IMPACT REPORT 2020-2023 Founder Focused. Purpose Driven. Future Forward.

2023 was a milestone year for Michigan Founders Fund. Our staff, our membership, and the amount of our programming doubled, allowing us to reach broader and more diverse networks in each part of the state. Our largest event, Michigan Tech Week tripled in size to more than 1,200 attendees, 100+ speakers, 30+ sponsors and partners, and it awarded $290,000 to 11 startups. 134 o 134 of our high- f our high-gr grow owth member th members ha s have ve collec collectively r tively raised o aised over $350 million ver $350 million in investment capital, and the number of 1% pledges realized tripled. This year saw 3 member company exits, as well as a profit and an in-kind donation. Six MFF grantees have been onboarded into the network with a special designation, Community Trailblazer Member, to encourage more cross-connections between our startup leaders and our social impact leaders. We are growing every day and we aren’t slowing down. MFF has been named by the state as an entrepreneurial hub, receiving $2. $2.92 million 92 million in multi- in multi-y year funding ear funding through the Small Business Support Hubs program, ensuring our network will continue to strengthen and grow. There are truths that will always be at the heart of MFFs vision and mission and the culture we hope to foster in Michigan. Since the 2020 pandemic, we have been given the opportunity to collectively reinvent ourselves and our surroundings — to support one another, to serve one another, and uplift each other so we can emerge stronger and more resilient. Inclusion and equity are achieved when those in positions of influence and power speak up for and create opportunities for those who are not. THANK YOU to all the leaders of Michigan Founders Fund and within our community for using your influence and power to ensure that all those who seek to contribute to our community will feel that they belong and be empowered to realize their potential. I am eternally grateful to be part of an organization in my professional life that upholds the values that I cherish as a person. And this is just the beginning of the positive impact that MFF and its members will have across the state. THANK YOU to our staff, members, board, advisory council, grantees, partners, funders and sponsors — none of this is possible without your support. While MFF is owned by all its Members, you need a seed for growth. So, I want to give a special thanks to someone who represents the tremendous positive changes that happen when founders give first and give often, my MFF Co- Founder and my friend, Dug Song. Few people achieve the level of high-growth tech success that Dug has modeled for Michigan and even fewer spend most of their time working to impart that success to others. THANK YOU for showing us all it can be done. With the growth of MFF also comes the next phase in its leadership. I think the healthiest organizations and cultures are ones that embrace and seek out new perspectives and am therefore stepping down from my role. I am thrilled for the team to move into the next era of founder support and ecosystem development! There is significant opportunity for MFF to expand upon the foundation that has been built over the last four years while reimagining how the organization positions itself for enduring impact — both in Michigan and as a role model for other emerging innovation ecosystems nationally. This inaugural MFF Impact Report is: 1) a compilation of our efforts to deliver on the mission and vision of the organization since our launch, and more importantly; 2) a celebration of founders, their companies, and the impact they are making throughout the state of Michigan! My hope is that the learnings we share inspire anyone who wants to be part of advancing inclusive innovation in Michigan to ask, “What will we do together to continue our legacy of innovation and create the best possible future for all Michiganders? How will we continue to be a founder-friendly state? And, how can we foster a culture of yes?” With gratitude, Trista Van Tine, Co-Founder & Executive Director Michigan is the land of untapped potential. LETTER FROM THE DIRECTOR

Table of Contents The Need Who We Are How We're Making an Impact We’re Empowering Founders & the Ecosystem We're Nuturing an Inclusive Network We're Investing in Our Community Looking Ahead Financials Acknowledgements 5 13 18 32 36 52 56 57

“The most meaningful way to succeed is to help othe​​rs succeed.” – Adam Grant

In recent decades VC has generated more economic and employment growth in the U.S. than any other investment sector. Venture investment makes up only 0.2% of GDP, but delivers an astonishing 21% of GDP in the form of VC-backed business revenues. Parhankangas, Annaleena. "The Economic Impact of Venture Capital" as cited in Austin, John. "As the venture capital game gets bigger, the Midwest keeps missing out." Brookings. June, 2019.➚ Investment 0.1-0.2% of U.S. GDP Employ 11% private sector workforce Growth rates ~50% higher than total private sector Employment growth ~8x higher than average private company Revenue = 21% U.S. GDP 5 THE NEED

