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In this presentation, learn what state services and funding are available for growing technology companies. Each year, the Michigan Economic Development Corporation (MEDC) dedicates $25 million to help build companies with high growth potential. The MEDC is organizing a statewide bus tour to educate early-stage tech companies on programs ranging from business support to venture capital. Visit http://www.michiganadvantage.org/Entrepreneurs-and-Innovators/
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Entrepreneurial Services Bus Tour
Technical Support
Business Advice
Training TalentCapital
Michigan Pre-Seed Capital Fund
Technology Assistance Program
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• Michigan Economic Development Corporation
• Created in April 1999 by an Interlocal Agreement
• Bi-partisan support
• Partnership between the Michigan Strategic Fund for the State and 65 local economic development partners, 86 corporate partners, 73 Convention & Visitors’ Bureaus, and 20 member Executive Committee
• Located in Lansing
What is the MEDC?
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Seven strategic initiatives are aligned to drive job growth.
This memorandum is advisory in nature and is preliminary to a final agency determination of policy or action.
Entrepre-neurship
Access to Capital
Business Growth
Vibrant Communities
Talent ImageSeamless Delivery
1 2 3 4 5 6 7
• Smart Zones
• University programs
• Support services
$25MM/yr Focused on High Tech
• Eco-System• Tobacco/Casino• Currently 34 programs• All have eligibility requirements and screening
processes• Focus on returns to the state/evergreen• Encourage volunteerism and mentorship• Leverage federal funds
Targets for Support• Applied research through first significant round of institutional
funding
• Technology companies with high potential for exponential growth
Help and Funding at Each StageINVESTIGATION FEASIBILITY DEVELOPMENT INTRODUCTION GROWTH MATURITY
PROOF OF CONCEPT SEED START-UP EARLY FIRST, SECOND SALE…
Pre-Seed /BRCC
SBIR/STTR
MUCIGLEQ
Accelerate
Business Acceleration Fund Venture Match
Emerging Technology Fund
MVCAT3NBBC
SBTDC
Mich Angel Fund
Technology Assistance Program
The Quick Run-Through
• 20+ programs• Q’s for the hosts
– FAQ’s to go on website• More data to be found at
www.michiganadvantage.org – “Entrepreneurs & Innovators”
Introducing…
Great Lakes Entrepreneur’s Quest
Helping Michigan’s startup entrepreneurs connect with and leverage their use of support resources.
Here’s how…
Great Lakes Entrepreneur’s Quest
GLEQ Business Plan Competition
We involve you in the GLEQ Business Plan Competition:
• Easy to Understand – Win money, meet investors
• Open to all early-stage Michigan-based ventures
• Student teams welcome – convenient semester-based
schedule
• No preparation necessary – Create documents during the
competition
• Twice each year – Continuous opportunity to get involved I
Once you’re on board, you get:– One-to-one coaching– Events and opportunities – 100+ each month– Introductions to support organizations and education
programs – Exposure and introductions to investors– Suggested next steps– Pushed to finish your business plan– Potential to win awards and prizesAnd…– Preparation for key opportunities – top winners go to
AMIC, MGCS, Pitch Nights
GLEQ Winners Making 2011 AMIC Finals:
• Advanced Battery Concepts - 2009 Automation Alley Innovation Award for Advanced Manufacturing, 2009 NextEnergy Innovation Award for Alternative Energy; 2009 First Place - New Business Idea
• Arbor Wind - Fall 2010 Second Place - Emerging Company• Blaze Medical Devices - 2007 First Place - New Business Idea• Current Motor Company - Fall 2009 First Place - Emerging Company• DeNovo Sciences - 2011 First Place - New Business Idea• Family Mint - 2010 First Place - New Business Idea• Fusion Coolant Systems - Fall 2010 First Place - Emerging Company• InPore Technologies, Inc. - 2010 SmartZone Award Winner • NextCAT - 2011 Automation Alley Innovation Award for Advanced Manufacturing• OcuSciences - 2008 Grand Prize - Emerging Company• ONL Therapeutics - Fall 2010 Second Place - New Business Idea• Syzygy Biotech - 2011 SmartZone Award Winner • TherapyCharts - 2010 Best of Biotech - New Business Idea• White Pines Systems - Fall 2009 Third Place - Emerging Company
GLEQ awards in June:• SmartZone Award: $100,000 (convertible debt investment)• Emerging Company Awards: $25,000 - $15,000 - $10,000• New Business Idea Awards: $5,000 - $2,500 - $1,000• Innovation Awards:
– NextEnergy Alternative Energy - $10,000– Automation Alley Advanced Manufacturing - $12,500– GFPI Food Safety and Water Quality: $10,000 – Software, Network Security Award: $10,000 – Medical Device: $10,000
• Opportunity Awards:– Accelerate Michigan Innovation Competition – Semi-Finalist
Position– Michigan Growth Capital Symposium – Presentation Slot
What Entrepreneurs Say:
I just wanted to say thank you for keeping us on your e-mail list even though we are not competing in the GLEQ this cycle, and for letting us know of upcoming events. Due to your e-mail updates, we are one of the finalists in the SAE/MIT program. We would not have known of this opportunity otherwise.
