Ara Topouzian is a longtime Oakland County economic development official and a 2012 Kresge Artist Fellow recognized for his work playing a 76-string kanun harp in Armenian and world music bands. As of March 25, he’ll also be the new director of the Michigan Venture Capital Association, which works to advance the state’s VC ecosystem. … Continue reading “Topouzian Brings Economic Development Perspective to New MVCA Role”
Tag: Michigan Venture Capital Association
Roundup: Personnel Moves, MedHealth Summit, Genomenon, TechTown, More
Let’s catch up on news from around Michigan’s innovation clusters: —The Midwest Growth Capital Symposium, held just outside of Ann Arbor on May 14-15, is in search of companies in the life sciences and tech sectors to pitch investors. The 36 selected companies will each have 10 minutes to present to an audience of potential … Continue reading “Roundup: Personnel Moves, MedHealth Summit, Genomenon, TechTown, More”
No Pipeline Problem: Backstage Capital’s Detroit Plans Spark Excitement
In September, Backstage Capital, a venture investment firm seeding early-stage startups led by women, people of color, and members of the LGBTQ community, launched a $36 million fund to help support black women founders. At the same time, managing partner Arlan Hamilton said the Los Angeles-based firm would run accelerators in four cities: London, Philadelphia, … Continue reading “No Pipeline Problem: Backstage Capital’s Detroit Plans Spark Excitement”
Roundup: OptimizeRx, Parabricks, URC, Startup Detroit, ACM and More
The weather is finally starting to cool—I’m a fan of fall —but Michigan’s tech startups and entrepreneurs are still red-hot: they’re raising money, buying competitors and complementary companies, launching new products, and more. Read on for recent news about the state’s innovation community. —Rochester’s OptimizeRx, a digital health company focused on facilitating digital communication between … Continue reading “Roundup: OptimizeRx, Parabricks, URC, Startup Detroit, ACM and More”
EntryPoint Aims to Increase Inclusion, Diversity in Startup Ecosystem
The tech industry and the investment community that funds it are notorious for being, shall we say, safe spaces for white men. The myth of meritocracy persists in the tech world even in the face of data indicating a longstanding lack of diversity and inclusion. Innovation benefits from different perspectives, backgrounds, and ideas, but it’s … Continue reading “EntryPoint Aims to Increase Inclusion, Diversity in Startup Ecosystem”
As Michigan VC Scene Matures, Funding Gaps, Diversity Are Challenges
In venture capital circles, one often hears that it’s not particularly useful to look at trends year over year; instead, analysts counsel, one should study trends in five-year cycles to get a more accurate picture of where things are. From that perspective, Michigan’s venture capital scene seems to be healthier than it was five years … Continue reading “As Michigan VC Scene Matures, Funding Gaps, Diversity Are Challenges”
Roundup, Part Two: Venture Fellows, IoT Pitch Contest, Clinc, More
On Tuesday, we published a roundup of innovation briefs from across the state. The year has gotten off to such a busy start that we’re back with part two. Without further ado, here’s a look at Michigan’s recent technology news: —Last month, the Michigan Venture Capital Association kicked off its annual Venture Fellows program, which matches … Continue reading “Roundup, Part Two: Venture Fellows, IoT Pitch Contest, Clinc, More”
Genesis Innovation Group’s New $10M Fund Focuses on Later-Stage Deals
Genesis Innovation Group, a Holland, MI-based collective of venture investors focused on early-stage medical device startups, is raising a new $10 million fund called Cultivate(MD) Capital Fund I. Genesis is not the typical venture capital firm. In an interview earlier this year, CEO Rob Ball said it’s a consulting group consisting of accredited private investors … Continue reading “Genesis Innovation Group’s New $10M Fund Focuses on Later-Stage Deals”
U.P.’s Orbion Space Technology Wins $500K Accelerate Michigan Prize