In fact, without new startups there would be no net new job growth in the US. Firms in technology- based industries (start-ups and older firms) make up 3.8 percent of all businesses, but provide much larger contributions to the economy proportionally. of R&D investment Provide jobs that have higher wages and create jobs in sectors outside of their own 1 technology- based job can create another 5 jobs in other industries Generate Pay of U.S. exports of total wages of R&D jobs 70% 27% 8% 59% Wu & Atkinson. "How Technology-Based Start-Ups Support U.S. Economic Growth." Information Technology & Innovation Foundation. November 28, 2017. ➚ Blankenship, Saladino, & Brown. "How Technology-Based Start-Ups Support U.S. Economic Growth." The Data Hub at Brookings Mountain West & The Lincy Institute. January, 2020. ➚ 6 THE NEED

25% of employment and increasing <10% of employment Michigan has a legacy of innovation. From the automotive industry and manufacturing in the early 20th century, to the inventors, engineers and institutions that advanced computing and the internet in the 1940s - 1980s, Michigan has experienced tremendous growth in highly scalable, globally relevant companies. Meanwhile, the economy shifted from industrial to knowledge-based. MANUFACTURING PROFESSIONAL, BUSINESS SERVICES, INFORMATION, AND FINANCE 7 THE NEED

Media Universities / Colleges Foundations / Nonprofits Gov. Agencies Associations / Partner Organizations Meetups Accelerators / Incubators Tech Events / Conferences Investors / VC Coworking Spaces There’s been significant interest and investment in Michigan startups over the past decade. 8 THE NEED

As a result, Michigan is the fastest growing state for venture capital investment. VC investment grew by 886% between 2016 and 2020 in Michigan. Detroit was named #1 emerging tech ecosystem in the world in 2022. 100 high-growth companies are getting funded every year, in every part of the state. Ann Arbor ranked as one of the top 25 innovative cities in the U.S. and a top new tech hub in 2019. 2016 2017 2018 2019 2020 9 THE NEED

Over $2.58B raised 4,500+ employed 4 achieved $1B valuation 2 buyouts 2 major exits StockX Workit Health Strata Oncology Duo Censys Wisely Floyd Bloomscape Onestream Benzinga Autobooks Our Next Energy Groundspeed Analytics Skyspecs MayMobility Snapshot of 15 Michigan-based, venture-backed companies since 2010: CONSUMER GOODS HEALTHTECH LIFE SCIENCES CYBERSECURITY SAAS FINTECH ENERGY AUTONOMOUS VEHICLE INSURTECH MARKETPLACE 10 verticals: Pitchbook and Crunchbase data as of June 2023 10 THE NEED

We believe high-growth, innovation and entrepreneurship is a key pathway to a diversified and prosperous Michigan economy. Why high-growth? The greater the risk, the greater the reward! 11 THE NEED

However, Michigan falls short compared to other regions in several key areas: Advancing diverse founders Helping high- growth companies commercialize and scale Enabling risk-taking to spur venture creation Retaining local talent and attracting experienced talent Establishing productive connections between cities, companies, and communities Enacting founder-friendly legislation 12 THE NEED

In response, began their work in 2020 to foster a MORE successful inclusive & community-minded startup ecosystem 13 WHO WE ARE

We are changing startup culture in Michigan by normalizing risk, prioritizing inclusivity, and building trust. We amplify founder stories and provide opportunities for founders to exchange resources and become invested in one another’s success. 14 WHO WE ARE

We are changing startup culture in Michigan by normalizing risk, prioritizing inclusivity, and building trust. We amplify founder stories and provide opportunities for founders to exchange resources and become invested in one another’s success. We foster connection through founder-first programming that encourages the sharing of ideas, struggles, and experiences to deepen relationships as founders learn and grow together. 15 WHO WE ARE

We are changing startup culture in Michigan by normalizing risk, prioritizing inclusivity, and building trust. We amplify founder stories and provide opportunities for founders to exchange resources and become invested in one another’s success. We foster connection through founder-first programming that encourages the sharing of ideas, struggles, and experiences to deepen relationships as founders learn and grow together. We pledge to support the communities we live and operate in through our community impact fund, investing in the advancement of socially and economically disadvantaged founders, racial equity, and local talent development. 16 WHO WE ARE

