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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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Michigan interim coach Biff Poggi: Sherrone Moore situation ‘dead to me’

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Michigan interim coach Biff Poggi: Sherrone Moore situation ‘dead to me’


ANN ARBOR – Biff Poggi didn’t hold back Monday when asked about his thoughts on former Michigan head coach Sherrone Moore.

Poggi, 66, is serving as the Wolverines’ interim coach for the second time this season, but his current role has been vastly different than when he led the team to wins over Central Michigan and Nebraska in Weeks 3 and 4 when Moore was suspended.

Now he’s trying to mitigate a mess created by Moore, who is facing three criminal charges stemming from an incident after he was fired Dec. 10 for having an inappropriate relationship with a female staff member.

“That whole situation is dead to me,” Poggi said in his first news conference in Ann Arbor since being named interim coach after Moore’s dismissal. “I’m not spending one second thinking about that nonsense.”

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Poggi, who served as an analyst at Michigan under Jim Harbaugh in 2016 and then associate head coach in 2021 and 2022, joined Moore’s staff this season in the same role. He has interviewed to become the Wolverines’ next head coach and wants to fix what he described as a “malfunctioning organization,” but his current job description entails so much more than just preparing the team for its Dec. 31 Citrus Bowl against Texas.

“To love and care for the kids,” Poggi said of his current role. “That’s it. And, we do know something about football. I’ve probably been the head coach for 300 games in high school and college. Football’s football.

“Right now, it’s not about winning a game, it’s not about auditioning. It’s not about anything. It’s about focusing on these kids and their families, and that’s it. That was my mandate, and that’s what I’m trying to do every single day.”

As successful as Michigan has been on the field over the past five seasons – a run that includes three Big Ten titles, a national championship and four wins over Ohio State – the program has also been ensnared in multiple scandals. Harbaugh and Moore both served suspensions and received show-cause penalties from the NCAA stemming from recruiting violations and repercussions for the sign-stealing saga.

The program itself was hit with hefty fines following the NCAA’s investigation into impermissible advances scouting. Two former offensive coordinators – Moore and Matt Weiss – are facing criminal charges, while other staff members also have been fired for incidents involving law enforcement.

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Parents have expressed concern to Poggi behind the scenes, and he said his obligation is to be upfront and honest with them.

“These are hard talks to have because one thing you have to do with players and their families, the minute they think you’re lying to them, it’s over,” said Poggi, a former hedge fund manager. “I believe that’s why the portal is so big and it’s getting bigger every year… because kids are told things and their families are told things that aren’t true. If I don’t know an answer that is asked me from a kid or a parent, I’ll tell them I don’t know and I’ll do my best to find out. If I do know, I tell it to them whether I think they want to hear it or not.

“Look, let’s face it. The kids that have been here four and five years with their families, there’s been something kind of every year that’s been messy…whoever the next guy in this seat is, his mandate is going to be to fix it.”

Poggi, who went 6-16 at Charlotte from 2023-24 in his only stint as a college head coach, hopes to be the person to fix it. He has largely been able to keep Michigan’s roster intact, at least in the meantime. Only one player, backup quarterback Jadyn Davis, has announced his intention to transfer, while 25 of the 27 recently signed recruits remain in the fold.

Last week, Michigan players shared how they were “shocked” and “blindsided” by the Moore situation. Poggi said he and the coaches also were angered by what transpired.

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In the aftermath of Moore’s departure, Poggi said he has changed “basically everything” about the day-to-day operations inside the program. Practices and meetings have been shorter but more up-tempo.

Enjoying football and having fun has been an emphasis.

“It’s been a blast,” he said. “It’s been a blast for the coaches; it’s been a blast for them (players). And the work has been outstanding. The level of practice has been outstanding. The concentration in meetings have been outstanding.

“We haven’t played a game in a long time, so we’ll see. Texas, I mean, come on, we’re all watching the CFP, and the fact that they’re not in it and some other (teams) are is, like, mind-numbing. Really excellent team, but, our kids are going to show up and do the very best they can.”



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Michigan Republicans may try to impeach Attorney General Dana Nessel

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Michigan Republicans may try to impeach Attorney General Dana Nessel


Lansing — Michigan House Republicans said they might try to impeach the state’s Democratic attorney general, Dana Nessel, in her eighth and final year in office, accusing her of inappropriately wading into two investigations involving her allies.

But Nessel’s supporters countered that the GOP lawmakers on the House Oversight Committee are engaging in political theater and are misinterpreting or inaccurately portraying emails they obtained through subpoenas.

