Meet Caleb Bell, Investment Intern
Caleb Bell is a senior at Northern Michigan University (NMU) studying finance. As a young entrepreneur, Caleb has been no stranger to the ins and outs of starting a business. In high school, Caleb created and ran a lawn care business, igniting his entrepreneurial spirit. Now, he has spent his summer helping other entrepreneurs gain access to funding that allows their dreams to take off.
While some students may spend their free time playing sports or video games, Caleb’s hobby has always been business. “I love venture capital and live and breathe it,” says Caleb. To put his passion into practice, Caleb participated in Innovate Marquette’s pilot internship program.
The pilot program is an effort to offer continued support to startups making strides in outdoor innovation. To participate, outdoor recreation companies were matched with college students looking to build their skills outside of the classroom. Through the program, Caleb began his work with the Michigan Outdoor Innovation Fund.
Meet the Michigan Outdoor Innovation Fund
The Michigan Outdoor Innovation Fund, managed by InvestUP, is the first seed-stage venture fund in the Upper Peninsula and rural Michigan. The fund is a $5.6 million fund dedicated to fostering the growth of highly scalable, Michigan startups that commercialize technology that serve the outdoor industry.
The fund’s investment portfolio, or companies that have received investment from the fund, leverage technology to increase the enjoyment, accessibility, safety, or sustainability of the outdoor recreation industry.
Access to investment and business resources is only the beginning of a startup’s path to success. The founder’s journey is a trying and difficult climb, made easier by the people they surround themselves with. Jim Tenzillo, Managing Director of the fund, serves as an anchor for founders searching for their next step in investment.
Supporting Michigan’s Outdoor Industry
Innovate Marquette has been a supporter of the Michigan Outdoor Innovation Fund since its creation, helping secure the grant funding required to take the fund from an idea to a tangible investment fund.
“Outdoor innovation is one of Innovate Marquette’s focus areas,” says Joe Thiel, Innovate Marquette CEO & Destination Setter. “As an economic development organization with a mission to provide founders access to resources and funding, we believe that the Michigan Outdoor Innovation Fund is a critical element to the level of support we’re able to offer to Michigan startups.”
Outdoor innovation, or the introduction of new ideas and modifications to the way we recreate, is the livelihood of the startups working alongside Innovate Marquette and the Michigan Outdoor Innovation Fund. Innovate Marquette and the fund have collaborated to host the Outdoor Innovation Pitch Competition for three consecutive years, giving Michigan outdoor recreation startups a chance at investment from the fund.
As a partner of the fund, Innovate Marquette’s team and founders have worked with Jim and Caleb to facilitate new relationships and investments for the fund, often working alongside Caleb to coach entrepreneurs through the investment process.
Investing in the Upper Peninsula
With help from interns like Caleb, the advisory board, and partners, the fund has built a strong portfolio of Michigan outdoor recreation companies, including Marquette-based startup SwimSmart Technologies.
SwimSmart Technologies, an Innovate Marquette client, is transforming beachfront safety through innovative safety towers equipped with lifesaving technology.
Caleb’s Role
When the fund meets a startup that may be a good fit for the fund, it’s Caleb’s role to:
- Meet with prospective investment startups
- Determine if a startup is a fit for the fund
- Determine if a startup meets the fund’s investment criteria
- Review due diligence materials for prospective investable startups
- Prepare investment memos for the fund’s investment committee
Caleb often serves as a founder’s first point of contact with the fund. His role is critical in evaluating investment criteria, gaining insight on each applying startup, and being a supportive advocate of the resources available to Michigan startups.
“Caleb has been very eager to learn and efficient in his review and preparation of investment materials,” says Jim Tenzillo. “He asks great questions and has always been willing to help, no matter what the task.”
Why It Matters
With more than 7,000 outdoor companies in Michigan, a dedicated investment fund is helping fuel the growth and success of high-growth technology startups that advance the outdoor industry.
Currently, the fund has an investment portfolio of 25 Michigan startup companies with new and developing technologies that increase the enjoyment, sustainability, safety and accessibility to the outdoor industry.
“I get to work with great people on a passion of mine and support incredible entrepreneurs building very ambitious companies,” says Caleb. “It’s also great because it supports my home state of Michigan.”
Future Plans
Caleb is getting a head start on his post-graduation plans with his new startup business, a new venture capital firm called Worldview Capital. Before working with the fund, Caleb worked for a family office in New York, a venture firm in Dallas, and a wealth management firm in Indianapolis.
Working with companies that apply to the fund gives Caleb the opportunity to connect with Michigan entrepreneurs like himself.
Inspiring Future Interns
Innovate Marquette’s pilot internship program aimed to show students that they can build a career for themselves in the Upper Peninsula. Whether you’re working in investments, opening your own campground, celebrating the rich history of the U.P., or creating a new product or service, you can create your own future here.
“Interns need to believe that they can build a career in the Upper Peninsula and Michigan,” said Jim. “Exposure to different and emerging industries helps interns build skills that can be unique and valuable to the region at large.”
Caleb’s experience working alongside Jim Tenzillo and the fund taught him to create concise and well-written investment memos, a skill he will take with him as he builds his own firm. Learning the ins and outs of what makes a company investable and analyzing investment criteria with real-life companies right here in Michigan puts Caleb a step ahead as he walks down his own entrepreneurial path.
Applying to the Michigan Outdoor Innovation Fund
Startups interested in working with the fund should meet the following criteria:
- Michigan-based: Company is a for-profit LLC, C corporation, or S corporation that has been in business for seven years or less and with key founders and a majority of its full-time employees located in Michigan
- Outdoor-focused: We invest in early-stage technology companies developing products and services that increase the enjoyment, accessibility, safety, or sustainability of outdoor experiences; either directly as core offerings to outdoor markets, or indirectly through supply chain innovations that serve and strengthen companies in the outdoor sector
- Early-stage with evidence of traction: Demonstrated execution against business model and is in the early stages of commercialization
- High-growth: On a scalable path that has strong potential for job creation, return on capital deployed, and diversifying the Michigan economy
Complete the intake form here to learn more about eligibility. You can visit https://www.michiganoutdoorfund.com/ to learn more about the Michigan Outdoor Innovation Fund.
The Innovate Marquette pilot internship program is made possible due to a United States Department of Agriculture (USDA) Rural Development grant called the Rural Innovation Stronger Economy (RISE) grant.
Learn more about the fund’s portfolio companies (SwimSmart pictured below) at https://www.michiganoutdoorfund.com/portfolio/.
