According to the TEConomy Partners Entrepreneurship and Innovation Impact and Effectiveness Study, venture capital firms and angel investors in Michigan have firmly established their role in jump-starting and sustaining Michigan’s economic recovery and they continue to build on the momentum needed to create more companies and new jobs in Michigan.
Download the TEConomy Partners Entrepreneurship and Innovation Programs Impact and Effectiveness Study Here
and see more MVCA analysis on the report here.
The Michigan Venture Capital Association is proud to report that many of TEConomy Partners’ 11 recommendations to the Michigan Economic Development Corporation are aligned with MVCA’s current activities and goals. TEConomy Partners recommended that in order for Michigan to continue its momentum to diversify its economy it should:
- Develop an executive connect program that connects would-be entrepreneurs with resources such as technology, coaching capital, management, partners and support services. Read more about MVCA’s ExeConnect Program here.
- Provide additional funding for an entrepreneur-in-residence program to provide startups with experienced C-suite management. Read more about MVCA’s Executive Attraction Program here.
- Provide additional funding for an executive-attraction program to provide help with recruiting experienced talent and first-year salary expenses. Read more about MVCA’s Executive Attraction Program here.
- Even out the availability of entrepreneurial services statewide.
- Create a third fund of funds to invest in both in-state venture capital funds and out-of-state funds willing to invest here. Keep up on MVCA’s legislative initiatives by following us on social media, our blog, and signing up for our newsletter!
- Provide more pre-seed and seed funding for startups.
- Provide more support for the growing network of angel investors by offering, as do 20 other states, tax credits to angel investors who invest in technology companies. Keep up on MVCA’s legislative initiatives by following us on social media, our blog, and signing up for our newsletter!
- Create a proof-of-concept fund to help determine the commercial potential of a discovery or research and to support prototype development, testing and marketing research.
- Create a sector-specific matching grant program to build connections between research institutions and industry.
- Develop a revised reporting system that allows for economic analysis and assessment of various Michigan Economic Development Corp. programs on an ongoing basis.
- Analyze innovation-industry clusters to determine how best to support unique sector needs.