Innovation & Job News

Renaissance Venture Capital Fund raises $50M

metromode Thursday, September 09, 2010

The venture capital fund of all funds in Michigan is now fully operational, and it has ties all over Metro Detroit.

The Renaissance Venture Capital Fund closed a $50 million investment vehicle earlier this week from a number of local business institutions. The downtown Ann Arbor-based firm, which also has an office in downtown Detroit, plans to invest that money in both local venture capital firms and out-of-state venture capital firms with the intent to invest in local companies.

"It's probably going to invest exclusively in other venture capital funds," says Chris Rizik, CEO of the Renaissance Venture Capital Fund and a Northville resident. "We feel we will have more leverage that way."

The fund of funds has already invested almost $6 million (for a total commitment of $20 million) in half-a-dozen venture capital firms. Those firms in turn have invested more than $23 million into 12 Michigan companies, creating about 200 new jobs. Those companies have leveraged that investment to receive over $146 million in further venture funding. Renaissance Venture Capital Fund expects its money will touch 100-150 companies, creating hundreds of new jobs rooted in the new economy. It has already disbursed its first profits to investors.

The fortunate six venture capital firms include Ann Arbor's Arboretum Ventures and RPM Ventures, along with Kalamazoo-based T-Gap Ventures. Out-of-state firms receiving an allocation include San Francisco-based 5AM Ventures, Houston's DFJ Mercury Ventures, Illinois-based MK Capital, and Florida's Arsenal Ventures. The last two are opening Michigan offices following Renaissance Venture Capital Fund's investment.

The Renaissance Venture Capital Fund was put together by the Business Leaders For Michigan and is funded by the likes of DTE Energy, AAA, Blue Cross Blue Shield of Michigan, and Huntington Bank. Most other funds of funds are supported with public money. Michigan's private model makes it an industry leader and example of how Michigan is breaking new economic ground when it comes to reinventing its economy.

"That isn't happening anywhere else in the country," Rizik says.

He expects his 3-person firm, which is looking at adding interns next summer, to finish disbursing the money over the next year or two. Fundraising for the next investment vehicle, which might also make investments directly into companies, will begin in 2012.

Source: Chris Rizik, CEO of Renaissance Venture Capital Fund
Writer: Jon Zemke

Northville's Green Light Productions spotlights local films, Elmore Leonard adaptation

Metromode Thursday, September 02, 2010

Green Light Productions is moving a couple of local movies into the starting blocks, beginning with an adaptation of an Elmore Leonard book, Freaky Deaky, this fall.

"It's going to be a Michigan book by a Michigan author filmed in Michigan," says Keith Simon, president of Green Light Productions. "We're not shooting California in Michigan. We're shooting Michigan in Michigan."

The downtown Northville-based firm is working on a couple of other productions for later this year and next. This isn't how the former banker saw the company, now nearly two years old, taking off. It was founded with the idea of connecting local filmmakers to funding sources, with the idea of finding another Kevin Smith, the Michigan-raised director of indie-film cult favorite Clerks.

However, that hasn't happened yet. The pair have gone through nearly 2,000 project pitches and have worked on getting a few of those off the ground, but to no avail as of yet. That hasn't stopped the seven-person firm from hiring over the last year. While Green Light Productions continues to pursue that business angle, it's focusing more on production work now.

"We've worked on funding several small budget films, but we haven't been able to make anything work," Simon says.

Source: Keith Simon, president of Green Light Productions and Kevin Weedmark, CEO of Green Light Productions
Writer: Jon Zemke

Oakland County Medical Main St attracts $11M in investment, 275 jobs

Metromode Thursday, August 12, 2010

Healthcare, an industry long taken for granted in Metro Detroit, is proving to be an increasingly strong job source in Oakland County.

The Oakland County Medical Main Street program has attracted $11 million in investment, creating 275 new positions, over the last two years. The latest round comes from Royal Oak Medical Devices. The company plans to spend $2.6 million to expand its medical device design, manufacturing, and distributing operations, a move that is expected to create 26 new jobs over the next few years.

