MI Venture Capital Association Announces Two New Programs

9/27/11Follow @XconomyDET

Thanks to a $3.1 million grant from the Michigan Economic Development Corporation, the nonprofit Michigan Venture Capital Association announced it is accepting applications for two new programs designed to retain young talent and expand the state’s angel network.

The Michigan Venture Fellows Program gives budding VCs the opportunity to spend 18 to 24 months in a Michigan-based venture firm, earn a salary and receive training at the Venture Capital Institute. Candidates should have strong Michigan ties, preferably as graduate students at Michigan universities whose professional goals include venture capital. The deadline to apply to the MVCA is November 30.

The Angel Network Growth Program awards a maximum of $18,000 per year to the six Michigan-based angel groups—Ann Arbor Angels, Blue Water Angels, Capital Angels, First Angels, Grand Angels, and Great Lakes Angels—or others to be determined by the MVCA Board of Directors. The angel group must have made at least one initial investment of at least $125,000 in the prior six-month period to qualify for the award. The money can be spent on staffing, educational or networking events, or infrastructure needs such as legal and accounting expenses.

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

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