After a 29-hour marathon lame-duck session, the state Senate has finally adjourned, passing it’s final bill, Rep. Greg VanWoerkom’s bipartisan plan to provide state funding to new Michigan businesses, on Friday afternoon.

The Michigan Innovation Fund was designed in bipartisanship to be a powerful tool to support new business creation and make Michigan’s business market more competitive for acquiring startups.

VanWoerkom, serves as the Republican vice chair of the House Appropriations Subcommittee on Labor and Economic Opportunity, said this support is crucial for Michigan to compete with neighboring Midwest states, spur the growth of startups, diversify our economy, and retain and attract talent.

“Many of Michigan’s neighboring states have taken major steps to support their startups and innovation economy,” VanWoerkom said. “Between 2016 and 2020, Ohio invested $221 million in the six regional venture development organizations. The Michigan Innovation Fund will be a key component to our state’s economic ecosystem by supporting entrepreneurs to create the next great Michigan business.”

The plan establishes a funding source that recycles and reinvests returns into future startups, allowing Michigan to create a sustainable investment cycle for its economy.

House Bills 5651-53 were approved with bipartisan support and now move to the governor’s desk to be considered for state law.

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