Business watchers in Michigan are heralding some good news in the start-up world. A new report released by the National Venture Capital Association and PricewaterhouseCoopers LLP finds venture capital investment in Michigan was up nearly 100-percent in 2014 from the previous year.
Venture capitalists invest their money in emerging businesses that many traditional lenders like banks and credit unions may deem too risky. Venture capital funding is mainly applied to sectors with high growth potential, such as information technology.
In Michigan, venture capitalists invested nearly $220-million into 50 companies in 2014.
Current State’s Kevin Lavery speaks with Paula Sorrell about the data. She’s vice president of Entrepreneurship, Innovation and Venture Capital with the Michigan Economic Development Corporation. Sorrell has been studying venture capital trends over the last decade.