Michigan’s economy has had a “K shaped recovery” as the COVID-19 pandemic had a disproportionate effect on restaurant, retail, and Main Street businesses that still have not recovered. What many people have been wondering is how businesses are faring who were able to function remotely or support businesses in that endeavor. Has Michigan hit yet another “once in a lifetime” financial crisis? The answer is a bit complicated, but there is a lot of good news for businesses like tech and life science companies that could pivot to remote work structures. We reached out to a few VC and angel investors in the Ann Arbor-Detroit startup space to get their perspective on what’s happening at the very base of the startup pipeline: funding. As everyone in the startup space knows, Michigan has always dragged a bit behind on having enough funding for the great startups that come out of this region, so we were concerned that if the funding dropped, the ecosystem might lag. Fortunately, we found the behind the scenes reality is quite the opposite, and many investors were happy to share their tips on how businesses can get in the loop on what’s going on in Michigan startup funding in 2021.
Today, the Michigan Venture Capital Association released its annual research report on the state of venture capital in Michigan. As with other recently published reports on the state of business investment, the MVCA Research Report show record-breaking investment in the recovering state’s new business ecosystem, followed by challenges brought by COVID-19.
MVCA’s Executive Director Ara Topouzian Balances Economic Development with Award-Winning “Side Hobby” in Armenian Music
We met him at the TechCity Jam early this fall. The local jam session for tech workers who have music careers or hobbies on the side included everything from pop songs to electronica to incredible traditional Armenian music. We wanted to know who was playing in this award-winning band that came seemingly out of nowhere to the stage and played a brilliant set that would be inadequate to just call foot-tapping. Ara Topouzian, pictured right above, plays the qanun (kanoon), an Armenian 80-string harp that goes back to the 5th century and is still played today. The music sounds traditional, and yet it’s still extremely catchy.