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5 questions with a man who finds money for risky business ideas

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5 questions with a man who finds money for risky business ideas


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  • Michigan wasn’t on anyone’s radar for venture capital investment 20 years ago.
  • Chris Rizik and his Renaissance Venture Capital have used their network and investments to bring over $3B in VC investment to Michigan.

There was a time Michigan was an also-ran place for venture capital and helping startups in the Great Lakes State.

In fact, the state wasn’t on anyone’s radar 20 years ago as 95% of the VC action was taking place on the nation’s east and west coasts.

It helped inspire Chris Rizik to light a fire to help change that image.

The end result was the launch of Renaissance Venture Capital 17 years ago with the support of Business Leaders For Michigan and corporations like DTE Energy, Ford Motor Co., AAA, and Blue Cross Blue Shield and others who belonged to the statewide business group.

Renaissance Venture Capital has since used its network and investments to bring more venture capital to Michigan (over $3 billion ). To date, the Renaissance Venture Fund itself has raised more than $300 million, according to Rizik, who serves as founder and managing partner.

Jeff Donofrio, president and CEO of Business Leaders For Michigan, said: “We partnered in creating the Renaissance Venture Capital Fund because we believed in Chris’ vision to make Michigan a national leader in venture capital. Thanks to his leadership, it has become a reality and the fund is now a powerful catalyst for startup growth and a model for other states.”

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Other VC funds like Invest Detroit and Mercury Fund have opened here as the region has become something of a hot spot for VCs.

Along the way, Rizik’s reputation as the go-to guy  has grown.

“Chris’ phone number is on everyone’s speed dial,”  said  Patti Glaza, executive vice president and managing director of Invest Detroit. “From mentoring founders and serving on boards to leading conversations that strengthen our ecosystem, Chris embodies what makes Michigan’s venture community so special.”

Rizik, a former partner at Dickinson Wright law firm and chairman at Ardesta, a nanotechnology incubator, recently got applause from the National Venture Capital Association for his efforts to expand VCs, naming him one of three 2025 Venture Vanguard honorees, the highest national venture capital award. (Ann Winblad of Hummer Winblad Venture Partners and Howard Morgan of  First Round Capital were the others.)

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“A pioneering force of venture capital in the heartland, Chris has helped shape the Midwest’s startup ecosystem like few others,” Bobby Franklin, president and CEO of NVCA, said when they gave out the awards in June.

Connecting ideas to dollars

Rizik launched UnDemo Days in 2015 to provide a place for venture capital investors to come to Detroit to meet startups as they kick the tires in deciding whether to invest.

“It’s like speed dating for startups,” he said.

The last UnDemo Day was held Oct. 1 at Ford Field and introduced over 250 local startups to venture capital investors with over 900 people attending.

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With so much going on, I posed a couple questions to Rizik (his answers are edited for length).

QUESTION: Tell me about state of venture capital in Michigan?

ANSWER: Michigan has been one of the fastest growing states for venture capital in recent years. We’ve always had great technology and a talented engineering workforce here, but for decades we underperformed at creating startups. Now there’s energy around startups in Ann Arbor, Detroit and Grand Rapids and other places and VCs are excited to come here. They are investing at more than four times the level they were when we started hosting our UnDemo Days.

Q: Explain how VC investors get involved in a startup?

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A: Venture capital is high risk investment in startups that have the potential to grow very big very fast. They typically involve some kind of game-changing technology or process. These are companies that are generally too risky for banks to loan money to, but venture capitalists are willing to take the risk in hopes the company will explode into something that can change the world and at the same time provide lucrative financial results. A majority of these investments will not pan out financially, but the hope is that the successes more than make up for the failures.

Q: Where are the opportunities for VCs here?

A: Michigan is best known around the world as being particularly strong in areas like mobility, cybersecurity, life sciences, advanced materials, supply chain and advanced manufacturing.

Q: You just got a national award where you were credited for bringing VC opportunities to areas that have been challenged. How have you been able to succeed?

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A: We are focused on what we are and what we are not, and we keep our focus in a world where there are temptations to chase shiny objects that take you off course. We are about investing in great venture capital funds around the country and connecting them with the Michigan ecosystem to help grow the state.

Q: Give me an example of a VC success story you’ve been involved with?

A: One of the most interesting was Orbion Space Technology. In 2018 we met the founder, Dr. Brad King (of Michigan Technological University) in Houghton where he started the company. He was creating a revolutionary propulsion system for satellites, and was committed to building the company in the U.P. But raising capital there was difficult. So we invited him to UnDemo Day and introduced him to venture capitalists. A Boston firm, Material Impact Fund, loved what they heard and became Orbion’s first institutional investor. The next year Orbion met more VCs at UnDemo Day. Now, Orbion is a leader in propulsion systems and one of the largest employers in Houghton. It is a great Michigan story and a great Renaissance success.

