The Michigan Outdoor Innovation Fund has made its inaugural investments in three promising Michigan-based companies, marking a significant milestone in the state’s efforts to nurture innovation and economic growth in the outdoor recreation sector. Grounded RVs, Mullybox, and Revolin Sports have been selected as recipients of this first round of funding, each chosen for their unique contributions to enhancing outdoor experiences and their potential to drive economic development within Michigan according to an article by Radio Result Network.
The outdoor recreation economy in Michigan has been flourishing, with recent statistics showing remarkable growth. The industry brought $10.8 billion in value-added economic impact to the state and employs 109,595 people in 2021. With its significant contribution to Michigan’s economy, the sector’s importance is undeniable.
These investments come as part of a broader initiative to support early-stage startups in Michigan’s thriving outdoor industry. The Fund, launched on April 2, aims to provide crucial financial support to companies that demonstrate strong potential for innovation and sustainability in the outdoor recreation space. With investments ranging from $50,000 to $250,000, the Fund is poised to play a pivotal role in shaping the future of Michigan’s outdoor economy.
Jim Baker, Fund Manager of the Michigan Outdoor Innovation Fund, expressed enthusiasm about the selected companies, stating, “We are thrilled to support Grounded, Mullybox and Revolin, as they represent the ingenuity and entrepreneurial spirit that Michigan is known for. These companies are uniquely impacting the outdoor sector and contributing to the state’s economic development and job creation.
The Michigan Outdoor Innovation Fund is managed by InvestUP, a private sector-led economic development organization focused on driving prosperity across Michigan’s Upper Peninsula. Marty Fittante, CEO of InvestUP, shared his excitement about the Fund’s progress, noting, “It is very exciting to see the fund’s growth from concept through launch and now with the first round of investments. We are incredibly appreciative of the opportunity to manage the fund and to be part of the entrepreneurial development in this impactful sector for both our region and the state of Michigan overall.”
The Fund’s establishment aligns closely with the state of Michigan’s focus on bolstering the outdoor recreation sector and the Michigan Economic Development Corporation’s (MEDC) strategies to grow and support the state’s entrepreneurial ecosystem. This initiative is part of the MEDC’s Michigan Innovate Capital Fund (MICF) program, which aims to support high-growth, early-stage technology companies in Michigan by providing investment capital, resources, and support to foster innovation and entrepreneurship.
Nataliya Stasiw, equity capital program director for the MEDC, highlighted the significance of these investments, stating, “Grounded RVs, Mullybox, and Revolin Sports are three companies showing what it truly means to innovate in outdoor recreation and ‘Make It’ in Michigan. These companies will provide our people with more enriching outdoor experiences and have a positive impact on the places people want to live, work, and visit, and we’re proud to join our local partners in supporting them.”
Among the funded companies, Grounded RVs stands out with its innovative approach to electric camper vans. Based in Detroit, Grounded designs and manufactures smart, customizable vans for both adventure and work expeditions. Their flagship product, the G2, boasts impressive features including a 270-mile electric range, all-wheel drive, Starlink internet, and 1000 Watts of solar power.
The company’s founder, Sam Shapiro, expressed his enthusiasm for building the business in Michigan, saying, “After having never been to Michigan until starting Grounded less than 2 years ago, I am thrilled to now call Michigan both Grounded’s home and my home. Detroit is a great place to live and build a hardware company because of its budding startup ecosystem and robust manufacturing ecosystem.”
Mullybox, another recipient of the Fund’s investment, is revolutionizing the golf experience with its unique subscription service. The company delivers curated golf gear and accessories to subscribers, offering different packages to cater to various preferences.
The third company benefiting from the Fund’s investment is Revolin Sports, which specializes in eco-friendly pickleball paddles. Founded by siblings Hugh and Greta Davis, Revolin Sports focuses on sustainability and high performance, offering products that feature innovative materials and ergonomic designs. This investment is set to help the company expand its product line and market presence, further solidifying its position in the growing pickleball industry.
To further support this growth, Michigan’s Office of Outdoor Recreation, part of the MEDC, is working diligently to retain and attract outdoor recreation businesses and products. The office’s director, Brad Garmon, was recently appointed to chair the national outdoor industry Confluence of States coalition for 2023, highlighting Michigan’s leadership role in the national outdoor recreation landscape.
As these newly funded companies begin to leverage their investments to create jobs, scale operations, develop new products, and expand their market presence, the impact of the Michigan Outdoor Innovation Fund is expected to ripple through the state’s economy. This initiative supports individual businesses and contributes to positioning Michigan as a leader in the outdoor industry ecosystem. It creates a foundation for sustainable growth and innovation in the years to come.
