An ongoing discussion in Michigan’s entrepreneurial and investment community is the increasing need for capital to fund entrepreneurs. As noted in the 2017 MVCA Research Report, an estimated $504 million of additional venture capital will be required to adequately fund the growth of Michigan’s 141 startup companies in the next two years. Capital for seed and early-stage investment is particularly important since local investors are often the first to identify innovative companies in the area, provide buy-in to out-of-state syndicate partners, and support a startup’s growth through their network and resources. Without capital, Michigan is at risk of losing in-state talent and companies if they relocate to an area where there are greater opportunities for funding (MVCA Associate Director, Emily Heintz dives more in-depth on this topic in her research series post).
A West Michigan scientist will join a team of entrepreneurs in a two-year program to enhance the development of their respective technologies.
Tom Guarr, co-founder and chief scientist of Jolt Energy Storage, was selected to participate in the Chain Reactions Innovation program sponsored by the Department of Energy’s Advanced Manufacturing Office and Office Energy Efficiency and Renewable Energy, as well as Argonne National Laboratory.
Detroit startup Golfler, a company that builds course management software for golf facilities, has been acquired by Dallas’ Supreme Golf. Terms of the transaction were not disclosed. [Read Grace Turner's full article at dbusiness.]
Kyyba Innovations along with the event host IoT Tech Connect, announced on Monday that AvidCor was named the winner of the IoT Tech Connect Pitch Club Competition. According to IoT Connect and Kyyba Innovations, AvidCor is a health technology company based in Michigan that provides an affordable cardiac monitoring device through bluetooth-connected smart devices. The company will receive $50,000 equity investment and support services from Kyyba Innovations, as well as mentorship from the organization’s extensive network. [Read Samantha Hurst's full article at Crowdfund Insider.]