Midtown Detroit hosted two events this week that are among the biggest in the Southeast Michigan startup community: the Michigan Venture Capital Association’s annual awards gala, and the Accelerate Michigan Innovation Competition, where 36 early-stage tech companies competed for nearly $1 million in cash and prizes, including a $500,000 grand prize. Although both events have … Continue reading “U.P.’s Orbion Space Technology Wins $500K Accelerate Michigan Prize”
Case’s Advice to Entrepreneurs? Persevere, Support Local Networks
Michigan’s tech startup ecosystem has come a very long way in the past decade—a recent report in Engadget took a fair, comprehensive look—but still lacks a few key ingredients, like a culture that embraces failure and entrepreneurial leaders who aggressively work to create a welcoming, collaborative community. Those were some of the takeaways from yesterday’s … Continue reading “Case’s Advice to Entrepreneurs? Persevere, Support Local Networks”
Roundup: Kyyba Pitch Club, Hygieia, W. Michigan Startup Data & More
Here’s a look at startup news, business competition deadlines, new products, and more from around Michigan’s tech ecosystem: —Detroit’s WeWork location will host UPS’s X-Port Challenge, where startups can pitch their products or solutions and win up to $10,000 in export shipping credits. Each regional winner will then have the opportunity to participate in a … Continue reading “Roundup: Kyyba Pitch Club, Hygieia, W. Michigan Startup Data & More”
MVCA Report Shines Light on Detroit’s Startup Growth and Challenges
For roughly the past five years, Detroit’s tech startup ecosystem has been growing at a rapid pace. However, accounts have differed as to just how much growth has occurred. A recent report by the Michigan Venture Capital Association (MVCA) attempts to shine a light on the subject while detailing a couple of key findings. According … Continue reading “MVCA Report Shines Light on Detroit’s Startup Growth and Challenges”
High-Net-Worth Michiganders: Time to “Get Off the Dime,” Brophy Says
When the Michigan Venture Capital Association (MVCA) unveiled the findings in its 2017 annual report at a public event in April, there was a lot to celebrate: a 48 percent increase in venture-backed startups over the past five years; every dollar invested by a Michigan firm attracting $4.61 in out-of-state capital; and a total of … Continue reading “High-Net-Worth Michiganders: Time to “Get Off the Dime,” Brophy Says”
Arrowhead, Research Cuts, JCI, & More: This Week’s WI Watchlist
Catch up on news from Wisconsin’s innovation community with these recent headlines: —Arrowhead Pharmaceuticals, which is based in Pasadena, CA, but houses its research and development operations in Madison, entered into a stockholder rights agreement. This type of agreement, known colloquially as a “poison pill,” is typically aimed at protecting a company’s shareholders in the … Continue reading “Arrowhead, Research Cuts, JCI, & More: This Week’s WI Watchlist”
Michigan Might Hold Lessons for Improving Wisconsin’s VC Climate
Wisconsin and Michigan share a border, but there’s a significant gap between the two states in the amount of money investors are putting into startups based there each year. Following the recent decision to reboot the Wisconsin Venture Capital Association, which happened in part because a Madison, WI-based VC firm has a satellite office in … Continue reading “Michigan Might Hold Lessons for Improving Wisconsin’s VC Climate”
Investors Reboot Wisconsin Venture Capital Association
The Wisconsin Venture Capital Association, a nonprofit trade group that was formed in 2002 but has been dormant since 2008, is springing back to life, according to key figures in the state’s venture industry. The revival, first reported by the Milwaukee Journal Sentinel, was confirmed Wednesday by two Madison-based investors. Scott Button, managing director at Madison, … Continue reading “Investors Reboot Wisconsin Venture Capital Association”
Ridesharing Startup SPLT Wins Accelerate Michigan’s $500K Prize
SPLT, the Detroit-based enterprise carpooling service and graduate of the Techstars Mobility program, walked away with the $500,000 grand prize at this year’s Accelerate Michigan Innovation Competition, the state’s largest annual startup event, held last week in Detroit. In an e-mail to supporters, SPLT CEO Anya Babbitt described the company’s reaction to the win: “Thursday night … Continue reading “Ridesharing Startup SPLT Wins Accelerate Michigan’s $500K Prize”
