Midwest VCs Hope For Replenished State Capital Funds, Despite Tight Budgets

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political will necessary to allocate more of the state’s budget toward funding capital programs. But Snyder is in the midst of a re-election campaign, and though polls show that he currently leads, victory isn’t certain.

However, in a state that couldn’t summon the votes necessary to pay for desperately needed improvements to our roads and bridges, prying budgetary dollars away to fund venture capital programs seems like a long shot.

“The budget is tight,” Flanagan admits. “The governor and the legislature have a lot of tough decisions. We’re trying to prioritize within the MEDC, too. There has been an increased commitment in general to the MEDC, but that doesn’t necessarily filter down to venture capital programs. It’s important for the state to invest in this market until it gets more mature. Eventually, if it’s mature enough, we’ll see VCs raise money without needing the state. But we’re just not there yet.”

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Sarah Schmid Stevenson is the editor of Xconomy Detroit/Ann Arbor. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET_AA

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