Grand Valley State University students will benefit from a $10 million early-stage venture fund to support life science and technology in West Michigan. The venture capital fund, called Michigan Accelerator Fund 1 (MAF1), was announced by The Charter Group.
The new fund is made possible through a $6 million award from Michigan’s 21st Century Jobs Fund, a program of the Michigan Economic Development Corporation. Grand Valley State University is an investor in the fund, and the Seidman College of Business, the Center for Entrepreneurship & Innovation, the West Michigan Science and Technology Initiative, and the Padnos College of Engineering and Computing were named as business and technical advisors of MAF1.
In addition to providing early-stage capital for high-growth businesses, MAF1 will also include a number of programs aimed at enhancing support for emerging companies. These include student internships where as many as 10 Grand Valley Seidman College of Business students will be offered internships during the fund’s initial five years of operations.
“We’re very pleased that The Charter Group, with support from Grand Valley and others in the region, were recipients of the MEDC grant award,” said Linda Chamberlain, executive director of the Seidman College of Business Center for Entrepreneurship and Innovation. “MAF1 will play a significant role in supporting the continuum of needed capital for emerging businesses, as well as provide solid educational opportunities for students who are interested in learning the investment business.”
For more information, contact Linda Chamberlain at (616) 331-7377 or Grand Valley News and Information Services at (616) 331-2221.