Connect with us

Michigan

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

Published

on

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


play

Advertisement
  • 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.”

Advertisement

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.)

Advertisement

“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.

Advertisement

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?

Advertisement

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?

Advertisement

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.



Source link

Advertisement

Michigan

2 Smoothie King employees fired for refusing to serve customer in Trump hoodie

Published

on

2 Smoothie King employees fired for refusing to serve customer in Trump hoodie


Two employees who refused to serve a man and his wife because he was wearing a hoodie with President Trump’s name on it were fired after a video of the heated encounter went viral.

Erika Lindemyer and her husband, Jake, were forced out of a Smoothie King franchise location in Ann Arbor, Michigan, following a fiery clash with two young female workers on Sunday.

Jake and Erika Lindemyer were denied service at a Smoothie King location in Michigan on Sunday. Leftism/X

The employees claimed they didn’t “feel comfortable” serving the couple because of Jake’s pro-Trump hoodie, as captured by Erika in a viral video.

Jake and Erika fired back at the pair and insisted that they were being “discriminated” against based on their “political views.”

Advertisement
Both of the employees told them to leave. Leftism/X

“We were just wanting a smoothie and you literally looked at us and I asked you if everything was OK and you said ‘We don’t feel comfortable serving you’ because of my husband’s hoodie. That is discrimination,” Erika spat.

“Okay, well, have a great day,” the first employee said.

“That is illegal,” Erika tried to insist again.

“I said Trump discriminates [against] us,” another employee chimed in.

“Okay, well that has nothing to do with us getting a smoothie!” Erika guffawed.

Advertisement
Erika and Jake claimed they were being discriminated against. Leftism/X

“OK, well that’s who you support though, that’s who you love,” the first employee chided.

“What’s embarrassing is that we’re American citizens and I wanted to get a smoothie,” Erika huffed.

The second employee noted that they “have a right to refuse service” and directed the couple to the exit.

“You asked a question and [the other employee] gave you an answer. Have a great day. Have a great day. The door’s right there,” the second worker said.

The employees said they were “uncomfortable” serving the couple because Jake was wearing a piece of
Trump merchandise. Leftism/X

Erika threatened to call the police while storming out, but it’s unclear if she did.

Advertisement

In a separate video shared Monday, one of the workers joked that she might’ve “accidentally started a race war” and called on the public to help remove Erika’s video.

“I am a minor and she recorded me without my permission. The people in the comments are all white and they’re all being hella racist, guys, please help me get this video taken down,” she implored.

Smoothie King confirmed that the girls involved in the viral confrontation “are no longer with the business” as of Monday.

The girl posted her own video joking she might’ve “accidentally started a race war.” Leftism/X

“As a brand, Smoothie King is committed to ensuring our stores are a place free of discrimination of any kind, where every guest and team member is treated with care and respect,” the company wrote on X.

The owner of the Ann Arbor franchise location will also enforce “mandatory retraining for all employees that outlines our guest experience standards.”

Advertisement

In early December, a woman who worked at a Target in California was berated by a customer for wearing a Charlie Kirk “Freedom” T-shirt.

When the employee insisted she was allowed to wear the red shirt, the irate customer accused her of supporting “a racist.”

The medical center where the agitated customer worked was bombarded with upwards of 6,000 “profanity-laced” phone calls after online sleuths doxxed her personal information.





Source link

Advertisement
Continue Reading

Michigan

Opportunity knocks for Michigan’s guards with L.J. Cason out

Published

on

Opportunity knocks for Michigan’s guards with L.J. Cason out


Ann Arbor — The Wolverines won the outright Big Ten regular-season title with two games to go, but it came at a great cost.

L.J. Cason, Michigan’s backup point guard and a key piece of the rotation, tore his right ACL in the championship-clinching win at Illinois. Just like that, Cason’s season was over and Michigan was hit with a brutal blow.

But when adversity strikes, opportunity knocks. While the team won’t be the same without Cason, coach Dusty May believes Michigan has backcourt pieces who can step up and make up for the loss.

Advertisement

“This is a great opportunity for Roddy (Gayle Jr.), Trey (McKenney) and Nimari (Burnett) to play more, and those guys are really good players,” May said Monday. “Our rotation has been nine and nine, I think, is too deep. It’s playing too many guys, if you want to optimize everyone. But we felt like we had nine guys that deserved to play, that gave us a different element.

“We look at this as another challenge, but it’s also an opportunity for guys to play a little bit more, to play longer periods, to play through a mistake, to play a little bit different role. We do feel like these guys are a lot better than they were earlier this year, so we’re prepared to handle whatever comes at us.”

May said he doesn’t know exactly when Cason tore his ACL, and neither does Cason. The sophomore guard fell to the court and got up favoring his right leg on two separate occasions against Illinois.