Jim Ryznar, OPS Solutions
I just wanted to say THANK YOU for connecting me with Brian Finn.He has been a tremendous help, even after just one phone conversation! Thanks again!
Cason Thorsby, Dixie Dave's Wild Game Soup Co., Mt. Pleasant(referring to Brian Finn, Grand Rapids, former
Vice President of Marketing, Sara Lee)
About Coaches
About Opportunities
Value and Effectiveness:• 12 years, 2,200 Ventures and 6,800 Individual
Entrepreneurs in BPC and Educational Programs
• Last 2 Years - 860 Ventures and 2,000 Individual Entrepreneurs
• Up to 300 Ventures in competitions
• Boost Pitch Competitions - 220 Entrepreneurs, 20 engaged with investors
• 2011 Michigan Growth Capital Symposium presentations - 17 out of 32 Michigan-based companies
• 2011 Rice Business Plan Competition second place winner, AYaH
• 2009 MIT Clean Energy Prize first place winner, Husk
Current competition cycle:• Registered ventures are working with coaches• Registration still available for Global Food Protection
Institute award• Documents are due April 30 and May 14• Entrepreneur Connect, Lansing – Tuesday, June 12
www.entrepreneurconnectmi.org
– Workshops and Panel Discussions– Consultants Corridor– Elevator Pitch Competition– Ask-the-Investors– GLEQ Business Plan Competition Awards
Fall competition cycle:
• Open for registration – late August
• Coach matching – mid-October
• Documents due – mid-December
• Awards presented at ACE’13 – late January
www.ACE-event.org
Other ways to get involved:
• Become a GLEQ Ambassador – spread the word
• Encourage entrepreneurs to join the competition
• Volunteer to Coach – share your expertise
• Share the monthly calendar
• Send us your events and opportunities
Volunteer: Ambassadors, Coaches, and Judges
GLEQ Award Winners - June 2011SmartZone AwardSyzygy Biotech Solutions, WMSTI (Grand Rapids)
Emerging CompanyClean Energy Innovation (Bloomfield)MitoStem, TechTown (Detroit)
New Business Idea DeNovo Sciences (Ypsilanti)ONL Therapeutics (Ann Arbor)
Automation Alley Innovation AwardNextCAT, TechTown (Detroit)
GLITR Award Clean World Fuels (Macomb Township)
www.GLEQ.org
Diane Durance, Executive [email protected]
Jack Ahrens, TGap Ventures;Chairman, GLEQ Board of [email protected]
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Michigan SBIR/STTR Assistance Program
Managed by:
BBC Entrepreneurial Training Corporation
803 N. Main Street, Ann Arbor, MI 48104www.bbcetc.com
What is the SBIR/STTR Program?
