Michigan as a center for the biomedical industry. For iNetworksMichigan, Auner says that he will look “mostly, but not exclusively,” at early-stage biomedical technology for investment.
Schliebs calls Auner’s lab “truly world class,” and says that Detroit is fortunate to have Auner’s talents when he could have easily packed up and taken them to MIT or Stanford. And, best of all for iNetworks, says Schliebs, few other venture capital firm have discovered SSIM, so there’s little competition for good deals. Auner’s lab, and Detroit in general, Schliebs says, have been “overlooked and underserved.”
“Obviously, we’re going to be looking at things coming out of Greg’s lab, either for direct investment or a linking to other investments that we have where there’s a fit,” Schliebs says.
For his part, Auner says that he’d have to recuse himself from voting on any funds for SSIM technologies, since there would be a conflict of interest, but his criteria in evaluating deals beyond his lab will be “technological feasibility, market need, and a regional fit.”
“I am dedicated to the Metro Detroit area and would like to be a small part of the regional economic development,” Auner says.
Helping Auner in iNetworksMichigan is Laurie Forbes, a seasoned entrepreneur who was with Morgan Stanley as a first vice president for about 20 years and is currently active in Detroit’s health care community, serving on the board of Harper/Hutzel Hospital at the Detroit Medical Center. She’s the one who originally introduced iNetworks to Auner a couple of years ago.
Schliebs says iNetworks has used these past two years to thoroughly study Auner, his lab, and the opportunities in Michigan. All three came out positive.
“Of course, everybody knows about Ann Arbor, but I think Michigan, as a broader group, is primed well,” Schliebs says. “There’s a lot going on in places like Kalamazoo and Grand Rapids, and I think the resources that have historically been accumulated in Detroit make anyone who’s thinking about overlooking Detroit short-sighted.”
