ANN ARBOR, Mich.—The Michigan Venture Capital Association (MVCA) celebrated a year of individual, company, and statewide industry achievement at its Annual Dinner held November 7 at the Inn at St. John’s in Plymouth. Over 145 members of the Michigan venture community attended the evening event, where incoming Chairman Tim Petersen introduced members of the organization’s 2012 Board of Directors. They include:
• Tim Petersen (Chairman), Arboretum Ventures
• Ron Reed (Vice Chairman/Past Chairman), Seneca Partners
• Jim Adox, (Vice-Chairman/Treasurer), Venture Investors
• Jeff Bocan, Beringea
• Hugo Braun, North Coast Technology Investors
• Pete Farner, TGap Ventures
• Mark Horne, Plymouth Management Company
• Tom Kinnear, U-M Ross School of Business Zell Lurie Institute
• Jon Lauckner, GM Ventures
• Chris Rizik, Renaissance Venture Capital Fund
• Skip Simms, Ann Arbor SPARK
• Mina Sooch, Apjohn Ventures
• Jody Vanderwel, Grand Angels
• Ken Van Heel, Dow Chemical Company
• Donald Walker, Arbor Partners

Pete Farner, Mark Horne and Jon Lauckner are new to the board and begin three-year terms while former director John McIlwraith of Blue Chip Venture Company completes his board involvement after a six-year term.

“It was a wonderful evening that really celebrated the best of the best in our industry,” said Merrill Guerra, Executive Director of the MVCA. “We’re pleased so many venture investors, portfolio company executives, development officials and other supporters could join us, showing the growth and success the venture capital community has demonstrated in Michigan.”

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

ANN ARBOR, Mich.—Celebrating “A Year of Exits”, the Michigan Venture Capital Association held its annual awards dinner for its members and guests November 15 in Ann Arbor.  The statewide membership organization honored several Michigan venture firms as well as venture capital recipient companies for their successes:

• MVCA “Michigan 100” Award winner Cerenis Therapeutics of Ann Arbor, for raising over $100 million in venture capital;
• Michigan’s new venture firms: Huron River Ventures, Michigan Accelerator Fund Management, and Resonant Ventures;
• Multiple venture capital investment exits, both non-Michigan companies with Michigan venture investors and Michigan-based companies:

o   LenSx Lasers (Venture Investors)

o   Greenplum (EDF Ventures)

o   ZyStor (Apjohn Ventures & Venture Investors)

o   CardioMEMS (Arboretum Ventures)

o   Ikano Therapeutics (Apjohn Ventures)

o   Arbor Networks (EDF Ventures)

o   HandyLab (EDF Ventures, Wolverine Venture Fund, Arboretum Ventures, Ardesta Capital, Dow Venture Capital)

Jeff Williams, former CEO of HandyLab and current CEO of venture-backed Accuri Cytometers, was named MVCA Entrepreneur of the Year.

“The wind is in our sails,” stated LeAnn Auer, Executive Director of the MVCA, in her remarks before the dinner.  “It’s been a year of exits, as many of our venture capital firms have successfully exited portfolio companies located both here in Michigan and elsewhere.  In addition, venture capital financings have already exceeded 2009 levels.  These successes bode well for future growth in our community.  I’m looking forward to this year’s celebration.”

The Michigan Venture Capital Association will also announce its 2011 Board of Directors:

• Ron Reed (Chairman), Managing Director, Seneca Partners
• Tom Kinnear (Vice-Chairman/Treasurer), Managing Director, Zell Lurie Institute at U-M Ross School of Business
• Tim Petersen (Vice Chairman/Chairman-Elect), Managing Director, Arboretum Ventures
• Uzma Ahmad (Board Secretary), Attorney, Dykema Gossett PLLC
• Jim Adox, Managing Director, Venture Investors
• Jeff Bocan, Managing Director, Beringea
• Hugo Braun, Co-Founder, North Coast Technology Investors
• Greg Main, President & CEO, Michigan Economic Development Corporation
• John McIlwraith, Managing Director, Allos Ventures
• Chris Rizik, CEO & Fund Manager, Renaissance Venture Capital Fund
• Skip Simms, Managing Director, Ann Arbor SPARK
• Mina Sooch Partner, Triathlon Medical Ventures; Managing Director, Apjohn Ventures
• Jody Vanderwel, President, Grand Angels
• Ken Van Heel, Director, Alternative Investments & Venture Capital, Dow Chemical Company
• Donald Walker, Managing Director, Arbor Partners

About the MVCA

The MVCA is a 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