Venture Capital Rebounds in MI
Venture capital activity in Michigan continued a modest rebound in the third quarter of 2009 after steep declines during the credit crunch, according to the “innovation index” compiled by the University of Michigan-Dearborn College of Business. The index, a project of UM-Dearborn’s Center for Innovation Research, rose to 86.9 from 80 during the previous quarter, largely due to some new job creation and stimulus spending, according Lee Redding, associate professor of business economics and director of the index. The index tracks economic innovation in Michigan based on calculations of employment of “innovation workers,” trends in venture capital, trademark applications, incorporation activity, small business loans, and gross job creation. Redding says it is unlikely this growth continued into the fourth quarter of 2009. Those results, along with projections for 2010, will be released in June.