FOR IMMEDIATE RELEASE – JULY 11, 2012 — ANN ARBOR, MICH. — The Michigan Venture Capital Association’s (MVCA) programs to develop the state’s investment community are helping venture capitalists and their portfolio companies attract and retain top talent.
As part of its Michigan Venture Fellows Program, MVCA recently placed fellows at member firms Detroit Venture Partners and Open Prairie Ventures. The organization also awarded funding for CEO Placements to ArborMetrix, a firm backed by MVCA member Arboretum Ventures, and ProNai Therapeutics, backed by MVCA member Apjohn Ventures. MVCA member firms Plymouth Ventures and RPM Ventures received funding through the Executives in Residence program.
“Finding, recruiting and developing top talent is a critical need for both investment firms and their portfolio companies,” said MVCA board chair and Arboretum Ventures managing director Tim Petersen. “MVCA’s programs to help VCs and venture-backed companies fill a void while shining a light on the opportunities that exist in our state for both investment professionals and C-level talent that want to work for entrepreneurial ventures.”
The MVCA’s Michigan Venture Fellows, CEO Placement and Executives in Residence programs are funded by the Venture Upstart II allocation from the Michigan Economic Development Corporation (MEDC). The Michigan Venture Fellows Program is intended to create the next generation of venture capitalists and investment professionals in Michigan. The Executives in Residence and CEO Placement programs are designed to support the eventual placement of an executive into a portfolio company’s operations post-investment or find and hire a qualified CEO candidate for a portfolio company.
Jared Stasik, a recent graduate of UC-Berkeley, and Sam Hogg, former director of venture development at NextEnergy, are participating in the MVCA Fellows program. Stasik is joining Detroit Venture Partners and Hogg is joining Open Prairie Ventures.
ArborMetrix and ProNai Therapeutics received funding CEO Placements awards from MVCA. The funding will be used to execute CEO searches, which both firms are currently conducting.
Plymouth Ventures welcomed Kevin Terrasi and RPM Ventures welcomed Kurt Skifstad into their firms for a period of deal sourcing and advisement, with an ultimate goal of placing these executives in a leadership role at a portfolio company. Terrasi and Skifstad both bring operational experience to their venture firm sponsors.
Michigan venture capital firms participating in the Michigan Venture Fellows program receive assistance in hiring an associate. Michigan venture capital firms may apply for a loan award to assist with the first year salary of an Executive in Residence or a CEO for a Michigan-based portfolio company. The CEO Placement loan award may also be applied toward the recruiting fees incurred in finding an entrepreneurial CEO.
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
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