Top insights for driven-minds

The Michigan Momentum

As Pete Martin, a founder turned ecosystem architect, points out, "Michigan raised more money than any other state in the Midwest last year." This achievement wasn't driven by a single tech hub city but rather by the collective force of Detroit, Ann Arbor, Grand Rapids, Traverse City, and countless communities in between.

The momentum is undeniable:

• Michigan has raised $1 billion+ annually for five consecutive years
• While global venture funding is down 50% since the 2021 peak, Michigan's remains steady
• In 2024 so far, Michigan is up 34% year-over-year in venture funding

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Building Community, Not Just Companies

What makes Michigan's approach unique is its statewide connectivity. Organizations like Michigan Founders Fund (MFF) have abandoned city-centric approaches to foster collaboration across all regions.

"We can't just do Ann Arbor. We have to have a statewide organization. We have to connect founders and investors from all across the state with this commitment to Michigan," notes Martin, describing MFF's founding philosophy.

The results speak for themselves—Michigan Tech Week and similar gatherings across the state have created unprecedented density of entrepreneurial connections.

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Solving the Talent Challenge

One persistent challenge has been talent retention. Despite Michigan producing more engineers (both software and hardware) than any other state, many graduates have historically left for coastal tech hubs.

To address this, the MSU Research Foundation recently launched a statewide job board showcasing opportunities at Michigan startups—an initiative that transforms how talent connects with local opportunities.

"Now when people ping me on LinkedIn saying they'd love to come back to Michigan, I can send them here," Martin explains. "It changes perception because someone that goes to this site can see there are over a hundred high-paying startup jobs available."

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The Storytelling Gap

Perhaps Michigan's biggest hurdle isn't creating innovation but telling its story effectively.

"People in Michigan are so nice. Nobody likes to brag," Martin observes. "The number of founders that I've talked to that have raised $2 million or more in a round and didn't put anything on social media because they didn't feel it was their place...I hate that so much."

This reluctance to celebrate successes creates a perception problem. Many outside the state—and even some within it—remain unaware of Michigan's thriving startup ecosystem, despite companies like Duo Security (acquired for $2.35 billion) and numerous others achieving remarkable exits.

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Looking Forward

With its leadership in clean tech (ranking #1 in projects since the Inflation Reduction Act), advanced manufacturing capabilities, and world-class research universities, Michigan is positioned to leverage its industrial DNA for the digital age.

"The rest of our history, we've been on top the entire time," Martin reflects. "My very strong belief is that we are rising back to the top in all of these ways that matter again...in physical goods, in transportation, in logistics."

For founders and CEOs watching Michigan's evolution, the message is clear: this is no longer just a comeback story—it's a transformation already in progress. The state that changed the world with automobiles, mass manufacturing, and countless innovations is poised to do it again.

The only missing ingredient? Making sure everyone knows about it.