Accelerate Michigan 2016: One Day, One Location, 36 Semi-Finalists
The 36 semi-finalists competing in the annual Accelerate Michigan Innovation Competition, the state’s largest business plan competition targeting mid-to-late-stage startups, have been announced. Although this year’s edition, overseen by Invest Detroit for the first time, has been helpfully streamlined to one day and one location, still at stake is more than $1 million in cash … Continue reading “Accelerate Michigan 2016: One Day, One Location, 36 Semi-Finalists”
Study Supports MEDC, Says “Time Is Now” for Michigan Entrepreneurship
Last year, when we covered the legislative fight over the state’s budget and how much funding would be allocated to the Michigan Economic Development Corporation (MEDC), the organization had commissioned an independent report from TEConomy Partners (a division spun out of Battelle) that would study the impact of its programs supporting entrepreneurs, startups, and the … Continue reading “Study Supports MEDC, Says “Time Is Now” for Michigan Entrepreneurship”
Roundup: Duo Insight, Digital Undivided, Bug Bounty & More
Here’s a look at innovation news from around Michigan: —Duo Security, the Ann Arbor-based cybersecurity startup that is also one of the state’s fastest growing companies, has released a free tool that lets IT teams run internal phishing simulations within five minutes. Duo Insight allows administrators to identify potential security weaknesses and share them with … Continue reading “Roundup: Duo Insight, Digital Undivided, Bug Bounty & More”
MVCA Report Reveals Strengths, Weaknesses of MI’s Capital Community
The Michigan Venture Capital Association (MVCA) hosted a town hall meeting in downtown Detroit Tuesday to discuss the contents of its annual report, which takes a deep dive into the state’s venture investing ecosystem to get a sense of the current landscape and how it compares not only to past years, but the rest of … Continue reading “MVCA Report Reveals Strengths, Weaknesses of MI’s Capital Community”
Arboretum Ventures, Duo Security Among MVCA’s 2015 Awardees
The Michigan Venture Capital Association (MVCA) held its annual awards ceremony on Monday to recognize the state’s top entrepreneurs, investors, and deals. The event drew a record crowd, the organization said in a blog post, and “focused on the tremendous growth of the entrepreneurial and investment community” in Michigan and across the region. Incoming MVCA board … Continue reading “Arboretum Ventures, Duo Security Among MVCA’s 2015 Awardees”
Michigan Budget Battle Pits Startups Against Road Infrastructure
On Oct. 7, the entire staff of the Michigan Economic Development Corporation (MEDC), the state office in charge of tourism and economic development, gathered for the first time in months. Big changes are coming to the department—it recently announced layoffs as well as a 27 percent cut in its overall operating budget—and its leadership wanted … Continue reading “Michigan Budget Battle Pits Startups Against Road Infrastructure”
Renaissance, MVCA Program Lures Half-Dozen Investors to Michigan
Though Michigan’s startup community has experienced a ton of growth in the past 10 years, the state remains a place that is “underserved” when it comes to investment capital, says Chris Rizik, CEO and fund manager at Renaissance Venture Capital. With that in mind, Renaissance partnered with the Michigan Venture Capital Association for the past … Continue reading “Renaissance, MVCA Program Lures Half-Dozen Investors to Michigan”
Move West, Raise Cash: ProNAi’s Hot Streak Now Includes $138M IPO
When Xconomy last reported on ProNAi Therapeutics (NASDAQ: [[ticker:DNAI]]) in April 2014, the biotech developing cancer drugs based on DNA interference (DNAi) technology had just closed a Series D round of nearly $60 million. This week, ProNAi took to the public markets, raising $138 million in an initial public offering and watching its share price … Continue reading “Move West, Raise Cash: ProNAi’s Hot Streak Now Includes $138M IPO”
