Wednesday, June 11, 2003
Governor Focuses on Michigan’s Investment Opportunities at Venture Capital Reception
Governor Jennifer M. Granholm launched the Michigan Growth Capital Symposium with a challenge to approximately 100 Michigan and national venture capitalists to not overlook the many opportunities springing up in Michigan that could mean big returns for their funds.
“Michigan’s leadership in automotive technology, homeland security and the life sciences is resulting in exciting new opportunities for entrepreneurs and venture capitalists alike,” Granholm said in a pre-event gathering Tuesday evening. “We invited fund managers here to expose them to some of these opportunities, and hopefully to get some deals done that will help Michigan’s most promising new companies reach their potential.”
Granholm pointed to the Michigan Life Sciences Corridor initiative, with more than 50 new Michigan life sciences companies created in the past three years, as one of many indicators of the state’s high-tech success. She also noted that Michigan’s major research universities and private research centers are a hotbed for the creation and commercialization of new technologies.
“Michigan is number two in the nation for industrial research and development,” Granholm said. “Research and development has led to an explosion of commercialization opportunities and launching pads for smart new companies.”
Granholm and the Michigan Department of Treasury also used the reception as an opportunity to encourage the venture capital firms that receive investments from Michigan’s pension fund to put their funds to work in emerging Michigan companies.
“Michigan is home to dozens of new, fast-growing, high-tech companies that offer terrific investment options,” says State Treasurer Jay B. Rising. “It is important that we take this opportunity to introduce the state’s investment partners and fund managers to these firms so they can evaluate the outstanding investment opportunities that exists here.”
The 22nd Annual Michigan Growth Capital Symposium is a two-day event beginning today at the Ann Arbor Sheraton Inn. The symposium provides an interactive forum for national venture capital and private equity industry leaders, high growth technology companies and entrepreneurs. As one of the Midwest’s premier venture capital events, the symposium has helped presenting companies raise more than $680 million over the past 21 years.
The Michigan Venture Capital Association and the Michigan Economic Development Corporation have lead roles in organizing the event. More information is available on the symposium’s Web site at www.michigangcs.com.
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