Contact Carol Cain at clcain@cbs.com. She is senior producer/host of “Michigan Matters,” which airs 5:30 a.m. Sundays on CBS Detroit and 9:30 a.m. Sundays on CW Detroit 50. See Detroit City Councilman Coleman Young II, Macomb County Executive Mark Hackel, GOP Strategist Susy Avery, Adrian Fortino of Mercury Fund, Patti Glaza of  Invest Detroit  and Chris Rizik of Renaissance Venture Capital on this week’s show. You can also watch the show simultaneously on Fubu, Pluto TV, YouTube TV  and Apple TV.



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10 things to know about kratom, which Michigan lawmakers want to ban

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10 things to know about kratom, which Michigan lawmakers want to ban


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Michigan lawmakers are debating a complete ban on the sale of kratom products in the state, citing cases of addiction and instances of death from people consuming the herbal supplement known as the “gas station heroin.”

Here is what to know about this unregulated herbal substance commonly sold in convenience stores, gas stations and tobacco shops across Michigan:

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What is kratom?

Kratom is a tropical tree native to Southeast Asia whose leaves contain compounds that can produce stimulant effects at low doses and opioid-like effects at higher doses. It is manufactured and sold in different forms: liquid tonics, tablets, gummies, powders and capsules.

What is kratom used for?

Kratom is marketed as a herbal supplement for energy, mood, pain relief or opioid withdrawal, though the U.S. Food and Drug Administration has not approved any of those uses. Some kratom users take it to get off heroin or fentanyl, according to University of Michigan researchers.

How is kratom pronounced?

Kratom is pronounced KRA-tum. The letter “a” takes a short “a” sound, as in crab or crack.

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What is 7-OH?

7-hydroxymitragynin, or 7-OH, is an alkaloid found in kratom leaves. It is manufactured in a synthetic form to produce an opioid-like sensation of pain relief or sedation. It is more potent than pure leaf kratom and sometimes referred to as the hard liquor version of kratom (if pure leaf kratom were considered beer, which typically has a much lower percentage of alcohol by volume compared with distilled liquor).

Is kratom an opioid or addictive?

Kratom users, substance abuse counselors and doctors report symptoms of dependence and withdrawal from the substance, particularly when users exceed the recommended serving size.

The Drug Enforcement Agency has warned that kratom has “sedative effects” that “can lead to addiction.”

On July 29, the U.S. Food and Drug Administration moved to declare certain 7-hydroxymitragynine synthetic kratom products a Schedule I controlled substance, the same class of drugs as heroin, ecstasy and peyote. As of April 9, the substance had not yet been formally added to the list of Schedule I drugs, which would effectively ban 7-OH nationwide.

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Does kratom have side effects?

The FDA has warned that kratom use can lead to liver toxicity, seizures or substance use disorder.

Withdrawal from the substance can lead to increased anxiety, insomnia and psychiatric episodes, according to University of Michigan researchers.

Dr. Eliza Hutchinson, a family physician based in Ann Arbor who is a clinical instructor at UM, said her substance abuse patients describe withdrawal from kratom as “the worst influenza of your life — times 10.”

CARE Southeastern Michigan, a recovery advocacy group, has reported some individuals experiencing psychotic episodes after taking 7-OH, the synthetic form of kratom.

The FDA has also said kratom is “not appropriate for use as a dietary supplement” and unsafe as an additive to food. The powder and liquid forms of kratom are sometimes marketed as an additive to shakes and smoothies.

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Does kratom show up on a drug test?

Yes, if it’s part of a specialized screening of narcotics and other substances that looks for active ingredients in kratom products.

Some substance abuse clinics in Michigan are starting to test for it, said Madison Lauder, a counselor at The Guidance Center in Southgate.

“We see you so often, we have added into our (drug test) panel,” Lauder said.

Is there any age restriction on buying kratom in Michigan?

No, Michigan has no laws governing the sale of kratom and related synthetics, such as 7-OH.

But retailers set their own rules. Some stores won’t sell to anyone under age 21.

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Some of the 7-OH kratom products on the shelves of stores are labeled “21+.”

But there’s no law on the books in Michigan requiring buyers to show a photo ID when buying kratom, as is required to purchase alcohol, tobacco or marijuana.

Which states have bans on selling kratom?

Alabama, Arkansas, Indiana, Rhode Island, Vermont and Wisconsin have outright bans on the sale of kratom.

In December, Ohio’s Board of Pharmacy used the state’s controlled substance laws to ban the retail sale, distribution and possession of 7-OH and other synthetic forms of kratom, board spokesman Cameron McNamee said.

