The Macomb Innovation Fund announced it will award a total of $225,000 to five Detroit-area tech startups as part of an ongoing effort to stimulate economic development in the state.
Brio Device, VizBe, Life Magnetics, Recovery Pak and Stridepost will all receive awards designed to jumpstart them into the market and onto larger-scale funding. The five companies were selected from a field of 14 qualified applicants by a selection committee after pitching to two different committees.
The funding, which is provided by Macomb Community College’s Strategic Fund and JPMorgan Chase, is part of an ongoing commitment. Since 2015, the fund has awarded $1.4 million to 24 companies.
In return for funding, the companies provide internships or learning opportunities for Macomb Community College students. To date, nearly 340 students have received internships at the winning companies.
“JPMorgan Chase invests in this fund because small businesses are the backbone to Detroit’s economy,” said Chauncy Lennon, Head of Workforce Initiatives at the company.
To learn more about the application process, visit www.macomb.edu/cie.
