attraction of venture capital and development of new companies, and we freely shared our model with them. They are now establishing their own fund modeled after ours, and are using it as a means to connect their most important organizations with some of their youngest. This is great news for Ohio, and portends similar innovative approaches by other regions of Middle America. And you can bet that, despite the annual Wolverine-Buckeye battle, we’ll be working closely with our Ohio friends to strengthen both of our efforts.
The message in all of this is that the discussions of the “old economy” and “new economy” are really off base. A strong region requires constant innovation in both well-established industries and new ones, and regions need to support ideas that can both transform existing industries and establish new ones. Every state has skills and characteristics that are strengths; ours in Michigan include our science and engineering talent as well as our engaged business community. However, those regional advantages can be lost when each is working in isolation.
With Renaissance and our partners, we’ve created a synergy among those strengths through a network that should help our new companies blossom and our established businesses grow stronger, ultimately resulting in the kind of economic growth and diversity that makes a region both vital and an exciting place to live and work—and moving Michigan even further from its old “rust belt” moniker.
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Author: Chris Rizik
Chris Rizik is the Chief Executive Officer and Fund Manager of the Renaissance Venture Capital Fund, a venture capital fund of funds formed by a consortium of several of Michigan’s largest organizations. Chris is also a co-founder, partner, and Board chair of nanotechnology holding company Ardesta, LLC, and was a Managing Director of Avalon Technology fund, then Michigan’s largest venture capital fund and the recipient of four consecutive “Deal of the Year” awards by the Michigan Venture Capital Association.
Prior to joining Avalon, Chris was a senior partner with Dickinson Wright PLLC, one of the Midwest’s oldest law firms. He also passed the Certified Public Accounting examination and worked at PriceWaterhouse Coopers. Chris is also the founder of SoulTracks.com, America’s most popular soul music online magazine. Chris currently serves as a member of the Executive Committee of the Michigan Economic Development Corporation and the Advisory Board of the Detroit Medical Center. He is a member of the board and past Chairman of NextEnergy, the State of Michigan’s advanced energy economic development organization and accelerator, and serves on the boards of the innovative First Step Fund, the Michigan Venture Capital Association, TechTown, Leadership Detroit, U of D Jesuit High School and several venture capital funds. In early 2010, Chris was named by Crain's Detroit Business magazine as one of its "Newsmakers of the Year" for his leadership role in the advancement of venture capital and entrepreneurship in Michigan.
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