MAREC partners with new Muskegon Angels investment group

Date: February 8, 2013

Muskegon Angels news conference.
From left, Larry Hines, Mike Olthoff and Eric Seifert.


MAREC was host to a news conference on February 8 announcing a new Muskegon investment group formed to advance the development of business start-ups and mature companies in the Lakeshore area.

The principals of the organization, Mike Olthoff of Nichols and Larry Hines of Hines Corporation, spoke to reporters and guests at the news conference.

The idea of an Angel group in Muskegon began in 2012 when individuals in the business community decided Muskegon needed its own Angel investment group rather than relying on investment groups elsewhere. More than 20 initial investors are participating, with some members located beyond Muskegon County. Participants agree to invest $125,000 over five years; when fully capitalized, the organization’s financial assets will total more than $2.75 million.

Mike Olthoff and Larry Hines, with leadership assistance from John Pridnia of Rehmann, Paul Jackson of Warner Norcross & Judd and Eric Seifert of Grand Valley State University, spearheaded the effort.

The Muskegon Angels will focus on local growth, investment and assistance, specifically in the areas of advanced manufacturing, food processing, technology, and water-related innovations and businesses. The organization will also mentor the entrepreneurs they support.  Also launched today was the group's website at muskegonangels.com

The initiative will receive administrative support from, and will be based at MAREC. Technical assistance will be provided by Kevin McCurren, director of the Center for Entrepreneurship and Innovation at GVSU, with coordination provided by the MAREC based Michigan Small Business and Technology Development Center staff.

Muskegon region entrepreneurs interested in presenting a proposal to the Muskegon Angels should contact Eric Seifert at (616) 331-6906 or seiferer@gvsu.edu.

About Angel groups

Angel groups typically fill a gap where the entrepreneur has exhausted all resources but traditional bank financing is not available or is very limited. Angel investor groups step in to assist at a time when the young business has proven itself to be viable and needs financing for growth. There are many angel investment groups around the country and in the state of Michigan, including the Grand Angels of greater Grand Rapids.

 

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