MGCS Highlights MI’s Strengths, Challenges, Need for More Capital
The 34th annual Michigan Growth Capital Symposium (MGCS) continues today in Ypsilanti, attracting venture capitalists and hot startups from around the region for a two-day conference where companies have a chance to pitch their ideas and network with potential investors. The keynote speech yesterday was delivered by Brad Keywell, a former metro Detroiter and University … Continue reading “MGCS Highlights MI’s Strengths, Challenges, Need for More Capital”
VC Activity in MI Nearly Doubled in 2014, Beating National Trend
Venture capital activity in Michigan nearly doubled in 2014, according to the MoneyTree report released last week by PricewaterhouseCoopers and the National Venture Capital Association (NVCA). There was $219 million in venture capital invested in Michigan startups last year, compared with $111 million in 2013. Michigan’s rate of increase far exceeds the national average: 97 … Continue reading “VC Activity in MI Nearly Doubled in 2014, Beating National Trend”
MVCA: 2014 is Shaping Up to Be A Banner Year for Michigan Startups
According to data released last week by the National Venture Capital Association (NVCA), the third quarter of 2014 was a busy one in the state of Michigan. The NVCA’s report, based on information collected by Pricewaterhouse Coopers and Thomson Reuters, says that Michigan-based startups raised a total of $2.2 million in four venture deals during … Continue reading “MVCA: 2014 is Shaping Up to Be A Banner Year for Michigan Startups”
New MVCA Fellow Will Focus on Transportation Mobility at Fontinalis
The Michigan Venture Capital Association’s (MVCA) Venture Fellows Program has placed a new fellow: Daniel Ratliff has joined Detroit-based Fontinalis Partners, where he’ll work on researching and evaluating prospective investments, assist in managing current portfolio companies, and focus on finding Michigan companies for Fontinalis to invest in. Chris Stallman, a principal at Fontinalis, says his … Continue reading “New MVCA Fellow Will Focus on Transportation Mobility at Fontinalis”
MoneyTree Reports $121M in MI Venture Deals Last Quarter
Venture Capital investors had a very active second quarter of 2014, according to the latest MoneyTree report. VCs invested almost $13 billion in 1,114 U.S. startups during the second quarter, which is the highest level of VC funding in 13 years. Michigan also had a banner quarter for VC activity, with $121 million invested in … Continue reading “MoneyTree Reports $121M in MI Venture Deals Last Quarter”
Midwest VCs Hope For Replenished State Capital Funds, Despite Tight Budgets
When the Michigan Venture Capital Association (MVCA) released its annual report about the state of venture capital earlier this summer, there was plenty to be optimistic about. In 2013, Michigan bucked national trends by increasing the number of VC professionals statewide by 84 percent, compared with a 13 percent decline nationally. VC-backed companies in Michigan … Continue reading “Midwest VCs Hope For Replenished State Capital Funds, Despite Tight Budgets”
Michigan Venture Capital Report Highlights 2013 Successes and Growth
On Tuesday night, the University of Michigan’s Office of Technology Transfer held its semi-annual Entrepreneurs Engage event, an “unconference” that brings together entrepreneurs, investors, and innovators for networking and small-group discussions. It’s always a fun and thought-provoking event, and this time around, discussion topics ranged from understanding the MILE Act and angel investing to bridging … Continue reading “Michigan Venture Capital Report Highlights 2013 Successes and Growth”
How do Michigan and Wisconsin Compare in the Eyes of VCs?
It’s no surprise that Detroit’s civic problems would resonate most clearly with people around the Great Lakes region. And in Milwaukee, the discussion has been pretty pointed at times—questions about the city’s urban poverty, how Detroit’s bankruptcy might affect Milwaukee, and whether state policies could drive public employees into the suburbs. One thing they definitely … Continue reading “How do Michigan and Wisconsin Compare in the Eyes of VCs?”
