This morning, Michigan State Senator Mike Kowall introduced the resolution for the state’s third Michigan Venture Capital and Angel Investment Week from April 22 – April 28, 2018. State Representative Adam Zemke will introduce the resolution in the House. Brosnan was invited by Senator Kowall to be present at the Senate Chambers and by Representative Zemke to be present on the House Floor at the Capitol for the passing of the resolution.
The statewide proclamation coincides with the release of the 2018 MVCA Research Report. The study collects data from all 29 Michigan venture capital firms and reports information from 11 angel investor groups, which are funding Michigan’s most innovative entrepreneurs and working closely with them to transform breakthrough ideas into new companies and industries that drive Michigan job creation and economic growth.
“Michigan investors are trailblazers who are vital to building Michigan’s entrepreneurial community. Often, they are the first to identify innovative companies emerging in the state and have the networks necessary to support their growth through deal-leadership and connections to potential out-of-state partners,” said MVCA Executive Director, Maureen Miller Brosnan.
Every $1 invested in a Michigan startup by a Michigan-based venture capital firm attracts $3.83 of investment from outside of Michigan. Entrepreneurs, powered by capital, networks, and support from Michigan investors, move the state forward by building high-growth, high-potential businesses. To ensure the state’s economic health in the long run, increasing capital availability for Michigan entrepreneurs remains a top priority.
“In the last 15 years, venture firms and angel investors have helped fuel the growth of Michigan’s entrepreneurial community. The state has become an increasingly popular place to launch a business, but as the number of companies grows, so does the demand for venture capital,” said Senator Kowall. “To encourage and support statewide business development, we must be able to provide adequate funding to entrepreneurs to keep high-tech, high-growth companies in Michigan. Thus, I’m proud to introduce this resolution to proclaim April 22 – 28, 2018 as Michigan Venture Capital & Angel Investment Week.”
MVCA members are working hard to attract more capital to empower entrepreneurs. According to the 2018 MVCA Research Report, approximately $627 million of additional venture capital will be required in the next two years to adequately fund the growth of Michigan’s 134 venture-backed startups. However, only $403 million of venture capital is available for existing portfolio companies backed by Michigan venture capitalists, highlighting a significant funding gap that is beginning to impact Michigan startups. To support the demand for capital from high-tech, high growth companies launching in Michigan, local venture firms are targeting to raise $657 million in 2018.
“Innovation is the foundation of Michigan’s thriving economy and ensuring entrepreneurs have the fundamental resources necessary to launch and grow their companies in the state remains a primary issue. I’m pleased to support this resolution to proclaim April 22 – 28 as Michigan Venture Capital & Angel Investment Week,” said Representative Zemke.
The challenge ahead is to make sure we can meet these growing demands. Together with our partners in state government, economic development organizations, higher education institutions and institutional investors we are ready to continue our commitment to funding the brilliance and talent that resides in Michigan entrepreneurs and making Michigan the state where companies come to grow.
For more information on how you can support MVCA’s legislative efforts, contact Maureen Miller Brosnan at [email protected].