- Understanding the changing dynamics in global markets, particularly in sectors like electrification and AI, is crucial for identifying the right opportunities
- Michigan’s state-backed funding plays a critical role in emerging ecosystems like Detroit. These state investments help close the gap where private capital may be hesitant or more focused on profitability.
Business Leaders on Investing in the Economic Drivers of Michigan
January 24, 2025
Key Takeaways
View the full session recording below.
During the 2025 Detroit Policy Conference, Ben Marchionna, Rishi Moudgil, Chris Rizik, and Jessica Robinson took to the stage to discuss investing in Michigan’s economic drivers with the Detroit News’ Daniel Howes moderating the conversation. Ideas shared include new investment opportunities, the role of startups, and the state’s increasing ability to attract venture capital.
Driving Michigan’s Innovation with Targeted Startup Support
With strong technology, engineering talent, and an improving business climate, Michigan’s startup scene is drawing national investors, according to the panel.
“At Renaissance, we’re a fund of funds, so we invest in venture capital funds around the country under the condition that they are willing to look at Michigan startups,” Rizik said. “Michigan is now a place people are willing to consider.”
Michigan’s Innovation Challenges
Recent investments, including the Michigan Invasion Fund and the R&D tax credit, have bolstered Michigan’s entrepreneurial ecosystem. However, the state continues to trail behind its counterparts, including Ohio. For Michigan, bold strategies are necessary to ensure future success and remain competitive in an increasingly dynamic regional landscape, according to Marchionna.
“Ohio is certainly one that we regularly look to,” Marchionna said, “And we’ve got to think a lot bigger and be a little bit spicier in terms of some of the ‘how big we’re willing to go’ to play catch up.”
Michigan’s Emerging Talent and Its Impact on Various Industries
The engineering talent in Michigan is emerging as a significant contributor to innovation across various industries. According to Moudgil, the state’s skilled workforce holds substantial value, and a significant number of these engineers, often alumni of Michigan’s research universities, aspire to establish and grow their businesses within their home state.
“We have some of the best engineering, with a concentration of engineering talent in the country,” Moudgil said. “These are folks at some of your companies or from our research universities that want to build here, stay here, and succeed.”
Robinson reinforced this view by highlighting the evolving focus of Michigan’s talent pool. As larger companies potentially reduce their progress in the electric vehicle sector, these engineers are exploring other high-potential fields that expand outside their educational backgrounds.
“We have a new generation of engineers in Michigan… mechanical engineering, electrical engineering, software, AI together … moving into robotics … drones, grid storage, battery, and other areas,” Robinson said. “At the end of the day, that’s what I do—I bet on companies that see opportunities the large incumbents can’t or won’t pursue.”
This session was sponsored by Michigan Economic Development Corp.