At the center of the claims are internal firewalls that were set up within Nessel’s office to prevent conflicts of interest in ongoing investigations. An Attorney General’s office probe that was supposed to be walled off from Nessel focused on Traci Kornak, a lawyer who served in 2018 on Nessel’s attorney general transition team. The other probe that Republicans have examined focused on Bipartisan Solutions, a nonprofit organization that contributed $782,000 to Fair and Equal Michigan, a ballot proposal committee co-chaired by Nessel’s wife, Alanna Maguire.

House Republicans obtained emails that showed Kornak had contacted Nessel and asked to receive documents related to the investigation into her. The emails also suggested that Nessel had spoken with Secretary of State Jocelyn Benson, a fellow Democrat, about a campaign finance investigation into Bipartisan Solutions.

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“There’s definitely, at minimum, a clear ethics violation by Attorney General Dana Nessel,” House Oversight Chairman Jay DeBoyer, R-Clay Township, declared Tuesday.

While there was a conflict wall in place for matters involving Fair and Equal Michigan, there was not one for Bipartisan Solutions, Nessel spokeswoman Kim Bush said. The Attorney General’s Office also provided The Detroit News with emails that showed an investigation into Kornak’s work as a conservator for an elderly woman in west Michigan had been closed on Sept. 26, 2022, two months before Nessel messaged about being contacted by Kornak.

“Attorney General Nessel wielded no influence over the Kornak investigation, and none of the committee’s testimony or exhibits demonstrated that she had,” Bush said.

The scrutiny of Nessel, the state’s top law enforcement official and a frequent critic of Republican President Donald Trump, has been led by the Republican-controlled House Oversight Committee.

On Tuesday, the panel met for about three hours. Members heard a report on the documents they received from the Attorney General’s Office, approved a subpoena for additional information on the Kornak investigation and voted to recommend that the full House hold Nessel in contempt of the Legislature for allegedly not cooperating with past demands.

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The new subpoena referenced the House’s “ability to impeach civil officers of the state of Michigan.”

“There’s only one place that possesses impeachment to start, and that’s the House of Representatives,” DeBoyer said after the hearing. “So I would say that it certainly would be on the table.”

Across the aisle, state Rep. Penelope Tsernoglou, D-East Lansing, said Republicans, who took control of the House in January, have been exercising their oversight powers for political purposes throughout the year. Last week’s actions toward Nessel were merely the latest example, she said.

“What’s going on is political theater and a kangaroo court,” Tsernoglou said.

“Do we need oversight? Absolutely,” she added. “Should we hold departments and department heads accountable? Yes, we should. I just don’t think that’s what’s happening in that committee.”

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A potential appointment

For years, Republicans have questioned Nessel’s handling of the 2022 investigation into Kornak, a former Michigan Democratic Party treasurer. They’ve alleged that Kornak abused her power as a conservator who was supposed to help an elderly woman oversee her finances. But Kornak hasn’t been charged with such a crime.

In July, seven months after winning a majority in the House, the Republican-led House Oversight Committee voted to subpoena the records from Nessel’s office about its probe into Kornak.

The documents showed Nessel’s office opened an investigation into Kornak after reporting in The Detroit News on July 13, 2022, said a Grand Rapids nursing home was accusing Kornak of “inappropriate and unauthorized” invoicing.

“Notwithstanding … we’ve not received a complaint, the AG wants to know if this billing issue is something we would investigate,” Christina Grossi, former chief deputy attorney general, wrote in a July 13, 2022, email to other Attorney General staffers.

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A conflict wall to exclude Nessel from discussing or accessing the Kornak case was set up on Sept. 6, 2022, according to emails obtained by the House Oversight Committee.

By Sept. 26, 2022, Lorri Bates, a supervisory special agent, requested that the probe into Kornak be closed.

Bush said the office was examining potential insurance fraud. The insurance company and the assisted living home involved in the situation didn’t want to pursue a case, Bush said.

“For an investigation regarding these alleged misdeeds, a complainant is required to participate in order to establish a crime occurred,” Bush said. “Having no viable path to further investigate the reported complaint, the file was closed.”

Despite it coming after the investigation’s closure, House Republicans have highlighted a Dec. 6, 2022, email in which Nessel discussed being contacted by Kornak.

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The allegations against her “are apparently holding up a potential judicial appointment for her in Kent County,” Nessel wrote in the Dec. 6, 2022, message to two Attorney General employees. “She has requested the documents from our investigation.”

Nessel added, “Please advise what our process should be.”

During the three-hour Tuesday committee hearing, the House Oversight Committee heard a report on and asked questions about the Kornak matter for about two hours.