MFF & founders are the ecosystem’s connective fiber Media Universities / Colleges Foundations / Nonprofits Gov. Agencies Associations / Partner Organizations Meetups Accelerators / Incubators Tech Events / Conferences Investors / VC Coworking Spaces 17 WHO WE ARE

HOW ARE WE MAKING AN IMPACT? We’re Empowering Founders & the Ecosystem CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 18

Though there has been significant support to startups over the past decade, the ecosystem has lacked cohesion. We connect founders with those who know the journey best – fellow founders and a statewide network of hundreds of support providers, investors, and collaborators. Our high-growth members have collectively raised $350M+ of investment capital CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 19

Monthly Engagement Opportunities: 1500+ ATTENDEES 4 YEARS Founders First Fridays in nine cities Member-led events for other members Volunteer days, roundtables, breakfasts, happy hours + more! 80% 93% 93% Feel more connected to other founders after attending events Left events with more connections, resources, or knowledge See value in the statewide network 57 EVENTS HIGH-GROWTH FOUNDERS / VENTURE CAPITALISTS / KEY INFLUENCERS / ECOSYSTEM LEADERS CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 20

Founder Spotlight Dhruv C. Patel CO-FOUNDER & CEO Syncurrent / Tribal SME development and support MARQUETTE, MI “I think over the next twenty years the UP as a whole is going to crush the lower peninsula in terms of performance and startups. Syncurrent is working on unlocking the tribal market. Kall Morris, Inc. is cleaning up [outer]space and creating space recycling factories. And MycoNaut is healing the planet from PFAS and microplastics through mushrooms. We’re creating some really cool companies here, and we have a strong, tight knit culture. I frickin’ love it!” Just as Dhruv knows the UP has untapped potential, he sees significant entrepreneurial possibilities in tribal nation communities, and a role for custom tools and support from Syncurrent to help overcome structural barriers. Dhruv appreciates MFF’s thought partnership and connections to investors. “Pete’s very proactive in helping get those introductions in. He knows how hard it is because he's a founder. I appreciate his hustle.” Dhruv plays a meaningful role in the MFF community. He helped start MFF’s Founder First Fridays in Marquette with Ryan Lacovacci, founder of Myconaut and takes pride in its growth. “At our recent event, we had 31 people show. For a town of 20,000, 31 entrepreneurs is meaningful. I think Marquette has yielded better results than even some of the bigger cities.” CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 21

MFF Founders Retreat Annual three-day, all-inclusive retreat provides founders the opportunity to build meaningful relationships, so they can support one another in achieving company milestones. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 22

MFF Founders Retreat Feel the retreat fostered an environment where they felt comfortable being open and honest with their fellow participants Feel a stronger connection to high-growth founders in Michigan Feel a stronger connection to MFF's mission to help grow the presence of successful, high-growth ventures AND advance civic leadership in the state of Michigan Feel more positive about building their startup in the state of Michigan “It was PRECISELY what I needed at just the right time.” 100% 100% 100% 100% ”I left the retreat feeling energized and like I had a better idea for where we need to go next.” CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 23

Founder Spotlight Christina Fair CO-FOUNDER & COO Hum / Growth engine for internet service providers DETROIT, MI How has being a member helped you as a founder? It started with my cohort retreat in August of 2022 – connecting with other founders at a similar phase of company growth, and working on ourselves as leaders, building a community with each other, was everything. It is SO great to know I'm not alone in this. If building a high-growth tech company was easy, everyone would do it, but it's not, so holding each other up is key. In addition, I've been able to engage as a speaker and advisor through MFF which continues to build presence for me as a leader in the community. How has being a member helped your company? I have been invited to events and had more access to investors than I would if we were trying to do this on our own. We have been actively fundraising during the entirety of our membership in MFF, and the community continues to make introductions and unlock doors for us. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 24

Michigan Tech Week Now in its 2nd year, the annual statewide conference showcases entrepreneurs and investors and culminates in the MFF Venture Competition that to date has awarded $250,000 to six startups. Elevates Michigan’s ecosystem to a multi- national audience Founder-first approach focusing on access to capital, connections, and clarity around Michigan resources Co-produced by a coalition of ecosystem organizations led by MFF CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 25