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The Ohio Board of Pharmacy has a separate proposal to ban natural kratom products that remains in the rulemaking process, McNamee said.

Some cities and counties across the country have imposed varying local sales bans, including Anaheim, Calif., Spokane, Wash., and the New York City suburbs of Nassau County on Long Island, according to published reports.

What’s the status of legislation to ban kratom in Michigan?

On March 18, the Republican-controlled Michigan House voted 56-48 on legislation that would completely ban the sale of kratom products in Michigan. All 46 Democrats and two Republicans opposed the legislation.

Democrats cited a lack of any committee hearings on the legislation.

“There is no question of the growing concern around this product, and no one is saying, with this vote or otherwise, that the concern isn’t justified,” the House Democratic caucus said in a statement. “What we are saying is an outright ban, without any testimony or dialogue, is not the solution.”

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The bill moved to the Democratic-controlled Senate, where Majority Leader Winnie Brinks, D-Grand Rapids, assigned it to her Government Operations Committee.

Some kratom industry interests and individual users have advocated for a ban on just the 7-OH synthetic form of kratom.

Sen. Kevin Hertel, the St. Clair Shores Democrat who chairs the Senate Health Policy Committee, said the House’s passage of a total ban on kratom has changed the debate toward prohibition, which he favors until the FDA can further study the substance and its impact on the human body.

clivengood@detroitnews.com

Staff Writers Anne Snabes and Beth LeBlanc contributed.

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Severe weather map, livestream shows Michigan areas ravaged by floods

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Severe weather map, livestream shows Michigan areas ravaged by floods


For much of April, showers and melting snow has swamped Michigan, flooding homes, businesses, cottages, roadways; threatening and destroying infrastructure, including dams, and forcing what is likely hundreds of Michiganders to evacuate.

The unusual weather put the entire state under a flood watch.

It’s not over.

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To help, the state’s Emergency Operations Center — which was activated on April 10, along with the governor’s state of emergency declaration — created a digital map identifying shelters and damaged areas.

There also is a livestream of the Cheboygan Lock and Dam Complex.

As of Monday morning, the water level at the dam had dropped slightly, and was less than 8 inches below the top, which is still a threat to both the community in the event of a spillover — or structural failure.

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The map, which the emergency center is calling a dashboard, shows warming and cooling centers and where people can get food. It tracks where the tornadoes touched down, and the roadways that are under water, were eroded away and are completely washed out.

The emergency center also is providing more information on its website on how to ask for help, what state and federal assistance might be available, and how to get emergency email alerts from the State Police.

Contact Frank Witsil: 313-222-5022 or fwitsil@freepress.com



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Michigan Democrats seek to mend old divides at contentious convention

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Michigan Democrats seek to mend old divides at contentious convention


Detroit — Michigan Democrats rallied their largest group of delegates in the party’s history at a state convention Sunday, even as they attempted to mend divisions that emerged during the Israel-Gaza war.

Delegates to the Michigan Democratic Party’s endorsement on Sunday elected a slate of largely progressive candidates, picking Lt. Gov. Garlin Gilchrist II as their nominee for secretary of state, Washtenaw County Prosecutor Eli Savit as the nominee for attorney general and unseating University of Michigan incumbent Regent Jordan Acker in favor of Dearborn attorney Amir Makled.

Gilchrist will face off in November against the Republican nominee, Macomb County Clerk Anthony Forlini, while Savit will compete against the GOP nominee for attorney general, Eaton County Prosecutor Doug Lloyd, as well as a handful of third-party candidates.

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About 7,252 delegates participated in Sunday’s convention at Huntington Place in Detroit, a record for the party, Michigan Democratic Party Chairman Curtis Hertel said.

The state Democratic Party declined Sunday to disclose the vote totals for its nominees at the convention, which is held every four years for party activists to pick nominees for every statewide office except governor and U.S. Senate in lieu of a primary election.

The chosen nominees come as the state approaches massive midterm elections, in which every statewide seat is up for grabs in the November election, as well as the 148 seats in the state House and Senate, where Democrats hope to capture a majority.

In caucus rooms at Huntington Place, Democratic leaders urged unity behind messages of affordable health care, accessible housing, opposition to President Donald Trump’s executive actions and a commitment to sweeping statewide seats in November. There was also recognition, in some meeting rooms on Sunday, of the issues that divided the party in 2024 amid protests of the Biden administration’s support of Israel in the Israel-Gaza war, and the need to fully mend those divisions in advance of the Nov. 3 election.