MVCA Celebrates Year’s Top Deals, Names New Board Chair
The Michigan Venture Capital Association (MVCA) held its annual awards dinner this week to honor the year’s most important deals and VCs. During the dinner, the MVCA also named Jim Adox of Venture Investors as its new board chair. Carrie Jones, executive director of the MVCA, says that 2013 was a good year for Michigan’s … Continue reading “MVCA Celebrates Year’s Top Deals, Names New Board Chair”
Talking Ag Tech, Bridging the Ann Arbor-Detroit Gap at U-M Unconference
The premise of the Entrepreneurs Engage unconference held at the University of Michigan yesterday may sound a little hokey to the uninitiated: The audience suggests breakout-group topics, and then folks spend about 45 minutes in each discussion—or they don’t. “You vote with your feet,” said emcee (and Xconomist) Rich Sheridan, CEO of Menlo Innovations. “Go … Continue reading “Talking Ag Tech, Bridging the Ann Arbor-Detroit Gap at U-M Unconference”
Arboretum Ventures’ Petersen on VC in MI, What the Future Holds
The Michigan Venture Capital Association (MVCA) held its annual awards dinner last week, where it honored the VCs and deals of the year, so we thought it would be a good time to catch up with Arboretum Ventures‘ Tim Petersen, who also serves as the MVCA’s board chair. Petersen says the most interesting thing about … Continue reading “Arboretum Ventures’ Petersen on VC in MI, What the Future Holds”
Michigan Venture Fellows Program Makes Inaugural Placements
The Michigan Venture Capital Association has placed four fellows from the inaugural class of its Michigan Venture Fellows Program. Sam Hogg has joined the Kalamazoo office of Open Prairie Ventures; Jared Stasik has joined Detroit Venture Partners; William Blake has joined Farmington Hills-based Beringea; and Linda Chamberlain has joined the Grand Rapids-based Michigan Accelerator Fund. Funded last November … Continue reading “Michigan Venture Fellows Program Makes Inaugural Placements”
Taking the Moneyball Approach to Healthcare with ArborMetrix
It’s clear, despite pre-election uncertainty, that accurate data will be crucial to the future of American healthcare. The name of the game will soon be metrics, as in: If you don’t meet these benchmarks, we’re not going to pay you. Having the best, most up-to-date data not only helps doctors improve care, but it also … Continue reading “Taking the Moneyball Approach to Healthcare with ArborMetrix”
U-M Tech Transfer Office, MVCA Announce Partnership
The University of Michigan’s Tech Transfer office and the Michigan Venture Capital Association (MVCA) have announced that they will partner on a new, collaborative office inside Tech Transfer’s Venture Accelerator. The partnership, the first of its kind for the MVCA, will give the organization’s members direct access to the startups and technology spun out of university research. … Continue reading “U-M Tech Transfer Office, MVCA Announce Partnership”
Michigan VC Report Highlights Positive Trends
On the heels of Renaissance Venture Capital announcing earlier this month that it had its first close of $60 million on its second fund, the Michigan Venture Capital Association (MVCA) released its annual report on the state of Michigan’s venture ecosystem. Its findings? More venture capital—a 64 percent increase in the past five years—and more … Continue reading “Michigan VC Report Highlights Positive Trends”
Xconomist of the Week Chris Rizik: Who Says A VC Has No Soul?
Chris Rizik is one of Michigan’s most important and successful venture capitalists. He’s the CEO and fund manager of Renaissance Venture Capital, a fund of funds that is perhaps best known for its early backing of the medical device company HandyLab, a University of Michigan spinout that was later purchased by New Jersey’s Becton Dickinson … Continue reading “Xconomist of the Week Chris Rizik: Who Says A VC Has No Soul?”
