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<p>Detroit-based nonprofit will manage a new statewide fund created to provide needed early-stage capital to startups in Michigan.</p>
<p>Despite the name and initiatives focused primarily on community development in its hometown, Invest Detroit will spread funding from the $4.2 million, two-year First Capital Fund across the state. Invest Detroit intends to meet regularly with Michigan’s 17 SmartZone business incubators — including those in Grand Rapids, Holland and Muskegon — and do other outreach “just to make sure this program represents the entire state,” said Vice President and Managing Director Martin Dober.</p>
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