Navigation Links
West Michigan Launches $10 Million Early Stage Venture Fund to Support Life Science & Technology
Date:8/16/2010

GRAND RAPIDS, Mich., Aug. 16 /PRNewswire/ -- Michigan Accelerator Fund I, L.P., today announced the formation of the community's first venture capital fund formed specifically to support early stage life science and technology companies: the Michigan Accelerator Fund 1 (MAF1).

The new fund is made possible through a $6 million award from Michigan's 21st Century Jobs Fund, a program of the Michigan Economic Development Corporation (MEDC) focused on jump-starting new investments in high-growth industries around the state.  Additional investments by regional partners will bring the Fund's total to $10 million, with the total raise expected to be complete in early 2011. Fund investment activity is expected to begin in early 2011.

MAF1 was developed specifically to leverage the hundreds of millions of dollars already invested in West Michigan's science and research infrastructure by filling the region's early stage funding gap. The Fund will drive forward the new economy of Michigan, providing a path to funding and partnerships for the commercialization of new regionally developed opportunities.  MAF1 presents its university and research institution partners with a fresh channel for technology transfer funding.

While MAF1 will focus on healthcare and life sciences investments, a portion of its funding plan will be allocated to other important Michigan industries such as advanced manufacturing, alternative energy, and homeland security.

MAF1 is sponsored and supported by leading West Michigan investors, research organizations and socio-economic stakeholders, including:

  • Grand Valley State University
  • Van Andel Research Institute
  • Hope River Ventures
  • West Michigan Science & Technology Initiative
  • Grand Angels
  • Michigan State University Foundation
  • The Right Place
  • Lakeshore Advantage

MAF1 will be managed by John Kerschen and Dale Grogan, principals at The Charter Group, a Grand Rapids-based merger and acquisition advisory firm.  

"This Fund reflects the collaborative spirit and forward-looking leadership that has typified West Michigan over the years.  We have an opportunity to accelerate the development of high-growth industries and the creation of knowledge-based jobs – both of which are necessary for long-term economic success across our region," Kerschen said.

Kerschen also noted that while more than 20% of the country's research expenditures and patents occur in the Midwest region of seven states, less than 6% of venture capital investments occur in the region.  

"We cannot simply wait and hope this situation changes.  This Fund will help us more effectively chart our own economic path in the years ahead."

In addition to providing early-stage capital for high-growth businesses, MAF1 will also include a number of programs aimed at enhancing the support infrastructure for emerging companies.  These include:

Mentor-in-Residence Program:  Two to three mentors will be identified who have deep industry and scientific expertise and are willing to proactively incubate opportunities until they are successfully launched.

Student Internships:  As many as 10 Grand Valley State University Seidman School of Business students will be offered summer internships during the fund's initial five years of operations.


'/>"/>
SOURCE Michigan Accelerator Fund I, L.P.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. The Michigan Life Sciences Pipeline Adds More Resources On Its Website
2. Michigan Innovation Equipment Depot Launches Next Phase of Distribution
3. The Michigan Life Sciences Pipeline Announces New Best Practices Seminars Tailored to Michigan Businesses
4. New Report on 633 Biotechnology Medicines Under Development Released in Michigan
5. The Michigan Life Sciences Pipeline Announces The Funding Place(TM) and Other Resources to Connect Investors and Startups
6. MichBio Expo Will Feature Sessions for Michigan Manufacturers Interested in Entering Medical Device Market
7. West Michigans Newest Medical Device Company Receives Support from the West Michigan Science & Technology Initiative and EDF Ventures
8. Automation Alley Releases Report on State of Southeast Michigans Technology Economy
9. Michigan Company Founded upon What Could Be History's Most Important Breakthrough in AI and Robotics
10. EcoSphere(R) Biolatex(TM) Secures Funding from Granholm and Invest Michigan!
11. MichBio Will Publish 2009 Michigan Biosciences Directory and Resource Guide
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/24/2017)... 2017  Today, the Fisher Center for Alzheimer,s Research ... important study that could lead to the development of ... disease. This groundbreaking research was conducted by the Fisher ... Laureate Dr. Paul Greengard , in the quest ... Fisher Center scientists have linked a mutation that protects ...
(Date:1/23/2017)... , Jan. 23, 2017  Spherix Incorporated (Nasdaq: ... committed to the fostering of technology and monetization of ... patent infringement lawsuits. Anthony Hayes , ... 2017, we will continue to communicate with shareholders about ... and our due diligence on other patent assets that ...
(Date:1/23/2017)... -- Atlas Genetics Ltd., the ultra-rapid Point-Of-Care (POC) ... financing, raising $35 million from a syndicate including all Series ... ... Atlas Genetics io® system has been completed with the successful ... February 2016.  This new Series D equity issue will finance ...
(Date:1/23/2017)... ... January 23, 2017 , ... AxioMed will be presenting ... annual meeting in Montego Bay, Jamaica from January 26-28th. “We’re excited to be ... surgeons to experience the simplicity of the surgical technique,” said Jake Lubinski, President ...
Breaking Biology Technology:
(Date:12/22/2016)... , December 22, 2016 SuperCom (NASDAQ: ... secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors ... SuperCom, has been selected to implement and deploy a community-based supportive ... Northern California , further expanding its presence in the ... This new ...
(Date:12/20/2016)... and GENEVA, Dec, 20, 2016   Valencell ... sensor technology, and STMicroelectronics (NYSE: STM), a ... of electronics applications, announced today the launch of ... for biometric wearables that includes ST,s compact ... Valencell,s Benchmark™ biometric sensor system. Together, SensorTile ...
(Date:12/16/2016)... , Dec. 16, 2016   IdentyTechSolutions ... Identity management products and solutions and a cutting-edge ... today that it is offering seamless, integrated solutions ... security entrance products. The solutions provide IdentyTech,s customers ... secure their facilities from crime and theft. ...
Breaking Biology News(10 mins):