We plan to put our money where our mouth is and deposit money into this fund and invite other economic developers to do the same. We must attract and retain these businesses, and we can make a difference by generating start-up investment support
Battle Creek, Mich. (PRWEB) October 10, 2008
Battle Creek Unlimited (BCU), a business development and funding group, announced today that it will become the initial investor in support of the Michigan Homeland Security Resource Fund. The fund also launched its website (http://www.hlsrf.com) to take applications from Michigan-based entrepreneurs in need of investment.
The fund, created in cooperation with the Michigan Homeland Security Consortium (MIHSC), aims to support Michigan-based businesses and entrepreneurs through venture funding and other non-monetary means of support. Last year, Battle Creek Unlimited was retained as the Fund manager with a goal of attracting private and governmental contributions to invest in security and defense businesses.
"The purpose of this fund is to invest in start-up businesses within the Homeland Security space, which in turn, fosters economic growth throughout the state of Michigan," said Dale Grogan, manager of the Michigan Homeland Security Resource Fund.
"By making investment capital available to new business, we can start to develop our own 'Silicon Valley' for Homeland Security businesses. By investing early and through development of careful managed funding strategies for our portfolio companies, we expect to see venture capital-like returns," added Grogan.
BCU and bcVentures -- the Technology Business Accelerator group within Battle Creek Unlimited -- are identifying and attracting funding to invest in security and defense businesses, with the goal of generating hundreds of new jobs that compliment Michigan's growing homeland security industry.
"Michigan has a rich base of homeland security-oriented organizations, but we need to fuel more growth in early stage companies," said Jack Miner, managing director of bcVentures.
"We plan to put our money where our mouth is and deposit money into this fund and invite other economic developers to do the same. We must attract and retain these businesses, and we can make a difference by generating start-up investment support," Miner added.
The fund's manager, board of directors and advisory committee oversee the fund, provide tax and legal advice and determine allocations to recipients. Businesses interested in seeking support are encouraged to register with the Michigan Homeland Security Resource Fund website at http://www.hlsrf.com.
About Battle Creek Unlimited and bcVentures
Battle Creek Unlimited is the economic development organization that works with the City of Battle Creek to transform and diversify the Battle Creek economy, in part through developing Fort Custer Industrial Park. bcVentures is the group within Battle Creek Unlimited that focuses on accelerating development of technology businesses and is Battle Creek's start-up company resource. BcVentures' expertise resides in homeland security and aerospace. From incubation to acceleration, bcVentures helps new and existing companies achieve their business goals. For more information, visit http://www.bcunlimited.org.
About Michigan Homeland Security Resource Fund
The Michigan Homeland Security Resource Fund is a newly establish venture capital fund dedicated to investing in Homeland Security start-up companies within the State of Michigan. For more information, visit http://www.hlsrf.com.