VC experts say Michigan should be optimistic

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.” Read the entire article here.