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:6/23/2016)... TORONTO , June 23, 2016 /PRNewswire/ - ... Ontario biotechnology company, Propellon ... the development and commercialization of a portfolio of ... cancers. Epigenetic targets such as WDR5 represent an ... contribute significantly in precision medicine for cancer patients. ...
(Date:6/23/2016)...  The Biodesign Challenge (BDC), a university competition that ... living systems and biotechnology, announced its winning teams at ... New York City . The teams, ... at MoMA,s Celeste Bartos Theater during the daylong summit. ... curator of architecture and design, and Suzanne Lee ...
(Date:6/23/2016)... Ky. , June 23, 2016 ... two Phase 1 clinical trials of its complement ... placebo-controlled, single and multiple ascending dose studies designed ... pharmacodynamics (PD) of subcutaneous injection in healthy adult ... subcutaneously (SC) either as a single dose (ranging ...
(Date:6/23/2016)... ... June 23, 2016 , ... Regulatory Compliance Associates® Inc. (RCA), ... free webinar on Performing Quality Investigations: Getting to Root Cause. ... no charge. , Incomplete investigations are still a major concern to the Regulatory ...
Breaking Biology Technology:
(Date:6/3/2016)... 3, 2016 Das ... Nepal hat ein 44 ... geprägter Kennzeichen, einschließlich Personalisierung, Registrierung und IT-Infrastruktur, ... Produktion und Implementierung von Identitätsmanagementlösungen. Zahlreiche renommierte ... Januar teilgenommen, aber Decatur wurde als konformste ...
(Date:6/2/2016)... The Weather Company , an IBM Business (NYSE: IBM ... which consumers will be able to interact with IBM Watson ... or text and receive relevant information about the product or ... long sought an advertising solution that can create a one-to-one ... valuable; and can scale across millions of interactions and touchpoints. ...
(Date:6/1/2016)... YORK , June 1, 2016 ... Technology in Election Administration and Criminal Identification to Boost ... to a recently released TechSci Research report, " Global ... By Region, Competition Forecast and Opportunities, 2011 - 2021", ... 24.8 billion by 2021, on account of growing security ...
Breaking Biology News(10 mins):