20Fathoms: Establishing Northern Michigan's Home for Technology and Entrepreneurship
Traverse City, MI
Federal Share: $749,914.00
Local Match: $749,914.00
20Fathoms will assist technology startups in forming and accelerating their ventures in rural Northwestern Lower Michigan with the goal of attracting and engaging top talent, creating high-paying, year-round jobs, and driving sustained economic growth in the region. Northwest Lower Michigan’s economy relies heavily on cyclical tourism and hospitality industries, with few investments to encourage innovation and entrepreneurship. This project will allow 20Fathoms to provide access to collaborative workspace, mentorship and investor events, and professional services entrepreneurs need to commercialize emerging technologies and scale startups. In addition, 20Fathoms utilizes a user-centric start-up concierge to connect relevant resources in the region and runs a 12-week accelerator program focused on health technology innovation. 20Fathoms expects to connect startups to $600,000 in grants, investments, and other financial benefits, match every startup to at least one mentor, inspire ten new investors to actively support local innovation, host 200 educational programs, attract more than 30 new startups and 100 new technology professionals to the region, and create a projected 225 high-paying, intellectually-intensive year-round jobs.