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20Fathoms Receives Grants to Support Tech Startups and Small Businesses

TRAVERSE CITY ÔÇö 20Fathoms, a tech-focused business incubator in Northwest Michigan, has announced that they have been awarded two grants that will provide significant funding to support the growth of tech startups and small businesses in the region.

The first grant, totaling $3.3 million, has been awarded to 20Fathoms from the Michigan Economic Development CorporationÔÇÖs Small Business Support Hubs program. This funding will be instrumental in providing crucial resources and support for small businesses in the area.

Additionally, 20Fathoms has received $4 million in grants and matching funds from the U.S. Economic Development Administration Build to Scale Venture Challenge grant. This grant will further bolster the efforts of 20Fathoms in fostering the growth and success of tech startups and small businesses in the region.

With this substantial funding, 20Fathoms plans to implement a comprehensive 3-year strategic growth plan that will have a far-reaching impact on the region. The key components of this plan include:

• Expanding the scope of 20Fathoms’ support from the Grand Traverse area to encompass all of Northwest Michigan, including Petoskey, Charlevoix, Cadillac, and Manistee.
• Ensuring that all 10 counties in the region have access to vital resources and support for small business owners, thereby fostering a thriving entrepreneurial ecosystem.
• Establishing strategic partnerships with local organizations such as Odawa Economic Development Management Inc., Venture North, Small Business Development Center Northwest Region, Northern Lakes Economic Alliance, Traverse Connect, Northwestern Michigan College, Michigan Tech University, Northern Michigan Angels, and TCNewTech.
• And more

Eric Roberts, the Executive Director of 20Fathoms, expressed gratitude for the substantial investment from both the state and federal levels, highlighting that it not only validates the hard work that has been done but also demonstrates a strong vote of confidence in the organization’s ability to scale the entrepreneurial ecosystem in this part of the state.

For individuals interested in exploring the opportunities available at 20Fathoms, completing the interest form is the first step. The organization is particularly keen on engaging with individuals who have a background in startups, business, and technology, or those who are enthusiastic about these areas.

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