Michigan backers of startup businesses are raising their profile nationally, Tom Henderson reports in Crain's.
While venture capital activity continued to contract nationwide in 2012, it grew in Michigan, with the state climbing in the national rankings from 25th in investment activity in 2011 to 15th, according to the annual report of the Ann Arbor-based Michigan Venture Capital Association. . . .
Michigan's VC firms invested more than $242 million last year, compared to just less than $100 million in investments in 2011.
Michigan had the biggest rise in the rankings of any state with its 10-place jump. The number of deals was also up sharply, from 33 in 2010 to 30 in 2011 to 47 last year.
In addition, Henderson writes, funds available from Michigan venture capital firms for new investments climbed from $367 million in 2011 to $456 million last year.
He speaks with Carrie Jones, executive director of the 250-member Ann Arbor group:
"We're really excited about the growth in Michigan. It's been slow and steady and moving in the right direction. . . .
"We're bucking the trend and actually growing. I'm excited by all the good things happening in the state."
