FOR IMMEDIATE RELEASE
May 18, 2023, Sterling Heights, MI – Early-stage technology and advanced manufacturing companies in Macomb County now have access to funding for a variety of services through the Business Accelerator Fund administered through Velocity. The Michigan SBDC’s Business Accelerator Fund (BAF) helps companies access professional consultants to help to increase market potential, technological sophistication, strength of intellectual property, and scalability.
“For tech startups who need access to consultants and professional services to strengthen their ideas and processes, but lack the funding, the BAF will change the game,” explained Paula MacPherson, Velocity’s Community Engagement Manager. “This is one more service we can provide through Velocity’s Accelerator program that will help us strengthen our local businesses.”
The BAF is available to businesses who apply through Velocity, or other accelerator programs who are a part of Michigan’s statewide SmartZone network. The funds are available to provide specialized services, such as legal counsel and marketing support, not otherwise available from Velocity. Entrepreneurs can receive services from third-party professionals through the program which will not only increase chances of their success but also make a lasting economic impact in the state of Michigan.
Eligible companies must meet specific criteria to receive funding through BAF. Funding pays for services that are focused on acceleration, not operations or incremental growth, and could include intellectual property protection, product certification/technology validation, development of marketing plans and marketing campaigns, prototype development, and product enhancements. The services are highly specialized, and the service providers are required to complete specific deliverables.
“This and other recent grant funding Velocity has received strengthens our programs for entrepreneurs in Sterling Heights and throughout Macomb County,” said MacPherson. “The BAF fund will connect our local tech companies with services that are critical to their success and growth.”
Velocity’s existing programming and resources for entrepreneurs in Sterling Heights include access to mentorship and coaching services, educational programming, and networking opportunities.
Entrepreneurs can contact Paula Macpherson, Velocity’s Community Engagement Manager at paula. macpherson@mivelocity.com to see if they qualify for funding through the BAF program.