Michigan is currently the U.S.'s most rapidly growing state for venture capital, due in part to the involvement of Renaissance Venture Capital Fund. Since the Fund was founded in 2008, young Michigan firms have seen a 69 percent increase in venture capital investment, dwarfing the 3 percent national average. A representative with the RVCF recently announced that it has helped bring $300 million to numerous companies across the state, securing about $17 in venture capital for every $1 it has invested, spawning hundreds of new jobs in the process.
Surgical implant maker to buy Michigan company for $130M
RTI Biologics has announced its intent to acquire Michigan's Pioneer Surgical Technology, a move RTI says will significantly expand its selection of surgical implants and distribution network. The firm's CEO and president explained that the merger will allow the combined entity to grow and prosper more quickly and effectively than would be possible by either company alone. He noted that Pioneer's presence across the United States and Europe will be especially beneficial when RTI introduces a new type of bone graft in coming months.
Michigan politician accuses civil rights leader of harassment
A female state lawmaker representing Detroit has accused a Michigan civil rights leader of repeated sexual harassment, prompting the body that employs the man to place him on administrative leave while it investigates the allegations. The 36-year-old Democratic representative recently sent a complaint to the American-Arab Anti-Discrimination Committee, asserting that the head of the committee's Michigan office routinely harassed her and other women in an inappropriate manner. She also accused the committee of being aware of the misconduct but failing to take appropriate action to prevent it.
Owner of historic Michigan site denied insurance payments
An insurance firm is refusing to cover fire damage caused to a 125-year-old building in a small Michigan village, prompting the building's owner to sue the insurer in a U.S. District Court. The owner's attorney said the insurer sent the owner a list of reasons explaining why the damage is not eligible for coverage, though he did not elaborate on what those reasons were. Likewise, the insurance company has declined to publicly comment on the issue.