93% 94% 95% Reported overall satisfaction with the event Made new connections Felt Michigan Tech Week brought visibility to the Michigan tech ecosystem 400 1,200+ $390,000 Attendees Attendees in total funding awarded to 14 startups 49% 46% 35 101+ BIPOC attendees BIPOC attendees Speakers Speakers Michigan Tech Week 2022 2023 CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 26

Founder Spotlight David Corcoran CO-FOUNDER & CEO Cenys / Internet intelligence platform for threat hunting and exposure management ANN ARBOR, MI How has being a member helped you as a founder? MFF has given me the opportunity to meet a diverse group of founders which has in turn helped me better understand the needs of a lot more founders than I would have been able to do on my own. This not only helps prepare me for a future startup but also helps me better connect with founders I already work with. How has being a member helped your company? I’m helping mentor future founders and working with children, inspiring them into entrepreneurship through Junior Achievement. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 27

MFF Venture Competition Held during Michigan Tech Week, our venture competition uses a unique format that invites early-stage startups to pitch in front of a panel of early-stage venture capitalists. Finalists form teams with 3-5 other founders and have 60 minutes to work on their pitch in a day-of sprint. A brief explanation of each company + How they would leverage different facets of their businesses, relationships, products, resources, etc., to support one another in achieving mutual success in growing their companies The winning team splits the prize money! THE PITCH CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 28

Why it's great: Provides significant, non-dilutive capital to founders Furthers the value of founder-to-founder support Team structure allows for more entrepreneurs to compete Katy Kelly, TOTAL REENTRY SOLUTIONS Johnnie Turnage, EVENSCORE Vanessa Lane, BETTERPLAY STUDIOS, INC. Darren Riley, JUSTAIR Keith Chaney, PEADBO Kevin Hagedorn, LIFEMAGNETICS 2023 Winners Won $50,000, a $5,000 MISpringboard grant from Varnum Law, and a free year of coworking space at Bamboo each. 2022 Winners Won $33,333 and a $5,000 MISpringboard grant from Varnum Law each. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 29

MFF has invested over $600,000 in the Michigan economy by supporting more than 80 local small businesses and freelancers across the state through our programs and events. Investment in the Ecosystem CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE'RE EMPOWERING FOUNDERS & THE ECOSYSTEM 30

Founder Spotlight Crystal Brown CO-FOUNDER & CEO CircNova, Inc. / Biotech advancing AI-enabled circular RNA therapies DETROIT, MI When Crystal pivoted from automotive to biotech, she initially gained industry knowledge through a financial lens, analyzing projections and contracts. Her approach to biotech entrepreneurship as the founder of CircNova is also unconventional. CircNova leverages AI to analyze and predict novel RNA structures with potential for developing new cancer therapies, specifically targeting breast cancer. Crystal believes with the right support, women can balance career and family – as she does by involving her kids where possible and relying on her trusted village. As a founder, Crystal sees MFF as her invaluable support network. “We're raising our million dollar pre seed round, and I have $350k raised into that round... I absolutely would not have gotten $350k without the MFF network’s support and cheerleading. The investors do their due diligence. They reach out to a lot of people within the MFF community, and those people have endorsed me.” CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 31

HOW ARE WE MAKING AN IMPACT? We’re Nuturing an Inclusive Network CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 32

Since 2021, we’ve matched 42 socially or economically disadvantaged college- level interns to high-growth companies to nurture a pipeline of Michigan tech talent and future founders. Michigan’s startup ecosystem is growing rapidly, but the talent doesn't yet reflect the state’s demographic diversity. Michigan college students have participated in a MFF-led information session or skill-building workshop. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE NURTURING AN INCLUSIVE NETWORK 33

DEIB Internship Program Each intern is paired with a mentor and receives professional development and networking opportunities. Participating companies receive grant funding to hire, training to strengthen diversity, equity, and inclusion initiatives and to reach new talent across the state. Interns gain exposure to tech entrepreneurship and professional experiences that can equip them to pursue careers as startup leaders and founders right here in Michigan, while partner companies are trained to be better employers. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE NURTURING AN INCLUSIVE NETWORK 34

