Michigan Capital Network is pleased to announce the hiring of Emily Gilbert as the new Engagement Manager for the firm.
Emily brings a diverse skillset to this new role with MCN. She attended Grand Valley State University, where she obtained a bachelor’s degree in science and later earned a master’s degree in education. Upon graduation, she worked as a middle school instructor in the West Ottawa School District. Prior to starting her teaching career, she provided event planning, vendor account management and executive support while working with The Found Cottage, a specialty retailer in Hudsonville, Michigan.
In her new role, Emily will manage member-investor engagement with the MCN leadership team, support the local angel directors in their efforts to recruit new members, and will plan and coordinate events intended to grow membership in those local markets.
Please join us in congratulating Emily on her new role with MCN!
MCN leaders provide investment fund updates and industry assessment at annual Fall Fund Update event
September 14, 2023
2023 has been anything but a typical year in the venture capital and angel investing industry. After two years of remarkable VC activity, the first eight months of this year have seen investing and exits slow to a crawl – in part driven by global events including a sharp increase in U.S. interest rates and global geopolitical disruptions. But to MCN CEO and Managing Director, Paul D’Amato is optimistic we will see market trends rebound in the coming months.
Mr. D’Amato presented his assessment on the VC market at this year’s annual MCN Fall Fund Update on September 13, held at the Frederik Meijer Gardens and Sculpture Park. The event, sponsored by Warner, Norcross and Judd, Northern Trust, and Michigan Capital Network Association attracted both investors and entrepreneurs from all around the state. The dinner presentation included comments from Grand Rapids Mayor Rosalynn Bliss, brief updates from 13 MCN portfolio company CEOs, an acknowledgement of MCN’s 20years of existence, and a CEO roundtable discussion which provided insight on current and future economic forces for early stage companies.
The afternoon featured a series of investment fund updates and educational breakout sessions, followed by a networking reception where new relationships were built and long-time friends reconnected.
Connecting is what MCN does best. The organization is a connector between entrepreneurs and member-investors. It carefully conducts due diligence on entrepreneurs and their innovations, and connects them with interested investors.
During the dinner presentation, leaders from more than a dozen of the MCN portfolio companies provided brief updates to the audience. From innovative healthcare firms to software solutions to precision technology, the executives updated the audience on their product development and business progress.
“This is the second year we have done the two-minute update format for our portfolio companies,” said Meagan Malm, Principal at MCN.
“We consider this a great way for our members to hear directly from the CEOs about how the companies are moving forward and what investors can expect in the coming months.”
Paul D’Amato took a few minutes after the main course to remind the audience of the history and impact of MCN. As Mr. D’Amato explained, the foundation for the organization was cast by several Grand Rapids area business leaders back in 2003 with the establishment of Grand Angels. Several months later, Jody Vanderwel was named president of Grand Angels, setting in motion a 20 year journey of investment and innovation success, some of which has changed our world for the better.
Meagan Malm took a moment to acknowledge the organization’s growing team including two new Principals, Abid Ali and Sapna Patel, Senior Analyst, Jenni Li, Accountant and Systems Manager, Elly Zandee, and Association Operations Manager, Susanna Stark. Their appointments have helped MCN strengthen its service to member-investors, and assist portfolio CEOs on their growth journey.
“MCN has grown to more than 30 active portfolio companies and those companies need insightful business counsel and support,” said Mr. D’Amato. “Meagan, Abid and Sapna have joined other members of the MCN executive team in conducting research and due diligence.”
The final element of the evening program featured a CEO discussion hosted by MCN Managing Partner, Dale Grogan. Mr. Grogan welcomed Mentavi Health CEO Keith Brophy, PhotoniCare CEO Cary Vance and Poppy Flowers CEO Cameron Hardesty. Each of the executives took time to share their experiences leading start-up and early stage companies. They also talked about the importance of the member-investors.
“It’s clear the CEOs value not only the financial commitment of the investors, but the business counsel and wisdom available to them through the MCN organization,” said Mr. Grogan. “These CEOs are leading strong companies that are well on their way to commercial success, and that should provide confidence to everyone associated with MCN that the work we do matters on many levels.”
For Paul D’Amato, this year’s event provided another opportunity to meet and hear from member-investors and entrepreneurs, and acknowledge their importance to MCN.
“2023 has been a slower year in the VC and angel investing sectors, yet our organization has taken intentional steps to strengthen our core operations in a way that will benefit our members and the companies we support,” said Mr. D’Amato. “As we move through the remainder of this year and early 2024, we are well-positioned for success that should deliver positive impacts for everyone involved with MCN.”
