I believe that the most pressing issue for Michigan’s innovation community in 2016 is to think big. When the final numbers come in for 2015, we’ll find that it was a watershed year for fast-growth companies in the state. More venture capital came in than ever before, and more large investments than ever came into Michigan from both local and national venture capital funds. And this isn’t just large investments for the sake of large investments—it is a sign that more entrepreneurs here are working to create solutions to worldwide problems, and are seeking the scale to provide those solutions.
This is a positive development for a region whose entrepreneurs have too often thought too small, putting artificial ceilings on growth expectations for their companies or simply selling those companies too quickly, before they could truly reach their value and impact potential. We need emerging Michigan-based powerhouses like Llamasoft, Duo Security, and others to be role models for the next generation of entrepreneurs—playing for long-term success—and the challenge for 2016 will be to keep that momentum going. If we can meet that challenge, the result will be a new generation of innovative, fast-growing companies here that will have a transformational impact on the economy and culture of Michigan.
[Editor’s note: To tap the wisdom of our distinguished group of Xconomists, we asked a few of them to answer a question heading into 2016: “What is the most pressing issue for the innovation community?” You can see other questions and answers here.]
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.
View all posts by Chris Rizik