West Michigan is destination for life sciences startups
In its 2016 Annual Research Report, the Michigan Venture Capital Association revealed “Michigan-based venture capital firms have more capital under management than ever before: $2.2 billion, a 47 percent increase in capital used to power Michigan’s entrepreneurial economy in the last five years.” The report identified life sciences as one of the top two sectors of focus for investment deployment in 2015, along with information technology.
It will take time — and a continued upward trajectory of investing — to build a truly sustainable environment that can attract and support life sciences startups, but West Michigan is already seeing the impact of this increase.
One example is Kalamazoo-based Armune BioScience, an emerging leader in breakthrough cancer diagnostics. Armune initially received funding and business support through a variety of resources, including MEDC’s Entrepreneurship & Innovation initiative, which provided early funding and critical counsel, and helped Armune attract additional financial support.