"In the past we have taken these jobs a little for granted because they were part of our infrastructure," says Maureen Krauss, director of the Dept of Economic Development and Community Affairs at Oakland County.

No longer. Oakland County's life sciences industry employs 93,000 people and is projected to create another 45,000 jobs over the next decade, according to a study by the Anderson Economic Group. This industry also has deep roots in the research sectors. Just under 4,900 clinical trials are currently underway in Oakland County -- more than what is taking place in California, Florida, Texas, and New Jersey.

Oakland County started its Medical Main Street program in 2008 with the idea of helping fast-track growth in the life sciences industry. "It keeps the talent, assets, and people here," Krauss says. "It's a really strong part of our retention program."

Source: Maureen Krauss, director of the Dept of Economic Development and Community Affairs at Oakland County
Writer: Jon Zemke

Oakland County's Emerging Sectors program hits $194M in investment

Metromode Thursday, July 15, 2010

If Metro Detroit's economy is turning a corner, then chances are it's going to be first apparent in the numbers from its new economy programs, like Oakland County's Emerging Sectors. The signs are looking good.

The business attraction and retention program for Oakland County has helped facilitate $194 million in new investment and create about 5,900 new jobs through June. That's enough to surpass total numbers in both categories for all of 2009. County officials expect similar growth for the rest of this year.

"It's certainly a great trend," says Maureen Krauss, director of economic development and community affairs for Oakland County. "So many projects that were on hold last year are back on track again."

The Emerging Sectors program began in 2004 with plans to diversify the county's economy and replace vanishing manufacturing jobs. It helps international companies looking to expand their North American operations and local firms based in the new economy.

Some of the recent investments include WABCO Reman Services of Rochester Hills investing $6 million and creating 228 new jobs; Southfield's Direct Sourcing spending $2 million to create 100 new jobs and retain 80 others; and EcoStore USA (Auburn Hills) putting $2.5 million towards the creation of 30 new jobs and the retention of three more. These and more made up the investment for June alone.

Source: Maureen Krauss, director of economic development and community affairs for Oakland County
Writer: Jon Zemke

Oakland County's OakGov Challenge taps techies for apps

metromode Thursday, May 27, 2010

Oakland County is looking for a few good apps, or at least some for its OakGov Challenge.

The county teamed up with AT&T to offer $10,000 in cash prizes to software developers to come up with applications, or apps, for smart phones, or web-based software that will streamline local government, making it more efficient and cost-effective. The OakGov Challenge's organizers purposely haven't asked for any specific types of apps and haven't specified which problems they are to address.

"What happens over time is the general public's needs change," says Phil Bertolini, deputy county executive and CIO for Oakland County. "We don't claim to know everything they want."

First prize receives $6,500, second prize is $3,000, with $500 for third. The competition is open to anyone who lives, works or goes to school in Oakland, Genesee, St. Clair, Lapeer, and Livingston counties. Anyone who creates an app or comes up with an idea for one can submit it by June 11. The finalists will be chosen by July 8 and the winners will be announced on August 13.

For information on the contest, click here.

Source: Phil Bertolini, deputy county executive and CIO for Oakland County
Writer: Jon Zemke

Oakland County set for big job gains next year

metromode Thursday, May 06, 2010

If it's always darkest before the dawn then the same sentiment rings true for job creation in Oakland County.

The fourth-wealthiest county in the U.S. took it on the chin in 2009, losing 60,000 jobs. It's set to lose another 9,900 jobs this year, but those numbers will start to reverse considerably in 2011 and 2012. Oakland County can expect to create 2,400 jobs next year and 8,000 the year after, according to economists George Fulton and Don Grimes of the University of Michigan Institute for Research on Labor.

A big part of this success is the county's efforts to diversify its economy away from over-reliance on the automotive and manufacturing industries. It's now capitalizing on other areas such as health-care and alternative energy.

