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Article: State homeland security to get own VC fund; investors sought.(venture capital)(Michigan's Homeland Security)
- Article from:
- Crain's Detroit Business
- Article date:
- September 8, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Chad Halcom
Homeland security, a growth industry already courted by the state for investment, will soon get its own private and industry-specific venture capital fund in Michigan.
The Michigan Homeland Security Resource Fund, a venture capital fund formally incorporated in late July, is seeking investors for capital this week, and organizers hope to have $5 million by year's end.
"There is a very big need. I think we can establish the demand (for capital),'' said Stephen Potter, president of Walled Lake-based Patriot Services Corp., who sits on the fund's board of directors.
"Since the field (homeland security) is still ...