A $2 Billion+ Federal Funding Program
Stimulate technological innovation
To develop products with commercial merit
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Participating Agencies*
SBIR STTR SBIR Only
DOD - $1,200 m USDA - $19 mHHS - $690 m DOT - $4 m
NASA - $138 m EPA - $7 mNSF - $105 m DOC - $9 mDOE - $102 m DoED - $8 m
DHS - $30 m
TOTAL: >$2.4 B FY 2010*www.sbir.gov
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MI SBIR/STTR ASSISTANCE PROGRAM
GOALS• Increase the number of applications from Michigan• Increase the quality of applications from Michigan
PROGRAM COMPONENTS• Training• One-on-one Proposal Assistance• Outreach
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Training Primary Training• SBIR/STTR 101: ½ day ($50)
• Agency Specific Proposal Preparation:– NIH: 2 days ($125)– NSF, DoE, or DoD: 1 day ($75)
Other Training• Commercialization Plan Development: ½ day ($50)
• Electronic Submission: webinar ($25)
• Accounting/Grants Mgmt: webinar series ($25 ea)
http://www.bbcetc.com/training.html
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Located in Michigan
Focused on commercialization of technology
Meet requirements of an SBIR/STTR solicitation
Must attend agency specific proposal preparation SBIR/STTR Training
Must have qualified PI and project
Must have sufficient time prior to deadline
Fees – only due if SBIR/STTR is funded:
- $1500 Funded Phase I
- $5000 Funded Phase II
One-on-one Assistance: Eligibility
Outreach
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Intro Training
Assessment
1-on-1 Proposal Assistance
Proposal Submitted
Training*
* required for 1-on-1 assistance
Why Participate??
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Over $100 million awarded to MI client companies since 2002
Proposal funding rates 2-3x the national average
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SBIR/STTR Matching - MI
• Match up to $25k for Phase I, $125k Phase II• Requires third party match• MUST APPLY PRIOR TO SBIR SUBMISSION
www.mietf.org
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www.bbcetc.com
• Lisa M. Kurek, MS – Managing Partner • Michael P. Kurek, PhD, MBA – Partner• Andrea Johanson, PhD – Principal Consultant• Bhramara Tirupati, PhD – Principal Consultant• Kris Bergman – Consultant, Grants and Contract Management• Jayne Berkaw – Director, Marketing and Outreach• Marilyn (Mickey) Katz-Pek – Partner Emerita & Founder
MEDC Entrepreneurial Services Bus TourApril, 2012
NextEnergy’s Mission
NextEnergy is a non profit organization with a mission to accelerate energy security, economic competitiveness, and environmental responsibility through the growth of advanced energy technologies, businesses, and industries in Michigan
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NextEnergy Core Competencies
Technology Validation & Demonstration Programs Collaborative RD&D programs, testing and validation History of over $100M under management
Industry and Venture Development Technology and business model vetting Venture development and acceleration Market and value chain gap analysis Strategic partner matchmaking and business development
Cluster Development & Public Sector Leadership Strategic stakeholder convening and consortium management Support for policy makers and public interest programs
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Physical Assets & Facilities
Offices, Labs, Testing and Validation Platforms
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18,500sf of Lab Space
V2G MicroGrid Testing PlatformAlternative Fuels Testing Platform
Demonstration & Meeting Center
NextEnergy Staff
Senior staff has over 150 years combined R&D, Product Development,
Manufacturing and Commercialization experience in energy
10 staff Engineers (Electrical, Mechanical, Chemical, Civil/Environmental)
4 with advanced degrees within electrical, mechanical and alternative
energy
2 staff members with Science Degrees (Chemistry, Physics, Biology)
5 staff members with Advanced Business Degrees
Investor relations professional
Network of technology and market specialists under contract
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NextEnergy Focus Areas
Energy Storage Power Electronics Vehicle Electrification Smart Grid Next Generation Energy Efficiency Renewable Energy What’s Next?