Advertisement

The first instance came in the final minute of the first half, when Cason tipped a long rebound ahead and chased it down to start a fast break. After he grabbed the ball in the air and bounced it backward between his legs to a trailing teammate, Cason went down. He got up hobbling, was subbed out and went back to the locker room.

Cason briefly checked back in during the second half and scored a driving layup a minute into his shift. But on Michigan’s next possession, he fell down after trying to score through contact and got up limping again. Shortly after that, Cason motioned to the Michigan bench to be taken out of the game and he exited for good.

“At halftime, the training staff came and said basically he’s passed all of his jump test. He just did the bike. He says he’s 100% ready to go. I was surprised, because I was expecting him to be out,” May said. “I said, ‘What about the test?’ They said both of his knees are loose, so it’s hard. We don’t feel that anything is torn.

“He comes back in. He lands funny again. … It’s unfortunate for him because he was playing so well. When an ACL pops on a noncontact injury, you’re like, ‘Man, what could we have done different?’ When it happens on a funny, quirky play, usually those are the ones that aren’t preventable.”

May added it hasn’t been determined yet when Cason will undergo surgery. Given the typical recovery timeline for a torn ACL ranges anywhere from nine to 12 months, May said Cason redshirting next season is a possibility that’s “on the table.”

Advertisement

“That’s certainly been discussed as well, and then that impacts the recruiting decision-making,” May said. “But right now, we’re still trying to figure out when he’s going to have it. What’s the timeline? Does it make sense to go ahead and sit out next year? … We haven’t made any definitive decisions, because all the information is so inconclusive.”

Moving forward, the plan isn’t to have just one guy replace Cason, who averaged 8.4 points and 2.4 assists in 18.6 minutes per game, shot 40.2% from 3-point range and served as a facilitator when starting point guard Elliot Cadeau wasn’t on the court. It’ll be a by-committee approach.

That said, Cason’s absence is certainly going to put much more on Cadeau’s shoulders. The Wolverines can ill afford to have Cadeau commit unnecessary fouls and miss long stretches at a time. Without Cason, Cadeau is the one guard who can break down opposing defenses off the dribble and create for others.

“This will force Elliot to be much more solid with his defensive decision-making when it comes to fouling,” May said. “He doesn’t have that insurance policy anymore named L.J. behind him, because L.J. came in and carried the load several games for our group. That’s not there anymore.”

While Burnett, Gayle and McKenney haven’t had to be facilitators in their roles this season, May expressed confidence all three can take on minutes with the ball in their hands and initiate the offense.

Advertisement

Even beyond the guards, May noted the team has “other capable weapons” who can serve as triggers on offense depending on the matchup, like forwards Yaxel Lendeborg and Morez Johnson Jr. and big man Aday Mara.

Add it all together, May feels the Wolverines can find a way to absorb the blow, fill the void and forge ahead with Cason sidelined.

“We have enough to overcome what L.J. brought to the team,” May said. “I don’t know if he’s the best backup point guard in the country, but I can’t think of one that’s better. We’re losing a lot, but once again, we’re not going to sit here and look at it from that angle.

“This is an opportunity for all these other guys to do a little bit more, and they’re more than capable. It’s on us to find the right rotations and situations. Without a doubt, we have a lot of confidence in our roster.”

jhawkins@detroitnews.com

Advertisement

@jamesbhawkins



Source link

Continue Reading

Michigan

Michigan State Police patrol car damaged in hit-and-run on Lodge Freeway in Detroit

Published

on

Michigan State Police patrol car damaged in hit-and-run on Lodge Freeway in Detroit



The Michigan State Police is looking for the driver of a Jeep that the agency said hit one of its patrol cars on Lodge Freeway in Detroit Sunday night.

Advertisement

According to officials, the incident happened at 7:50 p.m. on the northbound side of the freeway near Shaefer Highway. The agency said a trooper was investigating a crash and had the patrol car parked on the right shoulder of the freeway with its emergency lights on when it was rear-ended by the Jeep. 

“The impact forced the patrol car to strike the concrete wall on the right shoulder,” according to the agency.

A damaged Michigan State Police patrol car on the side of Lodge Freeway in Detroit on March 1, 2026, after it was hit by a Jeep. 

Michigan State Police

Advertisement


The Jeep then went across three lanes of the freeway and hit a median wall, officials said. The driver, identified by law enforcement as a 29-year-old Detroit woman, left the vehicle and fled the scene. 

Michigan State Police First Lieutenant Mike Shaw said that while the trooper was evaluated and cleared at the scene by medical personnel, he was still taken to the hospital as a precaution. 



Source link

Continue Reading

Trending