KALAMAZOO ? Michigan Economic Development Corp. executive Stephen Haakenson has been named executive director of Western Michigan University’s Biosciences Research and Commercialization Center, effective Feb. 6.
Since 2006, Haakenson has been a program portfolio manager for the MEDC responsible for managing state investments in Michigan start-up companies.
“Over the past eight years, the BRCC has provided Michigan’s life sciences business sector with a greatly needed funding source for promising new business ventures,” Haakenson said in a press release. “I am eager to provide the financial expertise and resources I have acquired during my career to expand on the BRCC’s success and solidify its reputation as a supportive investor in Michigan’s growing entrepreneurial community.”
Haakenson fills a post that was held on an interim basis by John Balbach, of the Michigan Small Business and Development Center. Balbach led the BRCC after founding executive director Jack Luderer shifted to become associate dean for research at the WMU School of Medicine.
Haakenson is the former owner and manager of a privately held startup, and has an extensive background in private-sector finance with such companies as Government Leasing Co., Herman Miller Inc., Capital Bidco Inc. and FMB-First Michigan Bank.
Started in 2003 with a $10 million investment by the state, and located inside the Southwest Michigan Innovation Center on WMU ‘s Parkview campus, the BRCC has invested $10.1 million in 31 Michigan-based life science companies. Of those, 25 companies continue as viable entities, according to WMU. Sixty percent of the BRCC’s investments have been to firms in Southwest Michigan, and the balance have been to firms in the rest of the state.
The university was the recent recipient of $3.8 million in new funding from the state for additional life-science startup work. The $3.8 million fund, dubbed BRCC-II, is to be used ?to continue the center’s legacy of job business support and job creation,? according to the university.
“As we launch BRCC-II, I am very pleased to be welcoming Steve Haakenson as our new executive director,” Donald R. Parfet, chairman of the BRCC board of governors, said in a press release. The managing director of venture capital firm the Apjohn Group also said, “Steve (Haakenson) brings to the BRCC a strong background in supporting startup companies.”
Luderer, who continues to serve on the BRCC board of governors, said in the release, “We were fortunate to have several excellent applicants for this position. I am confident that Steve will be successful in leading BRCC-II, and this success will ultimately lead to BRCC-III so that the legacy of this WMU program continues.
“The continuation of the BRCC complements the life science-based economic development strategy of our region, and has the potential to be synergistic with the research efforts of the new WMU School of Medicine.”
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