ANN ARBOR, MICH.—Two MVCA member firms were recently awarded a loan from the organization’s Executive in Residence (EIR)/CEO Placement Program, marking the first distributions from the program’s new Venture Upstart II allocation from the MEDC.  Plymouth Ventures and RPM Ventures will welcome executives Kevin Terrasi and Kurt Skifstad respectively into their firms for a period of deal sourcing and advisement, with an ultimate goal of placing that executive in a leadership role at a portfolio company.

“We’re excited to relaunch the EIR/CEO Placement Program, which has been one of our most popular programs for members,” said Merrill Guerra, Executive Director of the MVCA.  “We’ve chosen two firms who are committed to keeping our entrepreneurial talent in the state.  This program continues to make a difference to the many executives in our market who might otherwise have had to leave the state to find compelling leadership opportunities in their entrepreneurial niches.”

Terrasi and Skifstad both bring operational experience to their venture firm sponsors. Terrasi joins Plymouth following his tenure as Vice President of Engineering and a Director of Pump Engineering, Inc./LLC (PEI), a Plymouth Ventures Fund I portfolio company which was sold in 2009 to Energy Recovery, Inc. (NASDAQ: ERII).  Skifstad, Executive-In-Residence at RPM Ventures, has founded, co-founded, or been part of the senior management team of multiple ventures, including three firms that were acquired, one that went public, and two companies that are still operating.  In addition to his operating experience, Skifstad mentored entrepreneurs in his position at University of Michigan’s Office of Technology Transfer and teaches a senior‐level class on entrepreneurship in the College of Engineering at the University of Michigan. He holds a Ph.D. in Computer Science and Engineering from the University of Michigan and attended the Executive Education Program at U-M’s Ross School of Business.

About the MVCA EIR/CEO Placement Program
Billed as a talent attraction and retention program, the EIR/CEO Placement program was developed in 2007 to help Michigan venture firms support the eventual placement of an EIR into a portfolio company’s operations post-investment or find and hire a qualified CEO candidate for a portfolio company.  In 2011, the MVCA received a second 21st Century Jobs Fund award from the Michigan Economic Development Corporation (MEDC) to renew its EIR and CEO Placement programs.  This grant award allows the MVCA and the MEDC to work together to foster an environment to help entrepreneurs and Michigan-based venture-backed companies succeed.  Under the EIR program, Michigan venture capital firms may apply for a loan award to assist with the first year salary of an EIR.  Under the CEO Placement program, the loan award may be used to pay the one year salary of a newly recruited CEO in one of their Michigan-based portfolio companies.  The CEO Placement loan award may also be applied toward the recruiting fees incurred in finding an entrepreneurial CEO.

For information about the MVCA EIR or CEO Placement programs, visit www.michiganvca.org or contact Merrill Guerra at 734.929.9970.

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

About Plymouth Ventures Fund II
Plymouth Ventures Fund I became fully invested in 2009 after completing investments in 29 companies. Plymouth Ventures II is actively looking to invest in strong early expansion-stage companies in the Great Lakes region. Plymouth has four partners: Mark Horne, Ian Bund, Bob Savage, and Jeff Barry, with offices in Ann Arbor, Michigan and Toledo, Ohio. Visit www.plymouthvc.com for more information.

About RPM Ventures
RPM Ventures, founded in 2000, is a seed and early stage venture firm with $75 million under management. RPM concentrates its investing in Information Technology, taking advantage of the firm’s West Coast experience and Midwest roots.  The combination of these positions RPM to bring a grounded perspective to its investing that reflects an integration of Silicon Valley culture and relationships with Midwest values and network. RPM is a founding investor in numerous deals, often investing before there is a product or management team in place. Additionally, RPM is a valuable investing partner for companies within sectors in which the firm has specific expertise, including: Retail Automotive Software, Solutions for Industrial and Retail enterprises, E-commerce, Online Marketplaces, Cloud and Social Media Infrastructure, and spinouts from leading research universities. For more information, visit www.rpmvc.com.

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 21^st 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

http://www.wxyz.com/dpp/news/$25-million-to-support-michigan-entrepreneurs

LANSING, Mich. (WXYZ) – The Michigan Economic Development Corporation (MEDC) announced Wednesday that $25 million will be awarded to several organizations.

The state will give the money to eight organizations that will support entrepreneurs. The money will not only help the launch of new businesses throughout the state, but it will also continue to help those businesses grow over time.

“Early-stage companies require seed capital and access to a strong network of public and private resources,” said MEDC President and CEO Michael A. Finney. “We are confident that with the funding of these organizations and the types of programs, we will continue to accelerate the growth of innovative technology start-ups in Michigan.”

The money is all part of the state’s 21st Century Jobs Fund. Started in 2005, this 10-year initiative is a Michigan Strategic Fund program that is administered by the MEDC. The primary goal is to accelerate the growth and diversification of Michigan’s economy.

Below is a list of some of the organizations that have received awards from the MSF on a two to three year basis:

· Ann Arbor SPARK, $10.8 million: Michigan Pre-Seed Capital Fund, a statewide co-investment program in collaboration with all Michigan SmartZones that makes investments in pre-seed stage companies; Accelerate Michigan Innovation Competition, an annual business competition that awards $1 million in cash prizes to start-up and emerging companies; and the Michigan Angel Fund, a new fund that will invest in Michigan start-up companies.

· Biosciences Research & Commercialization Center (BRCC) of Western Michigan University, Kalamazoo, $3.8 million: Statewide pre-seed fund that will invest in life science start-ups.

· Biotechnology Business Consultants (BBC), Ann Arbor, $1.6 million: Statewide support for Michigan companies to secure funding through federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

· Detroit Creative Corridor Center (DC3), $400,000: Creative Producers, a program that will deliver targeted business acceleration services to early and second stage businesses in the digital and media production fields.

· Great Lakes Entrepreneurs Quest (GLEQ), Lansing, $1.1 million: Statewide annual business plan competition that provides a network of volunteer coaching, investor talent, and entrepreneurial support programs for early stage companies.

· Inforum Center for Leadership, Detroit and Grand Rapids, $700,000: Implementation of two programs focused on high-growth women entrepreneurs: ACTiVATE, a technology commercialization curriculum, and Astia, a global network of mentors and investors..

· Michigan Small Business & Technology Development Center (SBTDC), Grand Rapids, $3.5 million: Business Accelerator Fund, a fund that can be accessed by participating business accelerators statewide to provide specialized business acceleration services and resources regardless of their client’s geography.

· Michigan Venture Capital Association (MVCA), Ann Arbor, $3.1 million: Entrepreneur-in-Residence and CEO placement programs, to improve talent in entrepreneurial companies; the Michigan Venture Fellows program, to develop talent for Michigan venture capital firms; and the Angel Network Growth program, to strengthen angel investment networks across the state.

For more information regarding The Michigan Economic Development Corporation initiatives and programs, visit the website at www.MichiganAdvantage.org.

Members of the MVCA Talent Committee are preparing for a busy 2011.  Among the group’s initiatives–sustaining the EIR/CEO Placement program, creating a new MVCA Fellowship program aimed at recent advanced degree graduates of in-state universities, and continuing the popular “Super HotShots” talent recruiting night.

MVCA Talent Committee Members Jim Adox, Amy Cell and Tim Petersen

The committee members include:  Jim Adox, Venture Investors; Amy Cell, Ann Arbor SPARK; Tim Petersen, Arboretum Ventures; and Jeff Barry, Plymouth Management Partners.