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.]
In January, Jeff Wesley was named the executive director of Red Cedar Ventures! Prior to joining Red Cedar Ventures, he was the CEO of Two Men and Truck International. He also served as the President of Accu-Bite Dental Supply, after beginning his career at Deloitte. Wesley has significant experience in leading and scaling private companies to record success.
In this exclusive guest post, Wesley shares what the firm looks for when investing in a startup and why he’s bullish about the future of Red Cedar Ventures.
LANSING – Jeff Wesley has been named executive director of Red Cedar Ventures by the Michigan State University Foundation. He will focus on managing and growing the company’s venture investment portfolio of companies commercializing intellectual property created at MSU.
Read full story, here.
Wesley brings management expertise to Red Cedar's growing startup investment portfolio
LANSING, Mich., Jan. 16, 2018 /PRNewswire-USNewswire/ -- The Michigan State University Foundation (MSU Foundation) announced today that it has named Jeff Wesley as executive director of its wholly owned venture investment subsidiary, Red Cedar Ventures. Wesley's focus will be on managing and growing the company's venture investment portfolio of companies commercializing intellectual property created at Michigan State University.
Read the full news release, here.
EAST LANSING — A new venture capital firm formed by Michigan State University’s research foundation targets a critical need for early-stage capital for startups in the state.
The MSU Foundation created Red Cedar Ventures and its two funds to make pre-seed and follow-on investments in startups and technologies spun out of university labs. Red Cedar Ventures follows the MSU Foundation’s investment in the last four years of $2 million in pre-seed funding for more than 20 companies.
Read the full story, here.