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Article: Where's VC cash? UM spinoffs, Ann Arbor companies early winners; 84% of state money not deployed.(venture capitalists )(University of Michigan )
- Article from:
- Crain's Detroit Business
- Article date:
- July 27, 2009
- Author:
CopyrightCOPYRIGHT 2009 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: TOM HENDERSON
So far, the University of Michigan and Ann Arbor-based firms are the big winners in early investing from two state funds, the Venture Michigan Fund and the 21st Century Investment Fund.
Twelve Michigan companies have received funding from the funds. Of eight Ann Arbor companies, seven are UM spinoffs.
But getting the $204 million from those funds into the hands of local and national venture capitalists and private-equity firms was a longer and more difficult task than anyone envisioned.
And 84 percent of the money has yet to be deployed from the investment groups to individual businesses.
The VMF ...
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