"We feel we're quite diverse already," says Maureen Krauss, director of economic development and community affairs for Oakland County. "We know we have the assets that not only help the auto-supplying industry, but the robotics and alternative energy industries."

Oakland County Executive L. Brooks Patterson likes to call this plan a way to help make his municipality recession resistant. It's an economic formula that has been employed with success in other Rust Belt metro areas such as Pittsburgh.

"We understand that we not only need to invest in diversifying our economy but that it's a long-term commitment," Krauss says.

Source: Maureen Krauss, director of economic development and community affairs for Oakland County
Writer: Jon Zemke

OPS Solutions stands in innovation spotlight

metromode Thursday, April 15, 2010

Ever wish that when something breaks a spotlight would magically appear on the problem? Paul Ryznar's company has the answer.

OPS Solutions has developed a light-guided system that specializes in maximizing operational efficiency for manufacturers. It basically helps workers to identify problem areas before and after they make themselves known.

"We designed the system to revolutionize manual (manufacturing) operations," says Ryznar, president of OPS Solutions.

Formerly a vice president for the likes of Detroit Diesel, Bosch, and United Solar Ovonic, Ryznar spent 25 years improving manufacturing operations efficiency. He conceived the OPS Solutions system in the basement of his home, making it simple enough for his teenage daughters to use.

"We have a very flexible and scalable system," Ryznar says.

Today his four-year-old start-up has two employees in Northville. This year he expects to really roll out his product, targeting the automotive, biotech, and military industries, among others. Goals are to sell 100 units, set up a demonstration facility, and make 4-5 more hires.

"It's going to get more and more popular," Ryznar says.

Source: Paul Ryznar, president of OPS Solutions
Writer: Jon Zemke

MEDC tax breaks equal $804M of new investment in Michigan

metromode Thursday, March 04, 2010

Metro Detroit continues to take more than its fair share of state tax credits to help grow local businesses.

Southeast Michigan companies have taken in $25 million worth of state tax credits awarded through the Michigan Economic Development Corp to leverage $107.4 million worth of investment. That means an expectation of creating 1,594 jobs locally. The whole announcement means 5,749 jobs and more than $804 million in new investment in Michigan.

The pick of the local litter is the wooing of Techno SemiChem to move its headquarters to Northville instead of South Korea. That $31.1 million investment will mean that 279 people will be conducting research and development and pilot production efforts to produce electrolyte for advanced lithium ion battery cells. The state gave $3.2 million in tax breaks over seven years to broker the deal.

Another new economy coup is to convince CIBER to spend $8 million to establish a development center in Southfield instead of in Florida. The IT firm plans to service its clients in the government, finance, and manufacturing sectors with 700 new jobs. The state is giving $10.1 million in tax credits over seven years, and Southfield is chipping in another $1.2 million in tax abatements.

This latest announcement also includes deals for some of the region's old economy manufacturing sectors. Advanced Integrated Tooling Solutions is investing $13.3 million to manufacture equipment for commercial, retail, and military aircraft in Chesterfield Township. It's a move that will create 275 jobs from a tax credit valued at $3.2 million. ALTe, an automotive supplier of battery powertrain systems, will spend $51.3 million to open an assembly facility in Auburn Hills, creating 305 jobs thanks to an $8.4 million tax credit over eight years. Katcon USA, an automotive supplier of catalytic converters and exhaust systems, will also sink $3.7 million into a new technical center in Auburn Hills. That means 35 new jobs from a $534,633 tax credit.

Source: Michigan Economic Development Corp
Writer: Jon Zemke

New entrepreneurs open Prime Studios in Northville

metromode Thursday, February 11, 2010

Downtown Northville is taking a page or two from Ann Arbor, Royal Oak and Birmingham now that a web-development start-up is setting up shop in the city's center.