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NextEnergy Service Offerings to Entrepreneurs
Business Advisory Service Review technical merit, market potential and business
model Access to energy sector market analysis, value chain
assessments and technology roadmaps
Technology/Product Development Support Provide venue for technology demonstration and
testing including lab space Collaborative R&D Projects Introductions to research/product development partners
*Applies to both early stage and mature firms
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NextEnergy Service Offerings to Entrepreneurs
Business Development Support Involvement in industry working groups, cluster
networks Introductions to customers, go-to-market partners,
suppliers
Funding Support Funding opportunity awareness, strategy and
approach Introductions to federal agency leads (DOE, DOD,
ARPA-E), angel investors, cleantech venture capital, corporate venture arms
Sponsor GLEQ Energy Innovation Award
*Applies to both early stage and mature firms
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NextEnergy Contacts
Market Analysis: Dan Radomski – [email protected] Technical Support: Roland Kibler – [email protected] Private Investment: Sam Hogg – [email protected] Government Relations: Jim Saber – [email protected] Business Development: Gary Gauthier – [email protected] Testing & Demonstration: Bill Siddall – [email protected] CEO: Ron Gardhouse – [email protected]
NextEnergy461 BurroughsDetroit, MI313-833-0100www.nextenergy.org
University of MichiganOffice of the Vice President for Research
Marian Krzyzowski, IRLEE Director Larry Molnar, IRLEE Associate Director,Center for Business Acceleration and Incubation Studies (CBAIS), Director
Technology and Commercialization Assistance (TCA) ProgramSteve Wilson, Director
Institute for Research on Labor, Employment, and the Economy (IRLEE)
Technology and Commercialization Assistance(TCA) Program
TCA fosters the proactive transfer of new technologies to existing businesses
Existing Companies have Existing ResourcesSkillsets, Processes, Equipment,Management, Financial support
Technology and Commercialization AssistanceTCA identifies the capabilities and initiatives of existing companies and matches them with university technologies resident in Michigan universities
Financial review Interviews with the
management team Technical review Technology search Facilitate technical
discussions to select technology matches
Technology and Commercialization Assistance
Identifies supporting resources the company will need to successfully transfer new technologies into commercial application and provides assistance to engage and effectively utilize those resources
Define project Scope of Work (SOW)
Make contractual arrangements to execute SOW
TCA funds up to 50% of project cost
Monitor progress; identify high leverage points; drive positive outcomes
TCA Project Examples
• Expertise in highly compressible fluid dynamics at the University of Michigan assisting a client with the development of a new product
• Petoskey, Michigan company adopting a plastics formula at Michigan State University to develop their next generation product; utilizing faculty, students, labs
• Marketing projects assisting an Upper Peninsula firm with branding and positioning relative to new technology they are commercializing out of Michigan Tech; TCA continues to monitor progress for high leverage points
Basic TCA Eligibility:Michigan Operations
Financially Stable Committed to Growth Strong Management Team Technical Capability and Capacity Desire to Adopt University Technologies
Technology and Commercialization Assistance(TCA) Program
Technology and Commercialization AssistanceTCA also identifies, prescreens, and facilitates collaboration with existing companies that offer discounted or pro-bono services to university start-ups, either for the prospect of a future customer or as community service
Interviews with the management team
Technical review of talent and processes available
Facilitate technical collaboration with university start-ups
Technology and Commercialization Assistance Program
Currently Kicking-off new partnerships with CMU-RC and MTEC SZs
Providing a state-wide reach
Companies and Technologies
University of MichiganOffice of the Vice President for Research
Business Assistance Program
Technology and Commercialization Assistance (TCA) ProgramSteve Wilson, Director
Institute for Research on Labor, Employment, and the Economy (IRLEE)
www.irlee.umich.edu For More Information Contact:
Steve Wilson [email protected]
University Programs
Melda Uzbil, M.E.M.University Relations Director
Michigan Economic Development [email protected]
Tina BissellMUCI/MIIE Business Manager
University of [email protected]
University Programs
• Technology Transfer Talent Network (T3N)• Michigan Corporate Relations Network
(MCRN)• Michigan Initiative for Innovation and
Entrepreneurship (MIIE)
Tech Transfer Talent Network (T3N) • $2.43M over two years with a 1:1 match• Administered by your tech transfer office
T3N – Three Focus Areas
• Talent programs:– Mentor in Residence– Tech Transfer Fellows– Post-doc Fellowship
• Talent Database
• Talent Events
Michigan Corporate Relations Network (www.michigancrn.org)
Michigan Corporate Relations Network (www.michigancrn.org)
Small Company Internship
Small Company
Innovation
Expertise Database
Info Transfer Service
Instant Innovation
University Programs
Melda [email protected]
http://www.michiganadvantage.org/Entrepreneurs-and-Innovators
/
www.michigancrn.org
All 15 Michigan public universities collaborating
to strengthen ties between business and academia by funding joint
projects, entrepreneurship education, and technology commercialization
Methodology
• 2 funding opportunities– Technology Commercialization Fund– Talent, Innovation & Entrepreneurship
Education Fund• Competitive, peer-reviewed process• Proposal review by university technology transfer
professionals and representatives from the Venture Capital and industry communities
• Awards capped at $150K • Average award size is $57K
$ for….
