Venture capital may be the key to growing out Michigan's emerging
sectors. And though the state is lagging behind when it comes to VC
when compared to other areas of the country, experts say there are
still reasons to keep our chin up.
Excerpt:
Though Michigan lacks the venture capital available in some other parts
of the country, the roughly 25 venture funds targeting Michigan
businesses will become increasingly important amid efforts to diversify
the state’s economy, a panel of venture capital experts said Wednesday
morning.
...
Chris Rizik, CEO and fund manager of the Renaissance Venture Capital Fund,
told business leaders in attendance the venture funds are key to growth
in emerging sectors such as health care and alternative energy.
Companies
with venture-backed origins have annual revenue growth 50 percent
higher than the average company, Rizik said, and the average position
at a venture-backed company pays $70,000.
"These are new jobs,
in new industries, that allow areas to diversify," he said. "If you
look at other parts of the country that have experienced growth over
the last 20 to 30 years, venture capital has played a big role."
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