Caption: Detroit winners – Union Heritage, Cerkunova, Dynamis Charge
Governor Gretchen Whitmer and the Michigan Economic Development Corporation (MEDC) recently announced eight Inclusive Entrepreneurship Assistance Grant (IESG) recipients to advance economic equality. Totaling $8.8 million, these grants represent a strategic investment to remove barriers for small businesses, entrepreneurs and innovators from marginalized communities. By fostering an environment of opportunity, the program not only fosters economic growth, but also empowers individuals to turn their aspirations into tangible success stories that strengthen Michigan’s economy from the inside out.
“The Inclusive Entrepreneurship Grant Program is part of our commitment to support all Michigan entrepreneurs and innovators as they pursue their next big idea in Michigan. These grants will help unleash Michigan’s ingenuity, grow our economy and build a future in sustainability, affordable housing, health science and clean energy. Let’s continue working together to make Michigan a great place to start a business and innovate,” said Governor Whitmer.
The Innovative Economic Development Program (IESG) is a $10 million initiative brought to you by the Michigan Economic Development Corporation (MEDC) in collaboration with the community. MEDC was inundated with 620 applications requesting a staggering total of $580 million in funding. These applications presented comprehensive strategies to address Michigan’s key economic development challenges across critical areas including clean energy, infrastructure, higher education attainment, talent attraction and retention, healthcare innovation, child care, and future urban and rural mobility.
“Inclusive Entrepreneurship Grant recipients will have an impact on some of our state’s key strategic priorities, from clean energy to affordable housing. This was a highly competitive application process, and we are proud to help these eight grant recipients grow. Yet, work remains to create future opportunities for Michiganders and businesses. Team Michigan remains steadfast in our commitment to enabling everyone to ‘Succeed in Michigan,'” said MEDC CEO Quentin L. Messer Jr.
After allocating $500,000 to the Lansing Economic Area Partnership and the Metro Detroit Black Business Alliance and setting aside $200,000 for program administration, three of the eight awardees were based in Detroit. The remaining $8.8 million will be allocated to further impactful initiatives. From clean energy solutions to advancements in biotechnology, these initiatives are poised to make a big difference in their sectors and communities.
The Detroit winners are:
Dunamis Charge ($2.5 million): The Detroit-based developer of electric vehicle (EV) charging solutions is expanding to better serve the local community. As part of this expansion, the company is also focusing on increasing its community outreach and job creation efforts.
CircNova ($1 million): The Detroit-based biotech startup is focused on drug discovery using cutting-edge artificial intelligence techniques. The company is receiving support to set up a state-of-the-art lab and recruit essential talent to further its research and development efforts.
“The awarded funds will help launch CircNova’s lab, including a Director of Research and lab technical staff. The award will also enable the hiring of a full-time software developer to design and build the industry-changing NovaEngine,” said Crystal Brown, owner and CEO of CircNova.
Union Heritage ($500,000): The Detroit-based early-stage investor is expanding its team and services to provide culturally appropriate support to Michigan startups, including providing mentorship, capital and resources tailored to the unique needs and challenges faced by regional entrepreneurs. The expansion is intended to further strengthen the local startup ecosystem and drive innovation and economic growth in Michigan.
For more information about MEDC and its work, visit www.MichiganBusiness.org
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