DEIB Internship Program: of interns felt more prepared to be successful in a startup work environment of interns are more likely to stay in Michigan 100% 44% 81% 100% 60% 80% 37% 67% 46% are BIPOC felt they had more practical tools to increase DEIB as a result of the workshops implemented new policies, practices, or procedures as a result of the workshops of managers learned something new through the DEI training sessions are LGBTQ+ are women or gender nonconforming are PELL-eligible AS A RESULT OF THE PROGRAM OF 42 INTERNS OF 24 COMPANIES CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE NURTURING AN INCLUSIVE NETWORK 35

HOW ARE WE MAKING AN IMPACT? We’re Investing in Our Community CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 36

Our members give back where they live, turning their startup success into long-term community impact. Lasting impact requires addressing root causes, which starts at the community level. has been invested in our communities by MFF. $340,000 CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 37

Outsized resources and financial returns resulting from successful high-growth endeavors can generate long-term capital flow into local communities. Community-focused prosperity leads to a more equitable distribution of opportunity and wealth and it fosters entrepreneurship. Cultural intelligence is the foundation upon which strong performing, diverse and inclusive companies are built. Companies with authentic cultures and values become stewards and champions of community success. $280,000 $45,000 $15,000 $340,000 Grants to founders/ startups: Grants supporting community-based organizations: Additional direct financial support for founders: TOTAL INVESTMENT: Collectively, we can change the status quo. MFF Community Investments CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 38

Connect 1:1 with other founders Attend MFF and member events Listen to feedback and ideas Are committed to improving policies, procedures and practices in their companies Source and hire local talent Use local vendors for products and services Mentor or support newcomers to the ecosystem Engage with local issues Donate to local causes MEMBERS SUPPORT OTHER MEMBERS MEMBERS SUPPORT THEIR EMPLOYEES MEMBERS ARE COMMUNITY LEADERS We support members to become leaders and model a purpose-driven culture. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 39

Resources We provide tools and expertise to our members and network to help them in their entrepreneurial journey. Curated resource list Information about grants and other funding Slack community and more! Answering questions, advising, and troubleshooting Venture Capital and angel investor introductions Storytelling and speaking opportunities Connections to regional and national support services like the SBDC Tech Team CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 40

Founder Spotlight Sydney Davis FOUNDER & CEO NixCode / Mobile development education and software for nontechnical founders KALAMAZOO, MI How has being a member helped you as a founder? MFF has helped me find personal support and community to keep me encouraged and connected with opportunities in Michigan. MFF has been a safe space for an early stage founder. Is there a fellow MFF founder that inspires you? There are so many founders who have inspired me by their achievements and tenacity. The members of MFF are so driven and in love with their companies and solutions. It has motivated me to make decisions and pivots to pursue my deeper passions in the startup space and get it out to the world and in front of people to open more doors. I used to think I needed a good idea to get traction or investment, MFF has shown me all ideas are good ideas they just need a passionate driven founder. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 41

Our Members Since 2020, 134 Michigan founders and investors, representing 116 companies* have become members of MFF by pledging 1% of equity, carry, or profit into a fund for Michigan-based grantmaking. *Includes 6 Community Trailblazer members and 6 organizations 44% 30% are BIPOC are women or non-binary MEMBER COMPANIES SPAN ACROSS A WIDE RANGE OF INDUSTRIES: BUSINESS MODELS VARY, TOO: FinTech BioTech Mobility Real Estate Data Privacy EdTech HR Life Sciences AI Fashion Industry 4.0 CivicTech Gaming CPG Construction ClimateTech Wellness Infrastructure MedTech Logistics and more... B2B B2C B2G Marketplace offerings Venture Capital etc... CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 42

52.8% white or caucasian 1.4% Indigenous 3.5% Hispanic or Latino/a 7.7% Asian - Indian 2.8% Middle Eastern or Arabic 4.2% Asian - Pacific 3.5% Other/prefer not to say 23.9% Black or African American 69.5% identify as men 1% nonbinary 29.7% identify as women MEMBER RACE/ETHNICITY MEMBER GENDER nps= 60 81% 83% 89% 29% would recommend MFF to another high-growth founder or investor feel a sense of belonging to the state's startup community are better founders/ investors because of joining MFF Membership has doubled since 2022 have gained value from the network closed a round this year $350 million in funding raised by members Our Members CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 43

