June 14, 2004
June 14, 2004
LANSING – Governor Jennifer M. Granholm has announced the following recent appointments to the Michigan Early Stage Venture Investment Corporation Board of Directors. The Governor’s appointees, who are subject to the advice and consent of the Senate, include:
Douglass Diggs, of Grosse Pointe Park, Director of Community and Economic Development for Detroit Renaissance. Mr. Diggs is appointed to represent the general public for a term expiring June 10, 2005.
Thomas Kinnear, of Ann Arbor, Eugene Applebaum Professor of Entrepreneurial Studies at University of Michigan Business School. Mr. Kinnear is appointed to represent statewide organizations exempt from taxation under 501(c)(3) or 501(c)(4) of the internal revenue code for a term expiring June 10, 2007.
Charles Rothstein, of West Bloomfield, Founder and Senior Managing Director for Beringea, LLC, an international investment banking and venture capital firm in Farmington Hills. Mr. Rothstein appointed to represent the general public for a term expiring June 10, 2006.
Dennis Bernard, of Birmingham, President of Bernard Financial Group in Southfield. Mr. Bernard was recommended by Senator Ken Sikkema, Senate Majority Leader. He is appointed for a term expiring June 10, 2006.
The Venture Michigan Fund board of directors will work to promote a healthy economic climate by fostering job creation, retention, and expansion through the promotion of investment in venture capital businesses specializing in early stage and seed investments.
The Venture Michigan Fund will only invest in venture capital companies that have a significant presence in Michigan. The Venture Michigan Fund must also consider how venture capital companies will invest in Michigan-based start-up companies that are engaged in research, technology, and new product development.
“We are looking forward to the board’s work because venture capital has been instrumental in the creation of new jobs, companies, and industries, helping to revitalize local economies across the United States,” Granholm said. “The economic impact of venture capital has been tremendous. Venture capital-backed jobs have numbered 27.5 million in 2000, representing 11 percent of all jobs in the United States.”
State Treasurer Jay Rising and Don Jakeway, CEO of the Michigan Economic Development Corporation, will also serve on the board. Their appointments are statutory and not subject to advice and consent of the Senate.
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