KALAMAZOO ? State Treasurer Jay Rising will participate in a panel discussion February 1 at the Southwest Michigan Innovation Center that will provide an update of the state-backed Venture Michigan Fund. The panel follows the monthly First Tuesday investment series sponsored by Southwest Michigan First.
Joining Rising at the February KVT will be Venture Michigan Board Member Thomas Kinnear, executive director, Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies, and Jason Burr, a partner with Arbor Partners, LLC. Both Kinnear and Burr were with Rising at the fall forum where Kinnear applauded Kalamazoo for its ?entrepreneurial spirit.?
The Michigan Venture Fund is a much-needed initiative that will give technology start-ups access to venture capital necessary to become successful job-producing companies.
Rising led a similar panel discussion in September at the Technology Marketplace 2004, an annual two-day version of the monthly event series. Both programs are designed to connect start-ups with early stage capital funding. Panel discussions and presentations at the fall event attracted 16 new venture capitalists not previously active in Kalamazoo forums. This year?s expanded KVT program will feature a series of panel discussions that will also draw from a pool of new venture capital interest throughout the state and the region.
?We?ve been very fortunate to receive continued support and leadership from Lansing,? said Barry Broome, CEO of Southwest Michigan First. ?Treasurer Rising’s participation at our September event was a big drawing card for the venture community. He has consistently demonstrated a personal commitment to driving Michigan?s economy forward and we?re anxious to hear about progress on the Venture Michigan Fund.?
Treasurer Rising is currently in the final stages of selecting a manager for the Venture Michigan Fund.
?Kalamazoo is helping perpetuate Michigan?s reputation as a great place for entrepreneurs to find financial backing and an experienced, proven talent pool,? Rising said. ?Michigan is home to the fastest growing life sciences cluster in the nation ? and Kalamazoo has played an important role in that. Continuing this momentum will be critical to Michigan?s economic future.?
The Venture Michigan Fund is expected to raise capital through the sale of debt instruments to Michigan-based banks, insurance companies and other corporations. The capital will be invested into venture capital firms with a significant Michigan presence. Governor Jennifer M. Granholm proposed the formation of the Venture Michigan Fund in her 2004 State of the State address as part of her plan to make Michigan a global economic powerhouse in the 21st century.
The Venture Michigan Fund was established as a Michigan non-profit corporation, governed by a seven-member board. Board members, appointed by the Governor, include the State Treasurer, the CEO of the Michigan Economic Development Corporation, a member nominated by the Michigan Venture Capital Association, a member nominated by the Speaker of the State House of Representatives, a member nominated by the State Senate Majority Leader and two members with experience in finance and business investment.
KVT is a monthly investment series held the first Tuesday of each month at the Southwest Michigan Innovation Center. It connects start-ups with capital and showcases business plan presentations from life sciences and technology-based companies. At each meeting, at least three aspiring new companies present their plans to an audience of about 75 experts in the fields of business development and venture fund investments, local business leaders, and fellow entrepreneurs. These companies receive critical feedback to improve their business model and presentation approach.
The Investing in Innovation programs are hosted by the Kalamazoo Bank Consortium, a formal association of eleven bank executives from Kalamazoo County who have come together to assist Southwest Michigan First in its economic development. The events are sponsored by Miller Canfield, Michigan Public Radio, The City of Kalamazoo, Arch Development Partners and the Small Business Technical Development Center.
?The banking community is excited to participate in the new venture initiatives of Southwest Michigan First because we recognize the importance of new business in driving the economy forward,? said John Paul, community president of Fifth Third Bank in Kalamazoo and chair of the Kalamazoo Bank Consortium for Innovation. ?State Treasurer Rising?s participating in the Kalamazoo Venture Tuesday forums sends a powerful message to the venture capital community that this is not just a local partnership, but an initiative that is supported at every level of the State of Michigan.?
Southwest Michigan First is an economic development organization providing business development, retention and attraction programs throughout Kalamazoo County. A privately funded, 501 (c) (3) non-profit corporation, SMF was formed by leaders in business and higher education to promote economic development. SMF provides entrepreneurs and established companies with a wide range of corporate business development services and support.
