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

b>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.


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SOURCE Michigan Accelerator Fund I, L.P.
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