Chris Holman welcomes Dan Radomski, CEO, of Centrepolis Accelerator, based at Lawrence Technological University in Southfield, Michigan.
Watch Dan and Chris discuss the accelerator and their new angel fund in the YouTube video shared below:
In their conversation, Chris looked to find out from Dan more about Centropolis Accelerator Launching ‘Michigan Manufacturing Angels' Group To Support Hardtech Entrepreneurs.
Dan, welcome, please share about Centropolis Accelerator.
Recently, while at the Mackinac Policy Conference, we got word of this launching of Michigan Manufacturing Angels, tell us more?
What makes your accelerator special among those across Michigan?
Will this new Angel group be involved with MVCA, the Michigan Venture Capital Association?
What else do we need to know or haven't learned yet in this conversation?
At the time of the announcement, Centropolis Accelerator shared a release with further information:
The prestigious invitation-only group includes private investors, family offices, corporate ventures, and Michigan-based manufacturing firm owners and managers
SOUTHFIELD, Mich. (May 2023) – The Centrepolis Accelerator – a hardtech and manufacturing business accelerator based at Lawrence Technological University in Southfield – is assembling angels to help fortify Michigan's manufacturing industry.
So far, more than 80 members have joined the new Michigan Manufacturing Angels Group, an exclusive, invitation-only consortium of industry experts, owners, and managers of private manufacturing firms.
Centrepolis launched the strategic initiative to foster hardtech innovation, strengthen business partnerships, and drive advanced manufacturing solutions in Michigan.
“Because less than one percent of hardtech companies receive Venture Capital investment, we had to turn to owners of Michigan manufacturing firms who care about physical products and have the resources to support product design, engineering, prototyping, testing, and contract manufacturing and assembly services,” said Dan Radomski, Centrepolis Accelerator CEO. “This group was formed to connect our emerging hardtech companies with Michigan-based manufacturers that can help accelerate their pathway to market and production in Michigan.”
The Michigan Manufacturing Angels Group aims to:
· Provide Michigan manufacturers exposure to best-in-class physical product developers that could become customers and business partners
· Provide exposure to breakthrough advanced manufacturing material and industry 4.0 solutions that can be strategic to their products and operational efficiencies
· Allow Centrepolis hardtech clients opportunities for funding and strategic relationships such as supplier partnerships, joint ventures, and commercial agreements
· Provide Michigan manufacturers, corporate VC’s family offices, and others an opportunity to invest in promising hardtech innovators via equity, royalties, or other strategic partnerships
· Help diversify Michigan manufacturers into growing markets
· Help emerging manufacturers get to market and manufacture their products in Michigan
“Most of the companies we work with, we end up finding a local manufacturer to manufacture their project,” Radomski explained. “To date, we’ve had 366 contracts go to Michigan suppliers valued at over $40 million worth of business.”
Launched in 2018 by Lawrence Technological University and the City of Southfield, the Centrepolis Accelerator provides funding, mentoring, expertise, and services to Michigan’s small manufacturers and hardware entrepreneurs. It is one of the nation’s few business accelerators concentrating on physical products rather than software or services. In the past 4 years, the accelerator has helped create 375+ Michigan companies, commercialize 150+ products, create 360 jobs, and generate $80 million in new capital.
The Michigan Manufacturing Angels Group will meet quarterly to hear from hardtech innovators being nurtured by the Centrepolis Accelerator. Owners of Michigan-based manufacturing or product development firms interested in participating are encouraged to reach out to Radomski at dradomski@ltu.edu.
“This network approach to small business growth aligns with innovative concepts being discussed at the 2023 Mackinac Policy Conference,” Radomski added. “Economic development through partnerships and collaboration will help move Michigan manufacturing forward.”
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About the Centrepolis Accelerator
The Centrepolis Accelerator’s mission is to accelerate the growth of small manufacturers and hardware entrepreneurs by providing access to key resources. Founded by Lawrence Technological University and the city of Southfield, with financial support from the New Economy Initiative and the Michigan Energy Office, the Accelerator operates out of a 6,300-square-foot center that includes office and co-working space, technical and business services, a digital design lab, a mixed-reality lab, a product prototyping lab, and other resources. Learn more at www.centrepolisaccelerator.com.
