Michigan Climate Venture, first of its kind

Michigan Climate Venture (MCV), launched in 2021 and funded by the Erb Institute, is the first student-led climate-specific venture fund at U-M. Housed in U-M’s School for Environment and Sustainability (SEAS), the multi-disciplinary program—open to graduate students across U-M—centers around a climate tech investment fund. Gautam Kaul, the Robert G. Rodkey Collegiate Professor of Business Administration and Professor of Finance at the Ross School of Business, serves as the faculty advisor to the program.

MCV’s mission is ambitious, but straightforward: Combat climate change by developing the next generation of climate tech leaders and investing in high-potential solutions.

Erb students and MCV Co-Directors of External Relations, Marcus Missirlian ’26 and Andrew Haeger ’25, shared their insights and experiences with us.

Erb: Andrew and Marcus, please get us started with a brief overview of Michigan Climate Venture.

Andrew: MCV began as a collaboration between students who felt motivated to transform what they were learning through the Erb dual-degree program into action and hands-on experience. Through MCV, students are not only developing themselves professionally, but are also making an impact on companies by helping to advance technologies that in turn, will have an impact on climate.

Marcus: At its core, MCV is an action-based class in the form of a fund. Members are investing in real companies, doing real due diligence, sourcing real, impactful startups that align with our thesis. We have four different focus areas within climate tech: mobility, agriculture, materials, and circular economy. Over the course of a year,  we source companies, screen them to winnow them down, and then do a deeper due diligence process on a handful of our favorites. Finally, we vote whether to invest in one to three startups by writing $25,000 to $50,000 checks.

This all goes on within the structure of a class where folks from different programs around U-M bring together different levels and kinds of expertise. The end goal is not only to give people real world experience as climate VCs, but also to build valuable networks for our long-term professional careers.

I’m likely going down the operator path. I want to build climate tech stuff—specifically decarbonized infrastructure—and Andrew wants to be on the VC side. We’re both coming out of relatively structured institutional investing backgrounds with various other roles since, and have maybe a little more background in investing than the average member. But the fund is structured so anybody can get up to speed. They can come in with no background, get a flavor of everything going on, and then within this class, interact with other folks who have the expertise they need. 

Erb: How do you define ‘Climate Tech?’ What kinds of technologies does it encompass? 

Andrew: It all started with ‘clean tech,’ which was built around energy and infrastructure. It earned this moniker in the early 2000s, and basically focused on  investments in wind and solar. But as understanding of climate evolved, that definition expanded to be ‘climate tech,’ which is ‘everything under the sun,’ literally, that impacts both climate and sustainability. 

Marcus: Climate tech falls on a light green to dark green spectrum. There are incremental changes that we can make in terms of operational things—something as simple as turning the lights off when you leave the room, or warming a building at a more optimal time. A shade darker may be installing more efficient appliances. But dark green involves deploying deep decarbonization infrastructure—which means that the infrastructure does not emit carbon at all. It’s not about capturing the carbon later; it means that the carbon is just not there. This is the stuff I find super interesting—the opportunity to deploy new kinds of chemistries, materials, and technologies. The company that I’m working with now, Sublime Systems, is doing this. They use an electrolytic process to make cement without the emissions.

Andrew: That’s what’s exciting about all of this. We’re at the forefront of new technologies. There’s so much research and development, investment, time, and mental capacity directed towards solving these complicated problems. It’s encouraging to see so many companies rolling out innovative technologies today.

Erb: Tell us about one of the important skills learned through the MCV program.

Marcus: As a venture investor, or in any role, the skill of how to ask good questions is fundamental to what we’re trying to teach.

In my previous investing career in real estate, you could think it’s simple: four walls and a roof. But there’s always something fatal in one of these contracts. For example, let’s say in the 60s, you gave up rights on half of your land to the utility company to potentially build a transmission line. And now you’re trying to get this one retired dude on the phone to release that easement so the deal works.

You never learn about those issues by asking, ‘Hey, what are the problems with the deal?’ Instead, you ask a rainbow of questions. And then one person says just the right thing that leads you down the rabbit hole to find them.

That’s really what we’re trying to teach, and you only learn that through experience. Having a sandbox to play in where we can make mistakes is really important—so that later, when we can’t make mistakes, we’ve got some experience to lean on.

Erb: What do you personally feel holds the greatest value in MCV? 

Andrew: Post MBA, it can be difficult to pursue a VC career because the qualities and skills that land jobs are mostly acquired beyond degrees and classes. They’re earned through the experience, capability, and knowledge gained while performing the functions of a VC. Which begs the question: How do you get that first experience?

MCV gives you that kind of catalytic experience—by practicing, developing, and building the skill set you need to launch your career.

Marcus: When I was looking at grad schools, I picked U-M for Erb’s dual-degree program, but soon after, I was doubly excited to find the MCV program. So, for me, it’s been huge—one of the best experiences I’ve had in my educational career, and easily the best that I’ve had at grad school. 

Erb: What’s the best way to get involved with MCV?

Andrew: If you are a student looking at SEAS, Ross, the Erb dual degree—or any other grad programs at U-M where these are objectives that you care about, check out our website, and reach out to us.

If you are an alum who is interested in propelling the program forward with some sort of donation, Marcus and I are here to work with you. Our effort to scale the impact we have can succeed—and at a greater pace—with more capital.

Finally, if you’re interested in this space and want to be involved as an advisor, a board member—or have subject matter expertise, wish to collaborate, or share opportunities, thanks for helping us to build that network. There are a lot of ways to get involved, and all of us here at MCV welcome your interest. 

MCV website: michiganclimateventure.com

Questions for the leadership team can be sent to: [email protected]

Contact Andrew Haeger at: [email protected]

Contact Marcus Missirlian at: [email protected]