What Our Members Value Most About MFF: "Network connections to VCs, founders, businesses in the state, exposure." "Access to other founders in a fully transparent and trustworthy environment." "Provides community to remind me that I'm never alone." "..it’s been the encouragement and connections to possible funding sources. The people are high-caliber and I genuinely enjoy just connecting with other founders in the state." "This has been the most supportive and important group we have been a part of - much appreciated." "I’m very happy with MFF and consider it one of the biggest lifts our start-up has experienced." CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 44

Founder Spotlight Moody Mattan FOUNDER & CEO BrandXR / No-code augmented reality platform DETROIT, MI How has being a member helped you as a founder? Nobody understands what a founder is going through like another founder. These relationships are helpful for mentorship and mental health. How has being a member helped your company? MFF has helped with introductions to customers, and investors, and the opportunity to be a part of their amazing events! Is there a fellow MFF founder that inspires you? Watching Ryan Meitl scale RIVET Work has been impressive. He's inspired me to be more organized and process-oriented, and to think big. CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 45

MI Pledge Andy Fowler Guy Suter Ian Berry Lindsey Snider Rich Chang Adam Kall Troy Morris Austin Morris Hien Lam Rachna Govani Sydney Davis Member pledges are reinvested into Michigan communities advancing 3 impact areas that were chosen by them: Socially & economically disadvantaged startup founders Local talent development Racial equity 1 2 3 1% Pledge has been realized by: CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 46

$30,000 in grants have been awarded from the MI Pledge fund to nonprofit founders, organizers and movement builders who are working within our impact areas to create change in our communities. We call them Community Trailblazers. Trailblazers receive $2,500 - $10,000 grants and the opportunity to join MFF for relationship-building, co-learning, personal support, program offerings, and other growth opportunities within our network. Tammy Black, Community Treehouse Center Dr. Shakara Tyler & Co- stewards, Detroit Black Farmer Land Fund Phimmasone Kym Owens, Refugee Garden Initiatives Leon El-Alamin, The M.A.D.E. Institute Keli Christopher, Ph.D., STEM Greenhouse Courtney Smith, Detroit Phoenix Center CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → HOW WE'RE MAKING AN IMPACT: WE’RE INVESTING IN OUR COMMUNITY 47

We're an inclusive network of high-growth founders

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...and we're growing every day

Founder Spotlight Ryan Meitl CO-FOUNDER & CEO RIVET Work / A system for better construction workforce management DETROIT, MI "There is untapped entrepreneurial potential in communities across Michigan, unlocking that potential is something I'm passionate about and Michigan Founders Fund is doing the work that no one of us can do alone." GROWTH RATE 4X HEADCOUNT GROWTH joined MFF with 8, now 30+ employees FUNDS RAISED as of today raised $8.6M, by end of year 2023 they will have closed $14.6M of financing CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 51

MFF’s designation as a Small Business Support Hub by Governor Whitmer and the MEDC accelerates our work! Looking Ahead 1 of 3 statewide designations $2.92M award from 2024-2026 1 of 27 organizations selected CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 52

Founder Spotlight Mykolas Rambus CO-FOUNDER & CEO Hush / Cyberprivacy service that reduces social engineering and phishing risks for companies and all levels of their employees DETROIT, MI "Michigan has always been a hotbed of innovation, from mobility to biotech and much more. What better way to fan that flame than to support MFF and fellow entrepreneurs, the lifeblood of our new economy." CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 53

What’s Next? Larger, more representative MFF network Direct capital support to startups Tailored support to address diverse needs More networking and programming opportunities for founders Strengthen and spread MFF’s founders for founders, founders for community culture Greater visibility of Michigan innovation on a national and global stage CULTURE → CONNECTION → COMMUNITY → CULTURE → CONNECTION → COMMUNITY → 54

Join us in transforming Michigan’s startup ecosystem. All are welcome

82% Programming, Services and Grantmaking 41% Foundation/ Philanthropic Grants 58% Individual Donations 27% Foundation Grants 27% Government Grants 85% Programming, Services and Grantmaking 10% General Ops/Admin 26% Institutional/ Corporate Sponsorships 11% General Ops/Admin 4% Development 3% Program/ Event Tickets 14% Institutional/ Corporate Sponsorships 4% Development 4% Ecosystem Education 2% Individual Donations 1% Program/ Event Tickets 2% Individual Donations Other income is present but insignificant Other income is present but insignificant 2023 BUDGET ALLOCATION 2023 INCOME SOURCES 2022 BUDGET ALLOCATION 2022 INCOME SOURCES *2020-21 financials are not shown because they were reported within the Ann Arbor Area Community Foundation *2024 will see the income majority coming from government grants (a third notable shift) FINANCIALS 56