“This stinks,” DeBoyer said of the attorney general’s handling of the case.

Also, House Republicans said the Kent County Sheriff’s Office had separately investigated Kornak and recommended charges be brought by the Kent County Prosecutor’s Office, including embezzlement from a vulnerable adult.

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Kent County Prosecutor Chris Becker said the case was still under investigation as of Friday.

In an email, Kornak said she wasn’t available to respond due to other obligations.

Bipartisan Solutions

The Secretary of State’s office determined in November 2022 that a nonprofit group named Bipartisan Solutions might have violated campaign finance requirements by flowing about $782,000 to Fair and Equal Michigan, a petition campaign that sought to ban discrimination based on sexual orientation and gender identity.

“Because of the coordination involved in your organization’s contributions to Fair and Equal Michigan and Bipartisan Solutions’ failure to file campaign statements, the department concludes there may be reason to believe that a potential violation of the act has occurred,” wrote Adam Fracassi of the Bureau of Elections in a letter to Bipartisan Solutions.

Then, the Secretary of State’s office referred the matter to Nessel’s office in April 2023.

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Spurred by a separate matter, three years earlier, Nessel’s office had already set up an internal conflict wall regarding Fair and Equal Michigan, for which Nessel’s wife had briefly served as a co-chair.

In August 2023, the Attorney General’s Office asked the Secretary of State’s Office to reopen its inquiry into Bipartisan Solutions because the communications from the Secretary of State’s Office to Bipartisan Solutions had been sent to an incorrect address, according to emails obtained by House Republicans.

Michael Brady, chief legal director for the Secretary of State, responded by saying the communications were sent to the address the group had on file, and his office couldn’t reopen the investigation.

On Feb. 22, 2024, Danielle Hagaman-Clark, the Attorney General’s chief bureau chief, wrote to Brady, “I was informed the AG reached out directly to the Secretary and the Secretary agreed to take this matter back for further review.”

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However, Benson spokeswoman Angela Benander said Friday that the Secretary of State’s Office never reopened the matter or took it back.

But House Republicans said the emails showed Nessel had violated the conflict wall regarding Fair and Equal Michigan.

“It’s quite brazen that the attorney general would contact the secretary of state and ask for these charges to be taken back,” Rep. Angela Rigas, R-Caledonia, said at one point Tuesday.

Nessel’s office said the conflict wall was set up for matters regarding Fair and Equal Michigan specifically, not for Bipartisan Solutions, a separate organization.

“The determination to refer the Bipartisan Solutions matter back to the Michigan Department of State was predicated on Michigan Department of Attorney General prosecutors’ determination that the Department of State had not satisfied statutorily prescribed processes for resolving complaints of conduct contrary to the Michigan Campaign Finance Act,” Bush said.

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Nessel’s office didn’t participate in Tuesday’s three-hour hearing. At the end of it, Rep. Josh Schriver, R-Oxford, said he believes Nessel’s actions amounted to impeachable conduct.

The committee then approved a motion by Rep. Jason Woolford, R-Howell, to recommend the House symbolically hold Nessel in contempt of the Legislature. The House similarly voted to hold Benson, the Democratic secretary of state, in contempt in May.

The evidence showed the “unaccountable deep state operating behind the scenes,” Woolford said.

cmauger@detroitnews.com



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College basketball roundup: No. 6 Michigan hits 90 for sixth time, routs Oakand

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College basketball roundup: No. 6 Michigan hits 90 for sixth time, routs Oakand


Ann Arbor – Olivia Olson had 23 points and No. 6 Michigan rolled past Oakland 97-54 on Sunday.

Syla Swords had 18 points and Brooke Quarles Daniels scored 11. Te’Yala Delfosse and Ashley Sofilkanich had 10 points apiece. Mila Holloway had seven assists to surpass 200 for her career. The Wolverines (10-1) reached the 90-point mark for the sixth time this season.

Michigan scored 29 points off 27 Golden Grizzlies turnovers. Wolverines opponents are averaging 25.8 turnovers per game. The Wolverines also converted 21 offensive rebounds into 31 points and their reserves outscored Oakland’s bench 26-0.

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Lianna Baxter led the Golden Grizzlies (3-9), who have lost five straight, with 14 points. Angie Smith had 13 points and eight rebounds and Makenzie Luehring also scored 13.

Olson and Swords combined for 25 first-half points as Michigan built a 54-27 halftime lead.

The Golden Grizzlies committed turnovers on their first three possessions. The Wolverines forced 15 turnovers before the break, converting them into 17 points. They also scored 18 points off 11 offensive rebounds.

Michigan has won nine straight against Oakland.



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