Editor's note: This story is part of Southwest Michigan's Second Wave's On the Ground Kalamazoo series.

 KALAMAZOO, MI – Enterprising entrepreneurs, innovative creators, and overlooked small business operators have a new source of venture capital, Southwest Michigan’s first Black-owned investment fund.

The new $50 million Kalamazoo Forward Ventures was launched Tuesday by a group of professionals who have established themselves in real estate development, finance, business management, area government, and technology.

“Kalamazoo Forward Ventures is a fund that will be investing in under-represented business founders, driven innovators, and unique start-ups,” says Jamauri Bogan, a general partner in KZFV and chief executive officer of Bogan Developments.

Al JonesVon Washington Jr. makes comments during the Tuesday, Sept. 24, 2024 launch of Kalamazoo Forward Ventures.Its mission is to provide early-stage investments to growth-oriented but often under-represented businesses. Partner Dwayne Powell Jr. says those include businesses owned by minorities, women, the handicapped, the LGBTQ community, and “anyone who is not at the table.”

“We understand that traditional businesses are oftentimes being funded and started by traditional white males,” says Powell, who is CEO and Co-founder of UAE Workforce Solutions. He said the new fund is an answer to the question: “So how do we support people outside of that group?”

The fund, which was officially launched with a reception on Tuesday, Sept. 24, 2024, at the Kalamazoo Country Club, is not a philanthropic venture. Former Kalamazoo

Al JonesEric Cunningham has a moment with his baby daughter during the Tuesday, Sept. 24, 2024 launch of Kalamazoo Forward Ventures.Mayor Bobby Hopewell, who is a general partner in Kalamazoo Forward Ventures, says it is a for-profit organization. “So we’re going to work and invest and look at how we grow. And we’re going to try to build profits for this organization as well so that we can do this again and again and again.”

He says the fund will make some mistakes as it gets started but it will strive to empower individuals who refuse to be defined by traditional limits. “That’s the space that we want to see in our community grow, build, and gain opportunities — to change this place; to create a generation of entrepreneurs that look different than what we see today.”

The fund plans to invest in three focus areas: Venture Capital — making investments in technology and high-growth start-up companies; Real Estate — providing funding to lead residential and mixed-use property development projects; and Mainstreet Projects — providing capital and connections to support the economic vitality and growth of mainstreet businesses.

Al JonesAn audience of about 120 people gathered on Tuesday, Sept. 24, 2024 for the launch of Kalamazoo Forward Ventures.“This is a day of opportunity for visionary entrepreneurs struggling to find start-up capital and assistance,” says Eric Wimbley, CEO and Founder of First Line Risk Management and a managing partner of KZFV.

Bogan says, “Our real estate side will focus on affordable housing here in Kalamazoo, And our Mainstreet fund will work on improving our ecosystem and investing in the growth of our businesses here.”

“Mainstreet” includes such things as barber shops, restaurants, retailers, and manufacturers.

“I think it’s a great idea because we’re investing in people who have been disenfranchised for a long time,” says Kalamazoo County Housing Director Mary Balkema, one of about 120 people to gather on Tuesday evening. “If we can invest in their businesses and their ideas and have it revolving and give them the tools they need to succeed right along the way, it’s a great day.”

Al JonesAn audience of about 120 people gathered on Tuesday, Sept. 24, 2024 for the launch of Kalamazoo Forward Ventures.Twala Lockett-Jones and Kenneth Jones, owners of Lockett-Jones Realty in Kalamazoo, say they’re excited about the possibilities.

“I think it is amazing, especially for under-represented people of color and women,” says Lockett-Jones. “I think this is going to be a game-changer for us.”

Along with Bogan, Hopewell, Powell, and Wimbley, the Kalamazoo Forward Ventures partners include: Eric Cunningham, former member of the Kalamazoo City Commission; Daniel Jefferies, founder of Newmind Group; and Von Washington Jr., executive director of community relations for The Kalamazoo Promise.

“We all have done similar types of work — investing and taking a look at it,” says Washington, who is also a former associate vice president at Southwest Michigan First. “And every time you look at it, you realize there are gaps for individuals who just haven’t had the access and the opportunity. So we just got talking about it and said hey it’s time to do something. What can we do to try to help our community? And it looked like the best way to do it is to invest in people and their ideas.”

Al JonesAn audience of about 120 people gathered on Tuesday, Sept. 24, 2024 for the launch of Kalamazoo Forward Ventures.Powell says, “All of us have been working in the community for 10-plus years and we’ve seen that there is a gap in our funding where we know that we needed something for us, by us that created opportunities for the under-represented.”

He says the $50 million was acquired from several limited partners.

“Our goal is for this to be the first round and then we come out with a second round,” Powell says. “Our goal is to have this ongoing and make this extremely profitable so we can have more investors in the future. It’s our goal to grow this and to create more impact and to have it ongoing.”

Speaking of the city’s role in supporting economic growth, Kalamazoo Mayor David Anderson says, “Our whole intent is addressing intergenerational poverty. And you’re not going to do that with an expanded social welfare system. You have to give people an opportunity to build a life of their dreams. And this is another piece of the puzzle to do that.”

Pamela Roland, director of Kalamazoo Junior Girls Organization, says she is excited about the initiative and the people behind it. But she wants to know more.

“I’m just waiting to see in which ways we, as a community, can come together to help out the businesses and the various partners,” Roland says.

Washington says KZFV really wants to invest in human capital to change the human condition. People with plans will be invited to pitch them for funding. But their plans have to be vetted “and the idea has to have some merit and be ready to go.”

Al JonesFrom left, former Kalamazoo Mayor Bobby Hopewell introduces partners in the new Kalamazoo Forward Ventures. They include Jamauri Bogan, Eric Wimbley, Von Washington Jr., and Dwayne Powell Jr.“We hope that it provides access for individuals who have great ideas but just haven’t been able to put those ideas together with the process and with the funds that they need to be able to dream big,” says Washington, who is and will continue to serve as executive director of community relations for The Kalamazoo Promise. 

“So we hope that someone will see us tonight and go ‘Wow, I can dream.’ We want to be a part of that process and that journey for many individuals who are at home stuck on 1 (the first step) because they can’t think about what it might cost.”