Prime Studios is moving into some ground-floor retail space at the Northville Square building. The 2-year-old firm is run by Kettering University students Matt Gaidica and Brad Birdsall, who are 22 and 21 years old, respectively.

"This is where our base network is," Gaidica says. "It has a really nice downtown. The community is good. Our office is awesome."

Prime Studios specializes in digital media development. Think design and development of websites and smart phone applications. The partners plan to continue expanding into the mobile platforms that service iPhones and the new Android phones. The firm has one intern on staff and the partners hope to add another hire as business grows.

"Our new location is a big step forward for us," Gaidica says. "It lets us be more established."

Source: Matt Gaidica, co-owner of Prime Studios
Writer: Jon Zemke

Oakland County Emerging Sectors program hits $191M in investment

metromode Thursday, January 14, 2010

Oakland County's Emerging Sectors program isn't trying to remake the county's economy in the image of Detroit, but more in the image of Pittsburgh and Chicago.

The program, the pet project of Oakland County Executive L. Brooks Patterson, helped attract $191 million in investment from non-existing-automotive and non-automotive companies last year and created 3,200 jobs. The idea is to diversify the county's economy so it has several major players, like the current economies of Chicago and Pittsburgh, instead of how the automotive sector has dominated Michigan for generations.

"This program won't make Oakland County recession proof, but it will make Oakland County recession resistant," Patterson says.

The county started the program in 2004. Since then it has helped attract $1.4 billion in investment and created more than 16,000 jobs. It claims investments from 133 companies, including 33 last year.

"I always said this program is a 20-25 year commitment to diversifying Oakland County's economy," Patterson says.

Source: L. Brooks Patterson, executive of Oakland County
Writer: Jon Zemke

GREEN SPACE: Round-up of fall cycling, hiking, kayaking events

metromode Thursday, September 03, 2009

Now that the temps are starting to fall a bit, it's time to squeeze in some more outdoorsy stuff before it gets really frigid around here. Thankfully, there are lots of options that can help even the most jaded soul to appreciate the great outdoors in Southeast Michigan.

First up, fun for two-wheelers. There are two rides in Detroit on the 19th: Programs to Educate All Cyclists' (PEAC) Celebration of Cycling, which utilizes Hines Drive, and the Tour de Troit, which offers riders the option of a 30-mile or Metric Century tour of the D.

The Clinton River Trail Fall Classic is set for September 26, a great chance to experience a lovely trail if you haven't checked it out in a while.

On foot, the Sierra Club's Southeast Michigan Group has you covered. Just a sampling: September 6 at Independence Oaks, September 12 at Maybury State Park, the 26th at Potawatomi State Park and the 27th in the environs of the Fairlane Mansion in Dearborn. Find out details here.

Last but not least, take to the waters. Riverside Kayak Connection in Wyandotte has a Detroit River sunset tour at 6 p.m. every Wednesday. You can also arrange a group outing for $35 per person for a group of four or more that takes in Humbug Marsh, the lower Huron River, Grassy Island, or Mud Island. Call 734-285-2925 to make arrangements.

Get out there -- and appreciate what this area has to offer -- before frosty winter gets you couch-bound!

Writer: Kelli B. Kavanaugh

Green Light Film Funding roars out of Wayne County's starting blocks

metromode Thursday, July 16, 2009

Lots of people think they can become the next Kevin Smith and make a cult favorite like Clerks. Wayne County is teaming up with Green Light Film Funding to make that happen in Metro Detroit.

The Wayne County Film Initiatives office is partnering with the Northville-based company to provide funding for between 10-15 local films a year. The company will also analyze films and do production consulting work. Wayne County will direct prospective filmmakers to Green Light Film Funding.

"A lot of films are coming to us and looking for financing but we don't do film financing," says Mike Mosallam, director of film initiatives for Wayne County. "The best we can do is point them in the direction of local film financiers."

