On this episode of Fund Facts—a video series focused on venture capitalists, angel investors and other funders critical to Michigan entrepreneurial ecosystem—we connect with Patti Glaza, managing director of Invest Detroit Ventures.
As the venture capital arm of Invest Detroit, Invest Detroit Ventures is dedicated to creating thriving companies in Michigan by funding and supporting high-tech startups through a variety of methods. In addition to providing Pre-Seed, Early to Mid Seed and Series Seed and Series A investments, Invest Detroit Ventures has a team of experts across a variety of sectors who provide technical support to the state’s startup community. Since 2009, Invest Detroit Ventures has provided more than $13 million to 130 high-tech Michigan-based startups, attracting more than $800 million in additional investment and leading to 12 exits.
In this video, Patti sits down with the MEDC to discuss the kinds of companies Invest Detroit Ventures supports and the ways entrepreneurs can garner attention from investors, among other key takeaways:
Invest Detroit Ventures invests in high-tech, high-growth companies. This specifically refers to companies that can achieve more than $20 million in revenue over three to five years or companies with an exit potential of $100 million.
To get attention from investors, Patti says entrepreneurs should focus on two things: building a strong team and demonstrating a track record of success.
Invest Detroit Ventures is open to working with startups from any industry, as long as they have high-growth potential. Three companies that showcase the breadth of Invest Detroit Venture’s portfolio, and have received additional support from the MEDC, are Micro-LAM, Mi Padrino and Workit Health.
Micro-LAM founder Deepak Ravindra created a hybrid laser-diamond cutting tool called Optimus. The cutting-edge system addresses challenges faced by the advanced manufacturing industry while reducing cost and increasing productivity.
Mi Padrino is an event planning service that helps Latino families organize, plan and fund events. A mother of five, CEO and Founder Kim Gamez saw a need for a more efficient solution for organizing weddings, baptisms, quinceañeras and more for the Hispanic community.
Workit Health offers tailored additional treatment programs for recovery and prevention through an interactive online curriculum, coach support and medication-assisted treatment.
Invest Detroit Ventures is bullish on Michigan entrepreneurs and is seeing a wave of high-quality and mature startups breaking through the ecosystem. These startups are then creating talent pools that are growing and recycling back into younger startups—further strengthening Michigan’s ecosystem.
If you’ve got a high-tech startup idea you’d like to explore further and don’t know where to start, contact the Michigan Economic Development Corporation’s Entrepreneurship & Innovation Initiative at 888-522-0103 or visit https://www.michiganbusiness.org/entrepreneurship.
To contact a business development specialist, click here or call 1.888.522.0103.