January 24, 2010 8:43
Call it hibernating capital.
A growing effort to convince wealthy individuals to invest directly in local startup companies is the objective of some leaders in Ann Arbor’s entrepreneurial community.
Michigan has 157,642 households with liquid assets worth at least $1 million, according to Phoenix Affluent Marketing Service. That means Michigan has the 10th most millionaires in the country - ahead of Massachusetts, Maryland, Arizona, Georgia, North Carolina and 35 other states.
Efforts to reinvigorate a 6-year-old group called the Ann Arbor Angels is a direct response to financial need among the area’s startup technology companies, officials said.
The investment group came together for the first time in 2004 but essentially fizzled out after a few years.
But Michael Cole, vice president of the Bank of Ann Arbor’s technology industry group, has mobilized to restart the group and plans to hold 3 to 4 meetings in 2010. The goal is to attract wealthy private citizens to invest in small local tech companies, generating profits, jobs and economic activity for the Ann Arbor region.
Read the full article on AnnArbor.com.