Business updates, investing seminars and networking highlight annual gathering
September 16, 2022
As Mike Blue stood on stage before a roomful of interested investors, he gave a quick assessment of the evening. “This is a spectacular event.”
Blue should know. As the CEO of HistoSonics, a tech startup company that is using high intensity acoustic energy pulses to eradicate many types of tumors without doing invasive surgery, he’s appeared at dozens of investor pitch events. On this night, he delivered the keynote address to more than 150 Michigan Capital Network (MCN) members and investors, updating them on the status of HistoSonics medical research, its business growth strategy and regulatory approval process. None of which he says would have been possible without the backing of venture capital funds and angel investors.
“They provide the fuel to execute on our plans and vision,” said Blue. “Without the support of investors, we couldn’t bring these life-extending procedures to the patients who need them.”
In addition to hearing the latest about HistoSonics, attendees also received brief updates from several portfolio companies supported through MCN’s four venture capital funds or its five regional angel groups. The presenting companies are breaking barriers and bringing new products and services to the marketplace in various industries including medical equipment, pharmaceuticals, healthcare services, agriculture, water quality, transportation safety, optics, wireless technology, software development and manufacturing.
“This is one of the most important functions our organization provides,” said Dale Grogan, MCN’s Managing Partner. “We serve as a connector between innovative inventors and interested investors. We conduct the necessary due diligence on startups so that we’re only sharing information with our members about companies that have met certain criteria and have a strong framework for success.”
The event attracted both investors and entrepreneurs from all around the state.
“I was really impressed with the CEOs who presented brief updates on their companies,” said Ryan Talbot, a member of Woodward Angels and the owner of Talbot Development in southeast Michigan. “This event was a great way to get real-time updates on our existing investments and learn more about other potential investor opportunities.”
Don Goeman, co-founder and CEO of Quint Workspaces, came from the western edge of the state. His Holland-based easy-to-assemble home-office furniture startup is in the early stages of operation. This event provided him an opportunity to network and learn from other innovative leaders.
“It’s wonderful to hear the stories of success from so many startup CEOs in the room tonight, said Goeman. “We feel blessed to have the financial support and intellectual insight of several investors including those with MCN. It’s clear by the discussions here tonight that there are many other entrepreneurs who can say the same thing.”
In addition to the many company updates, the event also included the announcement of a new Director of Grand Angels. Ashley Ward, a member of the regional angel group and the CEO of Hire for Hope, an executive recruiting firm.
For MCN CEO and Director, Paul D’Amato, this year’s annual member event provided an opportunity to learn about the opportunities in the future, while also celebrating the success of the past several years.
“When I joined the organization seven years ago, I set out to identify quality investment opportunities for our members – and I’m pleased to say that through the efforts of many talented people on our staff and at our portfolio companies, we have delivered on that pledge. Startup inventors, our investors, our local economies and the overall business ecosystem in Michigan have all benefitted. We should all feel a sense of pride about that.”