Notice of Accelerator Fund RFP

3/7/2010

**July 22, 2010: Last Timeline date updated**

Notice of Accelerator Fund RFP

The Michigan Strategic Fund Board has issued an RFP for the Accelerator Fund, a new initiative designed to increase the level of early stage investment in Michigan.

Revised Timeline

Due to the overwhelmingly positive response and the large number of applications received for the Accelerator Fund, the peer reviewer has determined that it will not have the appropriate time to review all applications and recommend winners by the previously estimated date of June 4, 2010. Therefore we are adjusting certain aspects of the expected timeline and the current anticipated timeline is set forth below:

April 7, 2010 - RFP launch
April 16, 2010 - Applicant questions due via email
April 26, 2010 - Responses to all qualified questions
May 19, 2010 - Proposal deadline
Beginning June 29, 2010 - Peer Reviewer expected to begin interviews of final candidates (applicants will be notified if selected for interview)
July 14, 2010 - SEIC Board approved the Peer Review process
August 9, 2010 - SEIC Board expected to approve awardees for the Accelerator Fund

Welcome potential applicants, media and other interested parties

Follow this link to open the RFP in .pdf format

Please direct all inquiries to AcceleratorFund@michigan.org. Questions that are phoned, faxed, sent through regular mail, or emailed directly to MEDC staff will not be accepted.

Some key highlights of the Accelerator Fund Include:

$12 million is dedicated to the Accelerator Fund program for the formation of two $6 million Funds.
Proposals are due by May 19, 2010, by 5:00 p.m. EST and must be submitted electronically to AcceleratorFund@michigan.org. Hand-delivered and mailed submissions will not be accepted.
Proposals must be submitted electronically in the form of a 25-page or less business plan that can be attached as a .pdf file.
Proposals must demonstrate an ability and willingness to invest in early stage companies.
Proposed Funds must have a technology focus within advanced automotive, manufacturing and materials, alternative energy, homeland security and defense, and/or life sciences.
Proposed Funds’ General Partners of must contribute/invest in the Fund an amount equal to 1% of the total Fund size, and raise at least $1 million cash (‘Match”) to support the Fund and its associated business plan.
Up to 15% of the Award may be used to fund the operating costs of the Fund(s) over the life of the fund.
Proposals will be evaluated by independent peer review experts on the four legislatively mandated criteria of: commercialization merit, personnel expertise, ability to leverage additional funds, and scientific and technical merit.

Draft Sample Review Criteria

The criteria below represent only draft examples of potential review criteria. As provided by MCL 125.2088k, the SEIC Board has approved the selection of an independent peer reviewer. The independent peer reviewer is charged with developing a review process and review criteria which comply with the RFP and MCL 125.2088k. The independent peer reviewer’s criteria may, or may not, resemble the criteria below. Therefore, applicants should not rely on the below criteria when applying.

Draft Sample Review Criteria

Official Accelerator Fund RFP

Below is the Accelerator Fund RFP. All interested parties should review the RFP thoroughly before proceeding with an application.

Accelerator Fund RFP

Application

Please read the RFP thoroughly before starting an application. Completed applications must be submitted via email no later than May 19, 2010 to: AcceleratorFund@michigan.org