ANN ARBOR – The new president of the Michigan Venture Capital Association has three goals she hopes to accomplish during her tenure in office this year – goals she hopes will increase the capital under management in Michigan.
MVCA President Jan Garfinkle, Managing Partner and Founder of Arboretum Ventures in Ann Arbor, said she hopes to implement a research and development program for MVCA, create five entrepreneurs in residence positions that would be funded through grants from the 21st Century Jobs Fund and create a Venture Capital index for Michigan to track investments made in Michigan companies and by Michigan-based venture capital firms.
Garfinkle also said she has been in touch with managers at Credit Suisse First Boston, who were selected by the state to manage the Venture Michigan Fund, a $150 million Fund of Funds that would in turn invest money into Venture Capital companies that invest in Michigan technology startups.
The hold up on making the fund active has been trying to find Michigan corporations to back the tax vouchers that would guarantee the funds invested in the Venture Michigan Fund. Originally, the investments would be backed by the Single Business Tax. But the SBT will be phased out, perhaps as early as Dec. 2007. Despite these obstacles, Garfinkle said she expects the fund to become active in the second quarter of this year.
For more information on the Michigan Venture Capital Association, click on MichiganVCA.Org
