Portfolio, Pipeline, and Partners event to be held in Lansing May 24th
May 17, 2022
Grand Rapids, Mich. – Success in the business world can be derived through many different methods and is often attributed to hard work, passion, creativity and a relentless pursuit to deliver great customer value. However, former Yahoo executive and best-selling author, Tim Sanders, reminds us of another factor driving success. He proffers that ‘your network is your net worth.’
While this six-word quip may not account for every business’ upward trend, the organizers of this year’s Spring Angel Investing Networking Event recognize the importance that networking and business associates play in the growth of any venture.
“One of the most essential factors in supporting our state’s entrepreneurial ecosystem is the connection that needs to happen between entrepreneur and investor,” said Diane Durance, Executive Vice President at Michigan Capital Network (MCN). “If that connection doesn’t occur at the right time, the startup business may never get the fuel it needs to grow and flourish.”
Durance should know. Connecting investors with entrepreneurs is a key part of MCN’s approach. As the state’s largest association of regional angel investing groups, the organization not only brings capital to the process but also a network of business leaders who can help open doors for startup CEOs.
“We clearly understand that building networks go hand-in-hand with building a business,” said Durance.
Because of that, MCN is partnering with Tech Town, Detroit’s Catalyst Angel Program, and Commune Angels to host this year’s Portfolio, Pipeline and Partners event on May 24, 2022, at the MSU University Club in Lansing. The event will feature education sessions, a networking reception and a dinner featuring a keynote presentation. The overarching goal of the event is to further diversify and strengthen the economic climate for startups in Michigan, especially women and minority owned ventures. Business executive and best-selling author, Dr. Melvin Gravely, will serve as keynote speaker. Just last year, Gravely published the book, Dear White Friend: The Realities of Race, the Power of Relationships, and Our Path to Equity, which crystalized the challenges facing minority investors and startup businesses owned by women and minorities.
“We know that angel investing is highly relational and insular, which is why communities of color and women have not historically been included in the opportunities it affords its participants,” said Dawn Batts, Co-founder of Commune Angels. “By using inclusive best practices like removing jargon and providing welcoming and accessible spaces, we expect minority and women investors and founders at the event to become a visible participant of the Michigan ecosystem.”
A recent report by the Michigan Angel Community shows that interest in early stage funding has returned in earnest following an expected decline in 2020 due to the global pandemic. 2021 angel investing dollars were up nearly seven percent from 2019 totals and the trend continues to be very positive this year.
Representatives from the Michigan Economic Development Corporation (MEDC) say if more capital is funneled toward women and minority businesses, the angel investing market and the overall economy in Michigan would grow even more dramatically. New investors with new entrepreneurs will mean new jobs for our state.
“MEDC is committed to creating upward economic opportunities in our state and recognizes the tremendous value in supporting equitable investments in women and minority-owned startups,” said LeTasha Peebles of the MEDC’s Entrepreneurship and Innovation initiative. “We see networking opportunities like those that will occur at the Portfolio, Pipeline and Partners event as essential to helping innovative startups get off the ground.”
The federal government is also putting funding into the effort to diversify angel investing. Just last fall, Tech Town Detroit received a $400,000 grant from the U.S. Economic Development Administration’s (EDA) as part of its Build to Scale Program. The program aims to accelerate technology entrepreneurship by increasing inclusive access to business support and startup capital. The grant will allow TechTown Detroit to work with other partners to recruit and train 200 high-net-worth individuals from Michigan who are underrepresented in the angel investor community and activate their potential as investors.
At the time of the announcement, Tech Town Detroit President and CEO Ned Staebler said, “Expanding the pool of angel investors to include more people who intrinsically understand the experience of founders of color and women is critical to unlocking more high-risk capital and creating a more robust innovation ecosystem.”
About 200 current and prospective investors from throughout the state are scheduled to attend this year’s event which is sponsored by a number of leading businesses and organizations in the state including Atomic Object, Michigan Economic Development Corporation, Rocket Loans, NPF Investment Advisors, The Hire Effect and Connect Space.
“I’m extremely proud that we’re able to partner with other great organizations to grow new and emerging markets in the state and strengthen our overall economy,” said Paul D’Amato, CEO and Managing Director of MCN. “By working together, from seed and early stage investing to IPOs, we can strengthen the investment continuum for women and minority owned startups as well as all entrepreneurs.”