The Business Accelerator Fund (BAF) provides funding to a participating Accelerator to help early-stage advanced technology companies access specialized services to advance their path to commercialization, company success, and economic impact. Overall, a company may not receive more than $50,000 in BAF services and most have multiple engagements in the $7,000 to $15,000 range. 

Who qualifies for the BAF?

Before contacting the nearest participating business accelerator, below are the following qualifications: 

• Must be technology-focused and early-stage advanced 
• Must be based in, or have a principal location in Michigan 
• Must be privately held, for profit and defined as a small business by the Small Business Administration 
• Must have less than $1M private sector investments and less than $2.5M revenue in last 12 months 
• Must agree to complete semi-annual BAF economic impact/client satisfaction surveys for five years 
• Must be compliant with the MEDC and any other state programs 

Applicants must serve one of the following industries:

• Advanced Automotive & Mobility
• Advanced Manufacturing & Materials
• Agricultural Processing Technology
• Alternative Energy
• Homeland Security & Defense Technology
• Information Technology
• Life Sciences - Therapeutics & Med Devices
• Other Innovative Technologies

What services does (and doesn't) the BAF support?

The BAF funds should be a bridge to a key milestone of some kind that could not otherwise be achieved by the company. While the list of available services is comprehensive, there are some that are not supported by BAF. Tasks like bookkeeping, tax preparation, founder salaries, general company expenses or advertising, and other high level internal projects are not among the list of expenses that can be covered.  

• Develop marketing plans
• Conduct market study/market research
• Develop financial model
• Develop test units for beta test
• Cover legal costs for: strategic licensing agreements, bringing on key employees, or equity agreements with C‐level talent
• Logo design

• Technology validation/product testing
• Conduct patent search
• Regulatory consulting
• Technology consulting
• Engineering services

What is the application process?

After being approved by the Accelerator, business owners fill out a comprehensive proposal to be reviewed by three Gateway Representatives across the state for approval. Proposals are at the most five pages in length. They detail the company, how the services will be used and will propel the company to its next milestone.

What is the timeline?

It is not a quick timeframe for entrepreneurs to complete their proposals for submission and go through the review process, which is an important detail to consider when identifying a need and starting an application. While not every applicant receives approval for services, those that do have services paid for on their behalf, rather than receiving the funds and paying out of pocket.