• Market research
• Proof of concept
• Prototype development
• Clinical / translational studies
• Business plan preparation
• Technology Commercialization Fund
–Provide gap funding to help launch university spin-off companies
$ for….
• Pilot project funding• Specific, individual university-industry
partnering projects• Internship programs• Business plan competitions
• Talent, Innovation & Entrepreneurship Education Fund– Promote an entrepreneurial risk-taking
culture– Provide experiential learning opportunities
Quick Facts
• 5 award cycles to date• $5 million to 90 projects to date• 7 start-ups are developing out of MIIE-funded
technologies• RFPs scheduled for
– October 2012– April 2013– October 2013
Contact Tina Bissell for details:[email protected]
MI-SBTDC
Michigan Small Business and Technology Development CenterTechnology Commercialization Services
Tech TeamEmerging Technologies Fund
Business Accelerator Fund
The Michigan SBTDC is funded through a cooperative agreement with the U.S. Small Business Administration (SBA), the Michigan Economic Development Corporation (MEDC) and matching funds from Local Network partners in each region.
MI-SBTDC State HeadquartersGrand Valley State UniversitySeidman College of Business
616-331-7370www.misbtdc.org
The Michigan SBTDCTM
CORE SERVICES
• Business Counseling/Coaching – no cost/confidential
• Business Education – low or no cost
• Secondary Market Research – low or no cost
SERVICE DELIVERY TEAMS
• Small Business Group– Core services : deliver or build team for client needs
• Growth Group and Manufacturing Assistance Team– Well established / 2nd stage business specialists
• Finance & Strategy Specialists (NEW)– Financial Growth and Control/Loan Assistance– Manufacturing finance and diversification specialists
• Technology Team– Technology commercialization business specialists
Are you a tech company?
A business in which research and development brings forth an innovative product or process. The innovation typically involves intellectual property that contributes to a strong competitive advantage in the marketplace, and serves as a foundation for a high rate of growth
Technology TeamServices Provided
• Access to capital• Strategic planning and execution• Access to resources
MI-SBTDCTech Consultants
Anna Bier, MS, MBA Physicist SBIR / STTR
Mary Sue Hoffman, J.D. Attorney Business assessments, due diligence
Jason Pliml, BA Entrepreneur Investor pitch, business plan development
John Balbach, MA Finance Financial Modeling, alternative financing
Tom Kelly, MBA Management Marketing and sales, management
Kayo Ramirez, J.D. Attorney Venture Capital, business plan development
Dave Grossman, ME Engineer Technology roadmapping
Sandra Cochrane, MBA Life Sciences Business plan development, networking
Impact!2011 MI-SBTDC Tech Team Survey Results
• $69,302,460 Capital Raised• 245 New Jobs Created• 59 Commercialized Products• Over 95% satisfaction rate
For MI-SBTDC Assistance
Find your nearest MI-SBTDC office at
www.misbtdc.org
Emerging Technologies Fund
Commercialization Matching Funds for SBIR/STTR recipients
Michigan Emerging Technology Fund
•$5.6 Million allocated to the Fund Since 2008
•State Match to Federal SBIR/STTR Awards
•Commercialization Purposes ONLY
•21st Century Jobs Fund Program
Small Business Innovative Research (SBIR)
Small Business Technology Transfer (STTR)
•More than $2 billion federal research dollars awarded to small business
•Administered by SBA
•Delivered through 11 federal agencies
•SBIR/STTR assistance available to Michigan Companies through MI-SBTDC and BBC Etc.
