Open Prairie Ventures and Southwest Michigan First Life Science Fund have collaborated for five years. Now the former will be moving into an advisory role over both funds as part of a management agreement entered into by both.
Patrick Morand has been the managing director of
Southwest Michigan First Life Science Fund. He will remain in this role and assume the role of President of
Open Prairie Ventures.
Morand says that over the past five years Open Prairie has worked with the Life Science Fund to help companies prepare for exit. "We will be stepping that up," Morand says. "We will be working to get more companies to that point."
The fund also will be expanding into ag tech, Morand says.
Southwest Michigan First Life Science Fund formed in 2005 as a limited partnership venture fund. It's primary goal has been to promote economic development and keep intellectual capital in Southwest Michigan by focusing on early stage life sciences companies here.
CEO and Founder of Open Prairie Venture Jim Schultz says they see the agreement as an opportunity to become more involved in the overall turnaround agenda in Michigan.
The expanded relationship with Open Prairie Ventures comes at a time when Southwest Michigan First is focusing its efforts on making more capital available to companies that need it.
"Where capital is available, great ideas follow and new companies will be formed," say Ron Kitchens, CEO of Southwest Michigan First Group of Companies and general partner in the Life Science Fund. "This investment cycle is crucial to growing the regional economy."
Writer: Kathy Jennings, Second Wave Media
Patrick Morand, Southwest Michigan First Life Science Fund
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