FOR IMMEDIATE RELEASE – JUNE 25, 2014 – ANN ARBOR, MICH. — The Michigan Venture Capital Association (MVCA) received $987,850 in grant funding from the Michigan Economic Development Corporation (MEDC) for its Venture Upstart programs. The programs further MVCA’s mission to grow and sustain a vibrant venture capital community in Michigan by supporting talent attraction efforts at venture capital firms and their portfolio companies.
MVCA’s Venture Upstart programs funded by the MEDC grant include:
- Venture Fellows Program, designed to increase the number of venture professionals in Michigan in order to accelerate the fundraising and deployment of capital into early stage companies. The Venture Fellows Program matches talented, highly motivated, emerging professionals with venture capital or high-growth companies in Michigan. The selected fellows work full-time for a Michigan-based venture firm for 24 months.
- Executive Connect sources experienced and relevant senior advisors for early-stage companies in need of board, mentor, and advisor leadership.
“MVCA’s Venture Upstart programs have been a critical part of our community development toolbox, allowing MVCA members to create opportunities for investors and their portfolio companies,” said Carrie Jones, MVCA executive director. “Since 2006, these programs have been a catalyst for attracting and retaining talent in the venture capital community in Michigan. We’re so pleased they will continue, positively contributing to our state’s economy by cultivating venture capital activity.”
MVCA research has proven the Venture Upstart programs’ powerful long-term impact and potential. In the last five years, the number of venture capital investment professionals increased by 84 percent in Michigan, compared to a 13 percent decrease in investment professionals nationally. In addition the number of successful angel- and venture-backed companies has increased by 137 percent and 66 percent respectively, over the same period. More research on the growth of the angel and venture industries in Michigan can be found at www.michiganvca.org.
About The Michigan Venture Capital Association
The Michigan Venture Capital Association 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. Michigan Venture Capital Association members include private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants. More than 200 individuals are members of the Michigan Venture Capital Association, representing 100+ organizations across the state. For more information, visit www.MichiganVCA.org.