STAFF Trista Van-Tine, Co-Founder & Executive Director Sarah Craft, Director of Community Impact Pete Martin, Director of Connection Emily Samar, Events and Programs Officer BOARD Adrian Fortino, Board Treasurer / Managing Director, Mercury Bhushan Kulkarni, Board Co-Chair / Co-Founder & CEO, InfoReady Katy Locker, Board Director / CEO, Center for Michigan Dug Song, Co-Founder & Board Co-Chair ADVISORY COUNCIL Wafa Dinaro, Executive Director, New Economy Initiative Lisa McLaughlin, Co-Founder, Workit Health Nia Batts, General Partner, Union Heritage Jen Baird, Founder, Jenuity Consulting Christina Fair, Co-Founder HUM Syndey Davis, Founder & CEO, Nixcode Prashant Salla, Founder & CEO, Goodhood Shamyle Dobbs, CEO, Michigan Community Resources Doug Neal, Co-Founder and Managing Director, ELab Ventures Jeff Rinvelt, Partner, Renaissance Venture Capital Johnnie Turnage, Founder and CEO, Evenscore Nick Moroz, Director of Entrepreneurial Practice, University of Michigan Erin Walker, Employer Engagement, Detroit Regional Chamber Erika Block, Principal Sticky Lab FUNDERS William Davidson Foundation Song Foundation Global Link International Bank of Ann Arbor Detroit Regional Partnership GEM Coalition MEDC EVENT & PROGRAM SPONSORS & COLLABORATIONS Mercury eLab Ventures Kapnick Insperity Bamboo Cahoots Back Office Studios Bloomscape Start Garden Endeavor Great Lakes UM Social Venture Fund A2 Startup Garage Varnum Law Bodman PLC TechTown MVCA Venue by 4M Velocity - Sterling Heights Michigan Central Innovate Marquette Startup Zoo Blue Owl Coffee Happy Camper Coffee Shop DEIB INTERNSHIP COLLABORATORS MFF Members & Michigan Tech Startups! Thrive & Shine Ann Arbor Area Community Foundation ACKNOWLEDGMENTS 57

Washtenaw Community College Eastern Michigan University Detroit Promise University of Michigan - Dearborn Strategic Community Partners Michigan Venture Capital Association Ann Arbor SPARK Oakland Community College COMMUNITY IMPACT COLLABORATORS Shamyle Dobbs & Alisha Butler, Michigan Community Resources Jamila Martin, Movement Voter Project Mark Greer, Transforming Power Fund Erika Block, Sticky Lab Erin Walker, Detroit Regional Chamber Jeff Rinvelt, Renaissance Venture Capital Lisa McLaughlin, Startup Founder Bhushan Kulkarni, MFF CREATIVE COLLABORATORS Ara Howrani Breakout Carbon Stories Final Final Huck Finch Jeff Martin Liz Barney Lydia Writes Good Melissa Peet Nydia Cardenas Tay Ford UM IIG UMSI UX Design Clinic Yen Azzaro Russell Video MICHIGAN TECH WEEK 2023 SPONSORS & COLLABORATORS Song Foundation MEDC ROCK Ventures University of Michigan Venue by 4M William Davidson Foundation Mercury Gunderson Dettmer NewLab Ann Arbor SPARK Assembly Ventures Barnes & Thornburg LLP Cooley Grand Circus IDA Ireland ID Ventures May Mobility MarxModa Mercato Partners Plymouth Growth Solidea Taft Varnum Woven Capital Midwest House Bamboo Cahoots Endeavor Shine & Rise Techstars Detroit powered by JPMorgan Community Financial Credit Union Detroit Venture Partners eLab Ventures FastSigns Michigan Entrepreneur Summit Michigan Life Science Entrepreneurs Association Plug and Play Purpose Jobs Red Cedar Ventures Startup Grind University of Michigan CFE Velocity Venture for America VentureNext Whisker 58