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During the convention program on Sunday, the Israel-Gaza conflict appeared to remain a sensitive issue among some convention-goers. Protesters shouted repeatedly for a point of order, with one holding a sign that said: “Put the Palestine human rights resolution back on the agenda.” And the loudest booing, by far, occurred when U.S. Rep. Haley Stevens and Acker, both pro-Israel candidates, were announced on stage in their respective U.S. Senate and Board of Regents races.

Malinda Salameh was among those booing at Huntington Place, in part to protest candidates’ support from the American Israel Public Affairs Committee (AIPAC). The 31-year-old UM alumnus registered too late to be a delegate on Sunday, but attended as a guest and intends to vote in the U.S. Senate primary. Stevens has long been aligned with AIPAC, while her two Democratic primary rivals, physician Abdul El-Sayed and state Sen. Mallory McMorrow, have sworn off AIPAC’s campaign cash.

“Unfortunately, they need to understand that we as people cannot stand for this anymore,” Salameh said. “We don’t want any foreign interests messing with our politics. We want money out of politics. And I think that people are sad because they’re not being heard.”

During Acker’s nomination speech, as crowds booed, Wayne County Commissioner Jonathan Kinloch warned that delegates were not learning from the party’s 2024 electoral losses.

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“There’s one thing that November 2024 should have taught us, is that the enemy is not in this room,” Kinloch said.

In caucuses, Democrats reckon with a divide

Abbas Alawieh, a cofounder of the Uncommitted National Movement, active in the 2024 election, told delegates, while campaigning for a state Senate seat Sunday morning, that he remained determined to ensure Arab American and Downriver communities are represented within the party.

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He told The Detroit News Sunday that the party had done a good job over the past two years in making more room for all members. The record attendance, he said, is proof the Michigan Democratic Party is “trying to be the big tent party and we’ve got to continue growing that.”

“It’s clear that anti-war voters of all stripes, including Arab Americans in Michigan, are going to be critical to our path forward as Democrats,” Alawieh said. “As Democrats, we have to be proactive about reaching out to disaffected voters and voters that we’ve lost to the Republican party.”

U.S. Rep. Rashida Tlaib, D-Detroit, pushed delegates to ask candidates seeking their vote real questions about actions to combat neighborhood pollution or their stances on federal actions in the Middle East. Pushing for those discussions among candidates will ultimately help improve the party, she said.

“We’re not anti-Democratic Party,” Tlaib said. “We’re trying to make the Democratic Party better.”

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El-Sayed, a Muslim Democrat running for U.S. Senate, told members of the party’s Jewish Caucus that he would focus on issues affecting all communities, including allying against “anti-religious bigotry.”

“A lot of folks want us to pay attention to things that we might disagree on happening 6,000 miles away rather than reminding us about the things we agree on happening right here in our state,” El-Sayed said.

Regent candidates debate ‘elephant in the room’

Earlier in the day, the state party’s Jewish Caucus also heard from candidates who expressed a commitment to maintaining a place within the party for Jewish candidates and voters.

Acker, a Jewish Democrat fighting to retain his seat on the University of Michigan Board of Regents, and his fellow incumbent Paul Brown argued Acker had been targeted in his role as regent and in the nomination race. Brown called it the “elephant in the room”

Acker and Brown were running to retain their seats against Makled, a Dearborn attorney who represented several students who faced charges after protests calling on UM to divest from weapons manufacturing and Israel.

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Brown argued that Acker had borne the brunt of attacks during the campus unrest and the nomination campaign.

“There’s one difference between Jordan and I,” Brown told members of the Jewish Caucus, “and that is, Jordan is Jewish, and I am not.”

Acker, a personal injury lawyer, said he wouldn’t be cowed by efforts to oust him from the board and credited Jewish Democrats with being significant leaders in civil rights fights over the decades.

“We have a message that we can send today, that we will not be pushed out of this coalition,” Acker said.

Makled, for his part, encouraged members of the Arab American Caucus also to hold their ground within the party.

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“We want to make sure this electorate, this convention is giving an image of unity to the Democratic Party, that we’re collectively trying to push the better foot forward, but we’re also not afraid to stand up and speak for our issues as Arab Americans,” Makled said.

The contest between Makled and Acker was particularly heated.

Makled was criticized for reposting, and later deleting, praise for Hezbollah and antisemitic remarks on his social media account, deleted posts.

And The Guardian on Friday reported that Acker appeared to have made obscene sexual comments about a Democratic party strategist and lewd comments about a female U-M student in Slack messages.

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When asked Simday about the messages by The News, Acker said the allegations were “ridiculous” and “fake.”

Acker’s attorney, Ethan Holtz, later sent a statement to The News alleging Acker “has never been on Slack” and that the messages contained elements that appeared to be “doctored.”

eleblanc@detroitnews.com



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