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On this Business Beat, Jeff says recent statistics validate the vision of Michigan becoming a viable, if not distinctly exciting, place to attract and grow fast-growth, venture capital-backed companies.
Tune in below for the numbers:
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Good morning, Paul! The Michigan Venture Capital Association has just released its 2022 research report, which provides a comprehensive analysis of investment activity in the Michigan venture community. Now remember, Paul, this data comes against the backdrop for significant recent accolades for the Michigan venture and startup community.
You may recall that Detroit was recently proclaimed the No. 1 emerging startup ecosystem globally, according to Startup Genome, and in 2021, an article in Crunchbase pointed to Michigan as the fastest-growing state for venture investments stating that no state has seen its venture money increase in the last five years as much as Michigan has.
Now, this new report goes on to say that there are currently 154 venture-backed startups in Michigan. That’s a 56% increase over the last five years. And total venture capital funds under management of firms headquartered in Michigan in 2021 was $5.4 billion, an increase of 100 percent over the last five years.
Now to put this all in further perspective, Paul, compared to the rest of the Great Lakes region over a five-year period, Michigan saw a 55% increase in deal count compared to a 32% average increase for the rest of the region. Beyond that, when compared to the rest of the country as a whole, Michigan VC’s deal count increased 55% to 27% nationally.
All really impressive. Paul. and extremely validating the vision of Michigan becoming a viable, if not distinctly exciting, place to attract and grow fast-growth, VC-backed companies is being realized.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.