The good news is that Ann Arbor
is the center of venture capital activity in Michigan. The bad news is that the growing
industry that provides the mother's milk for new economy start-ups needs more
cash to properly compete, according to a new report.
Excerpt:
Until a few years ago, Michigan didn't have much of a venture-capital
industry because its economy revolved primarily around the auto industry.
Today, the state has a small, but growing, venture-capital community
concentrated in Ann Arbor.
Since 2002, nine venture firms have been created in Michigan, according to
the report. And Michigan venture firms' total
capital under management has soared by 83% to $1.1 billion, with 28% of this
money invested in Michigan.
"Overall, Michigan's
venture-capital industry has experienced growth, but still has progress to
make," the report states.
Read the rest of the story here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.