Technology investment needs to go to every day people

In August of this year, the Michigan Department of Labor & Economic Opportunity released its recommendations for investing the state’s American Rescue Plan money. One of the recommendations was to fund the “Startup Resiliency Initiative” that would inject $200 million in the state’s “early-stage tech ecosystem.”

Jean Hardy

The proposal cites a large decrease in venture capital investment from 2019 to 2020 as justification for the investment. Of the $200 million, $140 million would go towards 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 considered by the state Legislature in early 2022, I believe it is imperative that Michiganders push back against the public funding of private venture capital firms. Instead, we should demand opportunities for everyday workers and business owners to invest in their own technological capacity.

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