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MEDC Staff
Tuesday, April 11, 2017
Michigan’s impressive rate of venture capital growth documented in MVCA’s report
There’s growing confidence in Michigan’s entrepreneurial and investment community.
And that optimism is reflected in the figures from the 2017 Michigan Venture Capital Association Annual Research Report, released April 11.
“Michigan’s venture investors are a crucial piece of almost every early-stage deal done in the state, making them a critical funding source for 141 venture-backed companies in Michigan and launching the high-growth, high-potential businesses that will keep Michigan’s economy moving forward,” said MVCA Executive Director Maureen Miller Brosnan.
In 2016, 54 startups in Michigan received more than $222 million from Michigan venture capital firms, a 42-percent increase in the last five years and total venture capital under management in Michigan was $4 billion, an increase of over 30 percent. Additionally, the number of venture capital firms remained steady with 33 venture firms headquartered or with an office in Michigan.
“Michigan sits at the crossroads of automotive ingenuity and the spirit of entrepreneurism, and this year’s research lays the baseline for future measurement in this exciting, emerging area of expertise,” she said.
Inarguably, the state is recognized as the global automotive capital. But another reputation is emerging as the home to up-and-coming start-up companies.
Because of the timely combination of strategic economic development decisions by the state and in-state assets (top-tier universities and engineering pool), Michigan is building an investor-friendly community, inspired by its entrepreneurial zeal and innovation legacy.
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