Charlie Moret To Manage Michigan Pre-Seed Fund – Loss For Ann Arbor SPARK

LANSING – Charlie Moret, who is the Managing Director, Technology-Based Entrepreneurship at TechTown in Detroit, has been selected by the Michigan Economic Development Corp. to manage the Michigan Pre-Seed Fund, which has been the purview of Ann Arbor SPARK since its inception.

Paula Sorrell, MEDC Vice President Entrepreneurship, Innovation & Venture Capital, made the announcement in an email obtained by MITechNews.Com. In the email, Sorrell said:

?We?re very pleased to announce that a new organization led by Charlie Moret has been selected,? Sorrell said. ?Its working title is Invest Michigan, though will be referred to as the Michigan Pre-Seed Fund. This is a non-profit that is not attached to any particular SmartZone or university, and Charlie will be leaving his duties at TechTown to pursue these new responsibilities.?

Moret previously ran Connecticut?s PreSeed Fund and developed new programs under it. The new program will also include university commercialization funding (replacing the former MUCI/MIIE program).

Sorrell said one of the goals of this new fund is to spend at a measured pace to prevent future gaps between possible funding allocations.

?Knowing there were a number of companies raising funds in anticipation of Pre-Seed being available, we will work with you to continue to help good companies be successful,? she said.

Moret, also in an email obtained by MITechNews.Com, said he had met many of the SmartZone and University officials he will work with in the Invest Michigan program during the past 16 months at TechTown.

?Now with the opportunity to direct the Michigan Pre-Seed Fund I look forward to fostering strong partnerships,? Moret said. ?In the coming weeks, I will be working diligently to expedite the start-up of Invest Michigan, the re-launch of the Michigan Pre-Seed Fund and ensuring a smooth transition as I leave my role at TechTown.?

In November 2012, Ann Arbor SPARK hired Joseph Licavoli from RamSoft as manager of the Michigan Pre-Seed Capital Fund.

The Fund supports high-tech start-up companies as they near commercial viability by providing access to early-stage capital, accelerating company development. As a central fund to the Michigan SmartZone Network, these funds prepare companies for follow-on private investment.

Companies developing technologies in advanced automotive, manufacturing and materials, alternative energy, homeland security and defense and life sciences, statewide are eligible for these funds through the Michigan SmartZone Network. The Pre-Seed fund loan is up to $50,000. Eligible companies have less than $1 million in revenues and less than $1 million in third party funding.