www.sbir.gov
SBIR/STTR
Three Phase Program
•Phase I - feasibility study
• $100,000 range
• 6 months (12 month STTR)
•Phase II – full R&D
• $750,000 range
• 2 years
•Phase III – commercialization
• Use of non-SBIR/STTR funds
ETF Awards
•Through the MI ETF, the MI-SBTDC will match
• Phase I – 25% of the federal award up to $25,000
• Phase II – 25% of the federal award up to $125,000
•ETF matching awards are grants
Eligibility Requirements
• SBIR/STTR recipient must raise third party commercialization funding
• Companies must submit ETF application prior to their SBIR/STTR deadline
• Full eligibility requirements and FAQ at www.mietf.org
Program Information and Online Applications
www.mietf.org
Michigan Emerging Technology Fund
Impact!
•Over $37 Million in SBIR/STTR leverage
•Over $83 Million in Third Party Leverage
•Over $4.6 Million in ETF awards disbursed
•95 ETF Awards
•Over 750 Applications
•271 FTE Jobs Created & Retained
Business Accelerator Fund
• Pilot Program• Business Accelerator services available to
companies regardless of location• 2 year $3 million “fund of funds” for
Michigan’s business accelerator network• Maximum of $50,000 BAF funds per company
Business Accelerator Engagements
• Business consulting• Legal assistance• Technology consulting• Commercialization assistance
Eligibility
• Companies commercializing advanced technology
• No more than $1 million in private sector investment
• No more than $2.5 million in annual sales• Must be sponsored by a Participating
Accelerator
Find your Participating Accelerator
www.misbtdc.org/BAF
MICHIGAN PRE-SEED CAPITAL FUND
A collaborative effort of the Michigan SmartZones
Michigan Pre-Seed Capital Fund
• The Michigan Pre-Seed Capital Fund supports emerging high-tech companies by providing access to early-stage capital: investment or loans.
Pre-Seed – The stage of a start-up company 1. Less than $1 million of trailing 12 month sales revenue 2. Less than $1 million of outside private equity raised
Funding Amount
The Pre-Seed Fund will invest
$50,000 to $250,000 per company
alongside an investment partner who will provide a minimum 1:1 match.
Criteria/EligibilityCompanies must meet the following criteria:
– Michigan headquarters and majority of employees in state – company must have the rights (ownership or license) to innovative technology – pass the due diligence review of a SmartZone – have a match in the form of a term sheet or grant approval
The following do not qualify for matching funds: • Other State monies • Sales revenues• Anything In-kind including salary deferrals• Other trade partner exchanges or trades
Other Investment MattersBackground checks will be made on founder(s)/CEO paid by fund
administrator. A company can only be approved for funding once. A company may reapply once. A convertible note will be the default investment instrument for
companies without a term sheet.
Application for InvestmentThe submission package must include: • Business plan (maximum 30 pages)
– Company overview– Market information– Operations– Product description– Management – Use of funds – milestones – Financial history and projections
• 5 year pro forma – Cash flow, P&L and Balance sheet forecasts – List of assumptions – Financial statements
• Investor presentation • Matching source Term Sheet, proposal, grant approval, subscription agreement • Registration Certificate with the State of Michigan
Funding Amount
New Micro Loan Fund Provides loans between $10,000 and $50,000
per company. No match requirement.