Green Light Film Funding CEO Keith Simon and COO Kevin Weedmark have a combined 35 years of experience in the financing world. Their company will offer partial and complete financing of local films, whose number is expected to shoot up this year thanks to Michigan's new tax incentives. About a dozen motion pictures have been shot in Wayne County so far this year.

Green Light Film Funding has provided funding for two feature films and has more in the works. Those two films are "Shotgun Wedding" (about an avowed bachelor who ends up in a shotgun wedding) and "Detroit Unleaded" (think the Detroit version of "Clerks").

"It's companies like these that are going to build an indigenous film industry in the region," Mosallam says.

Green Light Film Funding is based in downtown Northville at 104 West Main St. Prospective filmmakers are encouraged to call (248) 212-0922 or click here to learn more about funding opportunities. More information on filming in Wayne County can be found here or by calling (313) 224-5423.

Source: Mike Mosallam, director of film initiatives for Wayne County
Writer: Jon Zemke

Northville's inFORM studio hires intern, wins AIA award

metromode Thursday, June 11, 2009

The buildings that come out of inFORM studio look like structures that would be designed by an architecture firm. They emphasize what's today (and tomorrow) with strong, innovative features that tend to make jaws drop open and the "Wow" to fall out.

"We try to approach these things with a real fresh eye," says Cory Lavigne, design director for inFORM studio. "We don't try to regurgitate things over and over again."

There is an exception to that statement, sort of. The downtown Northville-based firm took many of the dying ash trees on the land where Ann Arbor's Traverwood Library sits and used them for its structural columns, flooring, and walls. The design helped the firm win a design award from the Michigan chapter of the American Institute of Architects.

That award comes on top of growth at the transitioning firm. It started as the Van Tine Guthrie Studio in 2000 before it merged with a South Carolina firm and became inFORM studio in 2007.

It now has 11 employees in offices in Northville, Myrtle Beach and New York City. Seven of those are in Metro Detroit. The firm also recently hired a University of Michigan graduate student that had recently interned with the studio.

"It's been pretty good, all things considered," Lavigne says.

Source: Cory Lavigne, design director for inFORM studio
Writer: Jon Zemke

Northville's Vision Computer Solutions adds staff

metromode Thursday, February 26, 2009

Vision Computer Solutions expects its revenues to double what they were in 2007 by the end of this year, capping off a significant growth spurt, one the Northville-based firm hopes to continue.

The company grew its revenue by 50 percent in 2007 and another 35 percent in 2008. This year the firm hopes to grow by another 30-35 percent this year. In that time the company grew to 14 employees and an intern, and it hopes to keep growing both its payroll and revenue.

"We're trying to add at least a couple of new people by the end of this year," says Peter Marsack, director of Technology for Vision Computer Solutions.

The company started in 1995 as a way to deliver home-based computer service. It grew and evolved until its handful of founders "got serious" about grabbing market share in 2001. That prompted Vision Computer Solutions current growth streak.

"It just kind of grew on more and more by itself over the years," Marsack says.

Source: Peter Marsack, director of Technology for Vision Computer Solutions
Writer: Jon Zemke

Vantage Business Solutions looks to add two people in Metro Detroit

metromode Thursday, October 09, 2008

The people behind Vantage Business Solutions might just be accountants but they're also good businesspeople.

The business software firm has a presence in Toledo and Metro Detroit. Its lists Northville as an office, but the firm's three southeast Michigan employees work from home while the other three work in Toledo.

"There's a lot of good business in Detroit," says Tom Jablonski, CEO of Vantage Business Solutions. "We have a lot of business in Ohio but there is a lot of business in the Metro Detroit area so we think it was a good market to come into."

Making that move into southeast Michigan five years ago has been a good decision. The firm's revenue has grown about 10 percent annually over the last few years. The firm also plans to add two more employees (an accountant and administrative employee) within the next two years.

It plans to do that growing its client base slowly but surely.

Source: Tom Jablonski, CEO of Vantage Business Solutions
Writer: Jon Zemke

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