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Bankrolling talent
10/1/2007
By Karen Gentry | MiBiz
kgentry@mibiz.com
HOLLAND — Audentes Fortuna Iuva — "Fortune Favors the Bold" — is the rallying cry that Lakeshore Advantage President Randy Thelen would like the business community to adopt.
That was part of his message during a speech at the Holland Area Chamber of Commerce Early Bird Breakfast Sept. 11.
"Now is the time to take bold action so when the economy does come back and is more robust, we’re in a stronger leadership position," Thelen told MiBiz.
Lakeshore Advantage is leading by example, establishing a $1 million seed fund to help local entrepreneurs start and grow new businesses. The fund will primarily invest in start-up companies that draw upon the area’s strong engineering and technology talent base. There would seem to be plenty to go around. Thelen said that the Wall Street Journal reported Holland and Grand Haven have the tenth highest concentration of engineers in the nation. But they need money.
Thelen pointed out that the Washington, D.C.-based Council on Competitiveness determined that the lack of venture and seed capital was a void that needed to be filled in West Michigan.
"Promising companies often have a difficult time gaining financial commitments from a first investor, which will then draw other investors into the enterprise," Thelen said. "We want to fill that void by being the first investor and provide the needed support for companies we believe can succeed and grow."
Thelen told his audience that he is very excited about the planned Michigan State University Bioeconomy Institute set to move into the former Pfizer Inc. building north of downtown Holland.
"In 20 years we will look back and say this was our tipping point," Thelen told the audience. "This is significant for all of West Michigan and significant for the state of Michigan. This is a facility that is world-class – the highest, most advanced research and development building of its type in any university. Combine that facility with Michigan State University’s world-class research, we think it’s a perfect match."
When the 160,000-square-foot facility is operational, there will be 100 scientists plus a business incubator that may be able to accommodate upwards of 40 more researchers and scientists.
In addition to the MSU Bioeconomy Institute and the new seed fund, Thelen stressed the importance of the Design West Michigan WIRED project.
"We’re basically trying to create economic clusters around the design community," Thelen said.
Although there is a high degree of lakeshore talent, he said not enough people know it. Shining a spotlight on West Michigan designers will attract national attention and bring more work to the area.
Thelen told the audience that while layoffs and job cuts attract the most attention, there are many area companies that are quietly growing and adding workers. He pointed to Huntington Bank’s plan to add more than 100 jobs in the area as an example. To make his point, Thelen asked the Holland audience to stand up if their company had added workers in the last year. More than half of the 335 people in attendance rose to their feet.
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