Investment Criteria

Fund Investment Eligibility Requirements:

  • Michigan-based: Company is a for-profit LLC, C corporation, or S corporation that has been in business for seven years or less and with key founders and a majority of its full-time employees located in Michigan
  • Outdoor-focused: We invest in companies developing products and services that increase the enjoyment, accessibility, safety, or sustainability of outdoor experiences; either directly as core offerings to outdoor markets, or indirectly through supply chain innovations that serve and strengthen companies in the outdoor sector
  • Early-stage with Evidence of Traction: Demonstrated execution against business model and is in the early stages of commercialization
  • High-growth: On a scalable path that has strong potential for job creation, return on capital deployed, and diversifying the Michigan economy

Other Investment Notes

  • Investment Amounts: $50,000 – $150,000 initial check with variable maximum thresholds per company over multiple rounds, which vary based on specific sources of investment capital provided

  • Investment Types: Preferred Equity, Convertible securities (including Notes and SAFEs), and revenue-based financing and other asset-backed structures

  • Prior Investment Threshold: Preference will be given to eligible companies that have received less than $2.5M in investments over the preceding 12-month period

  • Revenue Threshold: Preference will be given to eligible companies that have received less than $1,500,000 revenue in the immediately preceding 12-month period

Investments will be equity or convertible securities in Michigan-based companies across the state.

Other Investment Notes

  • Investment Amounts: $50,000 – $100,000 initial check, maximum of $250,000 per company over multiple rounds
  • Investment Types: Preferred Equity, Convertible securities (including Notes and SAFEs). Loans and royalty structures may also be considered
  • Prior Investment Threshold: Preference will be given to eligible companies that have received less that $2.5M in investments over the preceding 12-month period
  • Revenue Threshold: Preference will be given to eligible companies that have received less than $1,500,000 revenue in the immediately preceding 12-month period

Investments will be equity or convertible securities in Michigan-based companies across the state.

Investment Review Process:

  1. Please complete this intake form for initial review and assessment by the Fund. After your Intake Form is received, you will receive a response within two weeks including feedback or request to schedule an introductory virtual meeting with Fund Management for further evaluation
  2. Investment opportunities that are consistent with Fund criteria after initial diligence will be referred for external review. The Fund has assembled an investment review committee with extensive technology and market experience within specific subject matter domains. Review teams will typically include three to five individuals and will include but is not limited to:
    • Pitch deck and other pertinent company information
    • Detailed company profile (link will be provided)
    • The Fund Manager will gather initial feedback and questions, concerns, and clarifications.
    • Zoom pitch for company and review panel
    • Final review submitted by reviewers to the Fund Manager
  3. Terms and conditions discussion, review, and negotiation
  4. Managing Director creates the investment summary and briefing memo
  5. Michigan Outdoor Innovation Fund – Investment Committee review and approval