some topics for the next conversation.
By the time we sit down again, we’ll have PitchMI regionals behind us, likely several new investments to discuss, and more progress to report from the Innovation Alliance.
My guest today has been Jeff Wesley, Executive Director of Ventures at the MSU Research Foundation. Jeff, it’s always great having you on the podcast.
Jeff Wesley: 13:39
Thanks, David. I appreciate it. Have a great day.
