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Michigan Economic Development Corporation Board Chair Awarded Top Honors by Israeli Political Leaders for High-Tech Work

Thursday, October 07, 1999

Kathleen McMahon
(517) 335-4590

The Michigan Economic Development Corporation today announced that Richard D. Snyder, chair of the corporation's board, will be honored in Jerusalem next week with the Albert Einstein Technology Medal as part of the first-ever senior-level, high-tech mission to Israel. Sponsored by Jerusalem Mayor Ehud Omert, Haifa Mayor Amram Mitzna, Raanana Mayor Zeev Bielski, Rehovot Mayor Shuki Forer, Ariel Mayor Ron Nachman, and The Jerusalem Fund of Aish HaTorah, the American delegation will explore strategic partnerships with Israel's top firms in Silicon Wadi from October 11 - 16, 1999. They will also meet with Israel's top leadership. "No one is more deserving of this award than Rick Snyder," said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation. "His vision for the advancement of technology has helped establish businesses and redefined the computer world. Today, through his investment firm, his willingness to take risks is helping Michigan's great high-tech ideas get into the marketplace where they can impact people's lives." The Albert Einstein Technology Medal salutes the vanguard of the high tech industry. According to the Jerusalem Fund, Albert Einstein's uninhibited curiosity led him to monumental achievements, like those who will be receiving this tribute. The award also honors the spirit of partnership in perfecting the world, or tikkun olam. Snyder is the founder and president of Ann Arbor-based Avalon Investments, a high-tech venture capital company targeted at investments in technology oriented ventures. Prior to Avalon Investments, Snyder served as Executive Vice President and then President and COO of Gateway, Inc. "Rick is an extraordinary businessman," Rothwell said. "Most admirably, he is giving the people of the state of Michigan his time and knowledge and vision for the future to secure Michigan's economy in the new, high-tech business world." The Jerusalem Fund of Aish HaTorah is sponsoring the mission in order to nurture a special connection between high tech industry leaders and Israel. Israel's dynamic high tech sector is no secret. Of the $2 billion in foreign investment in 1998, 46% was in high tech. The mission seeks to bolster high tech investments in Israel's cutting-edge companies to the mutual benefit of American and Israeli companies.