ApplicationThe submission package must include:
• Business plan (maximum 10 pages counting financial pages) – Company overview– Market information– Operations– Product description– Summary of management talent – Use of funds
• Pro Forma 3 – 5 years • Entrepreneur Bio or CV (maximum 2 pages each)• Letter of support from SmartZone • Registration Certificate with the State of Michigan
Loan TermsSubordinated Note: Subordinate to all other debt holders, current and
future Interest rate is 12% Term is 2 years Other provisions:
– No personal guarantee or collateral – No payment – balloon– No warrants or penalty for early payoff
Reporting for five years – Quarterly financial statements – Number of employees and new hires – Sales – New IP – Grants and investments received
http://www.annarborusa.org/business-accelerator/funding-incentives/ann-arborypsilanti-ldfa-microloan-program
Michigan Angel Fund
Investor Presentation
Disciplined Investment Decision Making Methodology – 4 month process
• Proactive deal origination
• Methodical screening & diligence process
• Not venture backable
• ~8 investments in two years
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Focused Investment Strategy
Stages*: Pre- Seed, Seed, Early – Stage
(both pre and post revenue)
Industries*: Clean Tech Information Technology Advanced Manufacturing Health Care
Geography: Michigan
103* Limited opportunistic investing outside targeted stages & industries
Fund Investment Model - Company Criteria
• Management DNA
• Disruptive technology
• Large market potential
• Defensible
• Limited funding requirements
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Growing and Sustaining a Vibrant Venture Capital Community in
Michiganwww.michiganvca.org
Mission and VisionMission: To Grow and Sustain a Vibrant Venture Capital Community in Michigan Vision: In the year 2016, Michigan will have:
Abundant and accessible capital Abundant and accessible entrepreneurial management talent Many successful companies that have been financed by venture capital funds and
angel groups/funds residing in Michigan and by venture capital funds which reside elsewhere
Many successful Michigan-based venture capital funds that invest both in Michigan and nationally , as well as angel groups/funds that invest in Michigan
Both venture and angel capital communities playing a meaningful role in Michigan’s revitalization
Become a nationally known top venture capital location MVCA representing the voice of venture capital, angel capital &entrepreneurs
MVCA Activities
• Industry Research• Legislative Outreach
– Educating legislators on the value Venture Capital creates in Michigan
• Limited Partner Outreach– Educating LP’s on the value they can get from investing in Michigan
based VC’s
• Events– Networking and Education
• Marketing, PR & Communication• Talent Programs
MVCA Programs: EIR/CEO Placement
• For Venture Funds within the state of Michigan.Entrepreneur in Residence: • Improve the number and quality of entrepreneurial C-level
talent in Michigan-based portfolio companies • Successful entrepreneur works with VC firm for one year to
identify an investment and placement opportunityCEO Placement Program: • Increases the number of venture-backed executives and the
number of successful venture-backed companies in Michigan• Provides reimbursement for executive search costs and/or
portion of 1st year salary
MVCA Programs: Michigan Venture Fellows Program
• Create the next generation of venture capitalists with track records in Michigan
• Expanding job opportunities at Michigan venture capital firms
• 18-24 month fellowship for graduate level candidates with 3-5 years industry experience
MVCA Programs: Angel Network Growth Program
• Support angel groups within the state of Michigan. • Rewards investment activity • Provides the angel group with additional resources to
encourage and support further investment and growth in membership.
• Supporting angel groups because investing through angel groups has been shown to provide for greater returns and a higher degree of success due to improved decision making processes.
MEDC Company Investment Programs
Pure Michigan Venture Match FundMEDC Follow on Fund
Coming Attractions
MEDC Follow on Fund
• What is it?• How much is available? ~$1 million• Who is eligible?• Application Process• How do I find out more:
–http://www.michiganadvantage.org/21st-Century-Jobs-Fund-Administration/
Pure Michigan Venture Match Fund
• What is it?• How much is available? $5 million• Who is eligible?• Application process• How do I find out more:
–http://www.michiganadvantage.org/Pure-Michigan-Venture-Match-Fund/
What’s Next?
• Pure Michigan Venture Match Fund• Pure Michigan Fund of Funds• Crowdsource Funding
Contact:Michael Psarouthakis
