Lt. Governor Garlin Gilchrist announced a partnership aimed at attracting and retaining investment professionals to Michigan. The collaboration between the Michigan Economic Development Corporation (MEDC) and the Michigan Venture Capital Association (MVAC) will work to accelerate the fundraising and deployment of capital into early-stage companies.
The MVCA will create a broad network of talent to grow Michigan startups and support Michigan’s venture capital ecosystem. The Michigan Strategic Fund is supporting the Venture Fellows Program with $500,000 in matching funds that will be used to increase the number of venture professionals in Michigan, helping to accelerate fundraising for early-stage companies.
To promote a diverse, equitable, and inclusive venture capital talent pool in Michigan, Lt. Governor Gilchrist brought together stakeholders to ensure the Venture Fellows Program prioritizes diversity, equity, and inclusion policies and practices. The program will help Michigan venture capital firms hire the next generation of venture fellows with diverse experiences and backgrounds.
The 2023 Venture Fellows Program will require candidates to have a track record of actively contributing to a diverse and inclusive community, a commitment to diversity initiatives, and diversity and inclusion training through MVCAcademy, a required one-day training for venture fellows.
Venture firms that participate will be required to:
- Be headquartered in Michigan or with a Michigan office.
- Be structured in a manner that has general partners receiving a percentage of the total investment capital each year.
- Be dedicated to building the entrepreneurial and investment community in Michigan.
- IfAssets Under Management are greater than $100 million, match at least 60%; if AUM is less than $100 million, match at least 40% of the venture fellow’s annual salary.
- Priority will be given to firms that do not already have an existing fellow.
Venture fellows who participate will be required to:
- Demonstrate significant ties to Michigan.
- Be interested in making a meaningful contribution to the Michigan entrepreneurial and
- investment community.
- Actively contribute to promoting the entrepreneurial and investment community.
To learn more about the Venture Fellows program, please visit this link.