Poor choice of title; should be "Startup accelerator in Michigan." Also, this isn't really news, as Momentum MI has been around for a couple of years.
Organizations like these seem to be popping up everywhere. And the companies they are funding aren't the same quality as YC. It seems like there is a ton of capital available and a ton of startups are being created (especially web based). Are we in some kind of a bubble? As a startupper, I find this interesting.