September 26, 2011 @ 4:47 pm
The Michigan Venture Capital Association (MVCA) is accepting applications for two new venture programs, the Michigan Venture Fellows Program and the Angel Network Growth Program, as well as for its popular CEO/Executive In Residence Program. All three programs were funded by a recent $3.1 million grant from the Michigan Economic Development Corporation’s 21st Century Jobs Fund, a program of the Michigan Strategic Fund. Complete details of each program are available at www.michiganvca.org.
The Michigan Venture Fellows Program will create the next generation of Michigan venture capitalists by expanding job opportunities at Michigan venture capital firms. Fellows will spend 18-24 months in a Michigan-based venture firm, earn a salary and receive training at the Venture Capital Institute. Fellow candidates should have strong Michigan ties, preferably as graduate students at Michigan universities whose professional goals include venture capital. Interested candidates must apply to the MVCA by November 30.
The Angel Network Growth Program awards a maximum of $18,000 per year to the six Michigan-based angel groups (Ann Arbor Angels, Blue Water Angels, Capital Angels, First Angels, Grand Angels, and Great Lakes Angels) or others to be determined by the MVCA Board of Directors. The angel group must have made at least one initial investment of at least $125K in the prior six month period to qualify for the award. The group can then use the money to hire a new staff person/intern, organize an angel education event for members and potential members, organize a network-to-network deal-sharing event, or invest in typical angel investment activity infrastructure (due diligence, back office, legal, and accounting).
The EIR/CEO Placement Program pairs the state’s venture firms with executive talent. The EIR program is designed to attract and retain executive-level talent, broaden the reach of venture capital firms, and lead to new-company formation and growth in Michigan. The CEO program is designed to increase the number of venture-backed executives and the number of successful venture-backed companies in Michigan. This program results in the placement of successful, venture-backed CEOs into Michigan-based portfolio companies. The MVCA aims to select three to four EIR/CEO candidates in each year of the three year program.
Ron Reed, general partner and founder of Seneca Partners and president of the MVCA, says, “We’re excited to offer these three outstanding programs to the Michigan venture community. They each address important pieces in cultivating a robust venture capital industry in our state—talent, leadership, and capital.”
MVCA Executive Director Merrill Guerra adds: “We look forward to an expanding angel network here in the state as well as to attracting and retaining more young and executive talent. These programs will serve a vital role in executing our mission to support Michigan’s venture capital and entrepreneurial communities.”
About the MVCA
The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants. The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry. www.michiganvca.org
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