Grand Rapids Business Journal 01.24.22

Page 1

NEWSMAKER of the Year finalists.

PAGE 19

JAN 24, 2022 VOL. 40, NO. 2

The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan

THIS WEEK

A HEART FOR HER NEW ROLE

As CEO of Gun Lake Investments, Monica King embraces ‘seven grandfather teachings’ to put people first. Page 7

Partners report strong startup growth locally Spartan Innovations, Start Garden project continued momentum for Grand Rapids. Rachel Watson

rwatson@grbj.com

State SOARing Economic development tools will position Michigan to win ‘transformational, jobcreating projects’ in years to come. PAGE 3

Do it yourself When a developer couldn’t find construction help, he started his own firm. PAGE 3

Michigan State University Foundation’s tech startup resource organization Spartan Innovations recently reported its work in partnership with Start Garden through the Grand Rapids SmartZone is paying remarkable dividends in its early stages. At the Grand Rapids SmartZone Local Development Finance Authority (LDFA) board meeting on Jan. 12, the MSU Foundation subsidiary said it made “great headway” in the first quarter of fiscal year 2022, which ran October-December, through its partnership with Start Garden to manage the Grand Rapids SmartZone Incubator and related high-tech business support services. The SmartZone captures increased property tax dollars and

Early-stage entrepreneurs enrolled in the Conquer Accelerator participate in the 10-week Grand Rapids Conquer cohort each fall. Once companies move on from the accelerator, they become part of Red Cedar Ventures’ investment portfolio. Courtesy MSU Foundation and Conquer Accelerator.

wide partnerships, especially with the LDFA,” said Jeff Wesley, executive director of Spartan Innovations, as well as Michigan Rise and Red Cedar Ventures, also subsidiaries of the MSU Foundation. Michigan Rise supports entrepreneurs and technology startups across

Michigan through capital, coaching and assistance with grant funding, and Red Cedar Ventures is a venture fund created to accelerate the commercialization of startups. “It’s been extraordinary to see CONTINUED ON PAGE 13

Start Garden launches entrepreneur-in-residence program

MAKING CONNECTIONS Electrical services company creates apprenticeship program to fill its own talent pipeline. Page 9

Darren Riley, co-founder/CEO of JustAir Solutions, will help accelerate early-stage tech startups.

THE LISTS

Rachel Watson

The area’s top business insurance agencies. Page 4 The area’s top risk management companies. Page 5

reinvests that money back into the entrepreneurial ecosystem in Grand Rapids. As the Business Journal reported in September, after reviewing Start Garden and Spartan Innovations’ separate proposals, the SmartZone LDFA selected both operators, contingent upon their successful collaboration with each other, to implement the SmartZone LDFA’s goals and objectives using tax capture dollars. The entities began working collaboratively Sept. 15 to fill the role of incubator operators within the city’s Certified Technology District under a contract that runs through June 30, 2024. In their first quarter of working together, Spartan Innovations and Start Garden combined had 114 engagements with high-tech/highgrowth companies, and 22 companies were created. More than $1.1 million in funds were raised, and venture funding alone totaled $670,000. “2021 was an incredible year of growth, and I couldn’t be prouder of our team and our ongoing city-

rwatson@grbj.com

Among its first actions as one of the two new co-managers of the Grand Rapids SmartZone Incubator, Start Garden has launched an entrepreneur-in-residence program to support tech startups and tapped the first person to fill the role. After a request for proposals in March, the city of Grand Rapids’

SmartZone Local Development Finance Authority (LDFA) in September selected Start Garden and Spartan Innovations — the Michigan State University Foundation’s tech startup resource organization — to co-manage its SmartZone Incubator and related high-tech Moore business support services. Established in 2001, the Grand Rapids SmartZone captures increased property tax dollars in the Monroe North neighborhood and Medical Mile and reinvests that

money back into the city’s entrepreneurial ecosystem. As the Business Journal previously reported, after reviewing Start Garden and Spartan Innovations’ separate proposals, the SmartZone LDFA selected both operators, contingent upon their successful collaboration with each other, to implement the SmartZone LDFA’s goals and objectives using tax capture dollars. The entities began working collaboratively Sept. 15 to fill the role of incubator operators within the city’s Certified Technology District under a contract that runs through June 30, 2024. In December, Start Garden began formally establishing an entrepreneur-in-residence (EIR) program patterned after the MSU

GRBJ.COM Vol. 40, No. 2 $3.00 a copy. $59 a year © Entire contents copyright 2022 by Gemini Media. All rights reserved.

Inside Track ........ 7 Guest Columns.. 10 Employment earnings Change-Ups ..... 14

ONE MAN’S dream: all the Two Men and a Truck franchises.

Calendar ........... 14 Public Record .... 15 Street Talk ....... 16

. PAGE 8

Foundation/Spartan Innovations’ existing EIR programs. Whereas the latter programs are more focused on tech transfer out of the university, Start Garden’s EIR will focus on developing tech startups in the Grand Rapids community. Start Garden selected as its first EIR Riley 29-year- old Darren Riley — an information systems graduate of Carnegie Mellon University, founder and CEO of the Grand Rapids-based air qualCONTINUED ON PAGE 13


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.