Indian American social sector investor, Rishi Moudgil has been appointed as the new Executive Director of the Michigan Founders Fund (MFF), a venture development organization that aims to make Michigan America’s most successful, inclusive and community-minded startup ecosystem.
“Moudgil brings extensive social impact and entrepreneurial experience to the role,” MFF stated announcing his appointment April 30. He “stands out for his extensive experiences as a founder, entrepreneurial ecosystem builder, social sector investor, and leader in enhancing place-based initiatives in Michigan. His deep understanding of organizational growth and community engagement perfectly aligns with our mission to propel Michigan’s startup ecosystem forward.”
He previously served as Founding Executive Director of GreenLight Fund Detroit, which, with two community investment funds, took an inclusive and scalable approach to locally-led problem solving, designed to improve the lives of families in Detroit, in an effort that was modeled nationwide, according to his official profile.
Earlier in this career, he launched both tech and community-based ventures in Southeast Michigan. He also ran the Great Lakes Entrepreneurs Quest, Michigan’s first statewide entrepreneurial support program, and founded the University of Michigan’s Center for Social Impact at the Ross School of Business.
“Blending his dedication to social impact and community-centered investment with his expertise in the entrepreneurship space, Moudgil’s new leadership role at MFF reflects his commitment to building networks, narratives and pathways to equitable economic access,” the announcement stated.
“I’m fiercely committed to supporting founders, regardless of their backgrounds, to pursue their dreams of building high-growth businesses here in Michigan, in any part of the state, while giving back to their local communities. MFF welcomes entrepreneurs into an active, mission-driven community where working together to create scalable wealth, jobs and opportunities in Michigan is an attainable and sustainable goal,” said Moudgil.
As for the future of the MFF, Moudgil is encouraged by indicators that Michigan has recently attracted venture capital investment at the fastest rate of any US state, with annual VC investment growing by 886% between 2016 and 2020, according to a media release.
Since MFF’s founding in 2020, the Fund has grown to over 150 members and hosted events attracting more than 1,500 attendees, including Michigan Tech Week in 2022 and 2023.
“Whether innovating in industries such as life sciences, tech, or agriculture, in addition to traditional strengths including manufacturing and mobility, there are many solvable challenges where Michigan founders are leading the way,” said Moudgil.
While Moudgil observes the rapid engagement among MFF members and supporters as positive, he also emphasizes that the overall population of Michigan’s startup ecosystem doesn’t yet reflect the state’s demographic diversity, the release stated.
MFF has been focused on meeting this challenge throughout the talent pipeline, including placing dozens of underrepresented college-level interns within high-growth start-ups, and attracting over 200 Michigan students at MFF-led seminars and skill-building workshops.
“Leading with inclusivity is a key differentiator for our founder-driven coalition, especially when operating at a statewide scale. We are building a successful, engaged network that’s representative of people across all demographics,” said Moudgil.
“Working collectively, MFF is positioned to take real, measurable steps toward a more equitable, robust economy by investing in people that haven’t typically benefited from well-connected, high-growth ecosystems. We want to ensure all our great hotspots of entrepreneurship can work together as one Michigan community.”
