A Grand Rapids-based venture capital fund is among the first cohort of investment funds tapped by the U.S. Department of Defense to invest in critical technologies. Adam Bruski, senior counsel with Warner Norcross + Judd LLP, told Crain’s Grand Rapids Business it was a “definite positive benefit” to have a Michigan fund in the mix.
Michigan Capital Network is the only firm in the Midwest selected by the DoD to participate in its Small Business Investment Company Critical Technologies Initiative. MCN will have access to up to $175 million in Small Business Administration loans to invest in companies focused on advanced materials, biotechnology, microelectronics, battery storage and other critical technologies.
“It’s really important that we do have a Michigan fund that’s one of the current parties in this first cohort,” Bruski said in an interview with Crain’s. “During World War II, we were the ‘Arsenal of Democracy’ and in a lot of ways, we still are. If you need to make it for the DoD, there’s a pretty good chance that we can do it here.
“Having one of these funds in Michigan is a definite positive benefit for Michigan companies that are already in the defense space or who are interested in perhaps getting into the defense space.”
Bruski works extensively with aerospace and defense contractors through Warner’s Government and DoD Contracting Industry Group, which counsels clients through every stage of the bidding process and can assist with internal compliance audits to prepare and protect against these risks. Attorneys work with clients to identify opportunities and conduct market research so they are better positioned to bid against the competition.
Subscribers can read the full article at Crain’s Grand Rapids Business.