MI Venture Capital Association Announces Two New Programs
Thanks to a $3.1 million grant from the Michigan Economic Development Corporation, the nonprofit Michigan Venture Capital Association announced it is accepting applications for two new programs designed to retain young talent and expand the state’s angel network. The Michigan Venture Fellows Program gives budding VCs the opportunity to spend 18 to 24 months in … Continue reading “MI Venture Capital Association Announces Two New Programs”
Venture Financing for MI Firms Down More Than 41 Percent
Venture capital investment in Michigan-based startups is down 41 percent this year compared to 2010, according to a report released yesterday by the Michigan Venture Capital Association (MVCA). Between January and August 2011, Michigan-based startups had raised $72.5 million in VC financing, compared to $123 million for the same period in 2010, and $91 million for … Continue reading “Venture Financing for MI Firms Down More Than 41 Percent”
$25M in State Funding Will Support Entrepreneurs, Startups
The Michigan Economic Development Corporation (MEDC) announced yesterday that the Michigan Strategic Fund (MSF) has awarded $25 million to six metro Detroit organizations that will support entrepreneurs in launching and growing startup companies throughout the state. The funding comes from the state’s 21st Century Jobs fund, which is focused on the commercialization of cutting-edge technologies … Continue reading “$25M in State Funding Will Support Entrepreneurs, Startups”
Show Me The Money! Ex-Chrysler CEO Co-founds New $100 Million Fund For Growth/Expansion Startups
Wow. Now that’s what I’m talking about. Automation Alley, a business accelerator based in Troy, MI that helps nurture local startups, today announced the creation of a $100 million fund to back local companies looking to take their fledgling businesses to a higher level. Chrysler CEO Tom LaSorda co-founded the fund, called Stage 2 Innovations … Continue reading “Show Me The Money! Ex-Chrysler CEO Co-founds New $100 Million Fund For Growth/Expansion Startups”
Fallen Angel: Michigan’s Angel Investment Tax Credit Likely to Die
Oh angel investment tax credit! We barely knew ye! Michigan’s new and improved three year, $27 million angel tax credit, signed into law just last fall by then Gov. Jennifer Granholm, will likely not survive contentious budget negotiations, according to sources close to the state legislature. Last week, the Michigan House passed a budget that … Continue reading “Fallen Angel: Michigan’s Angel Investment Tax Credit Likely to Die”
Can’t Buy Me Love: Michigan Life Science Startups Best Cleantech In Cash, Not Attention
Given Michigan’s expertise in batteries and automobiles, the state’s top high tech sectors should be clean technology and advanced manufacturing, right? Wrong. Michigan, home to the Ford, Chrysler, and General Motors, is actually a life sciences state, at least according to the annual report of the Michigan Venture Capital Association (MVCA). Of the $215 million … Continue reading “Can’t Buy Me Love: Michigan Life Science Startups Best Cleantech In Cash, Not Attention”
Bill Allowing 25% Tax Credits For Angel Investors Heads For Michigan Governor’s Signature
Michigan’s angel, venture capital and entrepreneur communities are hailing this week’s passage by the state Legislature of tax breaks for angel investors. The bill, passed by both houses and expected to be signed into law by Gov. Jennifer Granholm, gives angel investors a 25 percent tax credit over two years, with a maximum of $250,000 … Continue reading “Bill Allowing 25% Tax Credits For Angel Investors Heads For Michigan Governor’s Signature”
Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now
It’s not exactly a secret that this isn’t the greatest time for venture capital. Returns over the past decade have gone negative after the heady dotcom bubble years, and with the recession lingering many funds have either closed or found themselves significantly smaller as it became harder and harder to attract capital. These national trends … Continue reading “Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now”
Michigan Startups Raise $123M So Far This Year, Up 35 Percent From Last Year
Investors have funneled more than $123 million into Michigan startup companies so far this year, a 35 percent increase compared to the same time period in 2009, according to a report released today by the Michigan Venture Capital Association (MVCA). The report notes that dollar totals are up even though deal numbers are down: There … Continue reading “Michigan Startups Raise $123M So Far This Year, Up 35 Percent From Last Year”