Grand Rapids, Mich. (Aug. 28, 2023) – Michigan Capital Network (MCN), the state’s largest association of regional angel investing groups and the management entity for four venture capital funds, announced today it has named Sapna Patel as a principal with the investment organization. She becomes the third principal added to the firm since the start of 2023.
Patel brings a professionally diverse background to this new role. She started her career at The Boeing Company, after receiving her Bachelor of Science Degree in Aerospace Engineering from the University of Illinois at Urbana-Champaign. At Boeing, Patel assessed and designed new airplane configurations, managed design studies, and consulted senior leadership on airplane performance risk management. In 2021, she obtained her MBA from the University of Michigan’s Stephen M. Ross School of Business, where she was awarded the Ross Fellowship, a full-tuition merit scholarship. From there, she served as a Senior Vice President at AlixPartners, a financial advisory and global consulting firm where she worked on multiple performance improvement projects within the Aerospace & Defense industry.
Patel previously worked with MCN in 2020 as a venture capital analyst while working toward her MBA. She now rejoins the firm as a principal, bringing a technical background that makes her an expert reviewer of advanced manufacturing and advanced materials deals. Her experience in consulting is
extremely relevant for venture capital organizations like MCN that are actively involved in the success of the investments.
“Sapna possesses a rare mix of experience both in finance and manufacturing which deepens her insight regarding investment opportunities,” said Paul D’Amato, CEO and Managing Director at MCN. “We are a hands-on organization and support our portfolio companies any way we can including in fundraising, operations, or strategic planning. Sapna’s expertise will be invaluable to our organization and an important resource for our entrepreneurs.”
MCN’s five regional angel investment groups total more than 200 individual investors or members. Between the angel groups and the four venture capital funds, MCN has invested in more than 100 companies, creating more than 2,000 high-paying tech industry jobs in Michigan.
“I’m thrilled to join the experienced leadership team at MCN,” said Patel. “The growth of the firm the past few years has been remarkable and is a reflection of the leadership’s outstanding vision and active investment strategy. I look forward to working with our member-investors to identify and invest in promising new ventures.”
Michigan Capital Network is pleased to announce the addition of Pratap Kotabagi as a summer intern in our Grand Rapids office.
Pratap is currently pursuing a Master of Science in Finance degree from Gies College of Business at the University of Illinois Urbana-Champaign. He started his position as a fulltime analyst at MCN on June 1, 2022.
Prior to joining MCN, Pratap worked as a course assistant at the Gies College of Business, as well as a product compliance senior associate at Amazon Development, and as a software engineer at KPIT.
Pratap was born and raised in Hubballi, Karnataka, India and emigrated to the U.S. in 2021. He says his most prominent areas of professional interest are in investment banking and venture capital fund work. He describes his work at MCN as very fulfilling and has found the team “humble and helpful.” Outside of work, Pratap traveling, cricket and Formula 1 racing.
Please join us in welcoming Pratap to the MCN team.
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.
Diane Durance, Executive Vice President at MCN
“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.
Dawn Batts, Co-founder of Commune Angels
“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.
LeTasha Peebles, MEDC
“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.
Ned Staebler, Tech Town Detroit President
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.”
“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.”
Shawna Pendergrass, Investor Relations Associate, Michigan Capital Network
Grand Rapids, Mich. (May 12, 2022) – Michigan Capital Network (MCN), the state’s largest association of regional angel investing groups, announced today that it has hired Shawna Pendergrass as a new investor relations associate.
In her new role, Ms. Pendergrass will assist MCN leadership and investors on a variety of internal and external projects including investor meetings, deal closings, financial transactions, and management of MCN’s statewide angel network.
“I’m excited to join such an outstanding group of angel investing and venture capital professionals,” said Ms. Pendergrass. “It’s an honor to be part of an organization that is committed to supporting our state’s entrepreneurial ecosystem and strengthening our overall business climate.”
Ms. Pendergrass has more than 20 years of administrative and customer relations experience in a variety of industries including investment management, property management and construction.
“We are pleased to have Shawna join our team,” said Paul D’Amato, CEO of Michigan Capital Network. “Our statewide organization is growing rapidly and her experience will help our leadership and members keep pace with the opportunities in the marketplace.”
Click here to learn more about Michigan Capital Network and its regional angel investing groups.
###
About Michigan Capital Network
Michigan Capital Network is a non-profit trade association representing five regional angel investment groups – Grand Angels, Ka-Zoo Angels, Woodward Angels, Flint Angels and Bluewater Angels. Michigan angel investors specialize in supporting capital-efficient, early-stage enterprises in our state. The association is committed to utilizing its financial, intellectual and networking resources to help its portfolio companies grow and positively impact the Michigan economy.
