A new Grand Rapids based-venture capital fund seeded with state dollars is exceeding expectations. Dale Grogan, manager of Michigan Accelerator Fund I, said the fund expects to surpass twice the initial $10 million goal. More than 40 investors have committed at least $100,000 to the fund. The pace of investors signing up for the fund has stepped up in the last two months. “I think there is a real pent-up demand in the market,” said Grogan, a principal at The Charter Group, a Grand Rapids-based merger and acquisition advisory firm, managing the fund. “Capital has been sidelined for a couple of years. Whether that is impatience or confidence, we see capital markets opening and dollars starting to float around.” Grogan will speak tonight about venture capitalism and its impact on the West Michigan economy at a Talent, Ideas and Enterprise reception. TiE’s mission is to foster entrepreneurship globally through mentoring, networking and education. Grand Rapids Mayor George Heartwell will speak about entrepreneurship in West Michigan, and the focus on the green sector. more
