Michigan venture capital report shows progress, need

Wednesday, June 10, 2009 | Source: Ann Arbor Business Review

Surprise, surprise, a new report from the Michigan Venture Capital Association says the state needs more venture capital, and a few other interesting things.

Excerpt:

Reports showing a large gap between the demand for venture capital in Michigan and the amount of money available represents both how far Michigan has come in the VC arena -- and how far it still needs to go.

An annual report by the Michigan Venture Capital Association in Ann Arbor says efforts to transition Michigan's economy are at risk without an increase in venture capital in the state.

Yet at the same time the report says Michigan has made great progress this decade through the creation of several homegrown VC funds. The amount of capital under management in Michigan is now at $1 billion, and all VC investments made in the state grew in 2008 by nearly 75 percent to $246 million.

Capital available from out-of-state firms also has grown, with 10 now dedicating an investment professional to Michigan or operating an office here, double that of 2007.

The varying perspectives within the same document stem from the relative infancy of the VC industry in Michigan.

"It's a great start. It's just not enough," MVCA Executive Director Leann Auer said. "We have come a long way, but we've got a long way to go."

Read the rest of the story here.

Michigan venture capital report shows progress, need

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