Birmingham, MI. (September 21. 2000)
Sloan Ventures has drawn plaudits for its success in helping Michigan develop into a national leader in the technology-driven economy. A leading developer and funding source for high technology businesses, Sloan has been singled out by the Michigan Economic Development Corporation (MEDC) for its venture capital efforts. The Michigan Legislature also cited the firm for its success in helping Michigan grow and diversify its economy.
Founded in 1995 by brothers Jeffrey and Richard Sloan of Birmingham, the firm has launched ten companies and funded them with $30 million in private equity financing.
The MEDC made the award September 19, 2000 at its annual Michigan Investment and Commercialization Success Celebration in Lansing. Richard Snyder, chair of the MEDC executive committee, and Doug Rothwell, MEDC president and CEO, distributed awards in four areas of commercialization success: venture capital, advanced manufacturing, life sciences and information technology, manufacturing, life sciences and information technology. “The winners exemplify the successful transfer of technology to commercialization,” Snyder said. “Commercialization success in these important industries is key to helping the state develop into a national leader in the technology-driven economy.”
Jeffrey Sloan. Sloan Ventures CEO, said the firm is in the business of creating businesses – connecting the ideas, money and people needed to create high growth companies. “We’ve positioned Sloan Ventures as a hub of new business development, bringing together innovators and entrepreneurs; angel and venture capital investors; strategic business partners; executive personnel; and essential businesses services,” Sloan said.
A hybrid between a business incubator and a venture capital firm, Sloan Ventures is an anomaly in the Midwest. More common in Silicon Valley and along Route 128 near Boston, such firms focus on the essential ingredients of the very early stages of business creation – identifying high growth potential ideas, sourcing first-round funding, recruiting key executives to lead them, and making the businesses and their products marketable.
“Our company helps to fill the gap between the stage of ideation or innovation of a business concept and the stage when traditional venture capitalists would consider the project to be far enough along for venture funding,” Sloan said. “Unlike traditional venture capitalists. we engage in projects that are typically at the pre-business plan stage and join the innovator or entrepreneur as founders of the company,” he added.
“The art of building a new business is a challenging one. and one that requires a solid team to get it off the ground,” said Richard Sloan. co-managing director of Sloan Ventures. “It is essential to complement the innovator’s passion with a partner who has the resources and infrastructure to give the business credibility. strategy and staying power and that is precisely the role that Sloan Ventures plays on behalf of entrepreneurs and innovators. “By way of example. Sloan Ventures has helped give birth to the following portfolio companies:
- Clarity. LLC, a builder or enabling technology for voice interface products that require clear transmission. even in the noisiest environments.
- YetGen, LLC, a pioneer molecular genetics company specializing in genetic disease research and disease detection services.
- GeneWorks, LLC, an advanced transgenics company that utilizes egg-laying hens to manufactures desirable proteins and enzymes for pharmaceutical, industrial, laboratory research and other major market applications.
- Gradient Technologies, LLC, a high tech company which is commercializing a new generation of proprietary antennas.
- StartupNation. LLC, a global media network that provides resources needed by early stage businesses with its regional affiliate division in Detroit, MJ known as Digital Detroit, LLC.
- Rubicon Genomics, Inc, a genomics tools company that enables significantly accelerated and more informative DNA sequencing for genomic research and diagnostics applications in the biotech, pharmaceutical. and agricultural industries.
- ServiceReps, lnc, an Internet-based 24/7 customer service company that provides live customer service and sales support online at client e-commerce websites.
Sloan Ventures, LLC. -The Business of Creating Business (sm)
Press release contact info:
David Bassett
Glenn Oswald
(248)855-6777