175 karma · joined September 29, 2011
It was...to date, the strongest representation of Michigan VCs I've ever seen gathered together at the same time. Absolutely overwhelmed by this group and the interest they had in health tech in the region.
At the same time, had the privilege of meeting a young Entrepreneur who went from founding Avomeen, to creating a very young startup called Labdoor. He's out of Ann Arbor. I'd bet on this kid in a second...he'll do massive things.
I initially thought the same about lack of funding, but it is not true. There are numerous funds as well as angel investors across the state of Michigan that are poorly connected, and historically as a region we've done a poor job of highlighting accomplishments of up-and-comers. We're trying to improve this dynamic.
http://www.xconomy.com/detroit/2012/07/18/steve-blank-on-det...
Companies like Quicken (mentioned in the article) provide significant incentives to get their 4k+ employees to relocate downtown. And it's working...
It's funny that national media (and even our local newspapers here in Detroit) tend to write-off the American autos as out of touch. Not discounting this sentiment, but they are making moves...
The Ford family have been investing in auto tech like P2P car-sharing (Wheelz) via the investment fund, Fontinalis Partners. Meanwhile, GM Ventures is investing resources into startups like RelayRides.
Folks like Steve Blank seem to be taking note of the region's efforts. We hosted him last month and his investment into the Michigan eLab (Venture Fund) in your neck of the woods (Ann Arbor) seems to be a strong indicator that something is here...
With regard to the latter, that's one fight we're making our own, in the hopes that our combined efforts can foster a more united scene here in MI.
You have to admit...TC has an interesting habit of glorifying the funding round, and as Gary Vee would tend to agree (see the first link in the article), what should be glorified is the bootstrapped startup that manages to attain profitability on its own.
There's a local startup we recently interviewed (article coming soon to the site) that bootstrapped it's way to roughly 3.5mm in annualized revenue in just a few short years.
We aim to be the Techcrunch of our region, but it's so much bigger than that. It's about fostering community as it starts to develop in your region.
Moreso, a call-to-action, and a request to put things in proper perspective, as opposed to judging the quality of your startup against the TC darlings who raise $41mm in a series A. ;)