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MSU Research Foundation outlines statewide startup supports, highlights PitchMe and portfolio growth
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Summary
MSU Research Foundation leaders told the House committee about programs that support university spinouts and startups across Michigan — including Spartan Innovations, the Conquer Accelerator, PitchMe ($2 million prize pool), and investment vehicles like Michigan Rise and Red Cedar Ventures — and discussed retention challenges and policy options.
Leaders of the MSU Research Foundation told the House Committee on Economic Competitiveness about a suite of programs designed to commercialize university inventions and support high‑growth startups statewide.
"We serve the entire state," said Dave Washburn, CEO of the MSU Research Foundation, describing the group's mission to bridge the "valley of death" between invention and market and to provide venture-creation services such as Spartan Innovations and accelerator programs.
Pete Martin, director of portfolio management, described the foundation's investment activity and statistics: the portfolio contains roughly 230–240 active companies, with about 40 exits, and Martin estimated roughly 90% of the portfolio companies remain in Michigan. He highlighted PitchMe, a statewide pitch competition that MSU RF ran offering $2,000,000 in investment that drew 375 applicants and helped participating companies raise follow-on capital.
Jeff Smith, director of research parks, discussed real-estate and space investments — from wet labs to high-bay spaces — that reduce early-stage capital burdens for startups and help retain firms in Michigan. Smith cited work on buildings that supported corporate partners such as TechSmith in East Lansing.
Committee members asked how entrepreneurs find the foundation and how partnership decisions are made. MSU RF said it operates a boots-on-the-ground presence across regions, runs monthly free entrepreneur events, and biases toward high‑tech, science‑based intellectual property rather than Main Street businesses.
On retention, witnesses noted capital constraints and competition from other states offering incentives and highlighted policy levers the legislature might consider — from targeted investment in sector infrastructure to incentives that encourage Michigan corporations and institutions to be early customers for local startups.
No formal committee action was taken on the presentation; presenters encouraged continued engagement with lawmakers and offered to supply more detail if requested.
