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Technology investment needs to go to every day people

In August of this year, the Michigan Department of Labor & Economic Opportunity published its recommendations for investing the money of the state’s American bailout plan. One of the recommendations was to fund the Startup Resiliency Initiative, which would bring $ 200 million to the state’s early-stage tech ecosystem.

Jean Hardy

As a justification for the investment, the proposal cites a sharp decline in venture capital investments from 2019 to 2020. Of the $ 200 million, $ 140 million would be used for direct capital investment, with more than half of that $ 140 million going directly to venture capital and angel investor firms. With this proposal likely to be scrutinized by state lawmakers in early 2022, I believe it is imperative that the Michigandans oppose public funding of private venture capital firms. Instead, we should demand opportunities for ordinary workers and entrepreneurs to invest in their own technological capabilities.