The four venture capitalists who jointly founded eLab now focus on coaching and assisting these graduates in turning their university research into functioning businesses. Of the four, three have a direct connection to U-M. Rick Bolander, the managing partner of Gabriel Venture Partners, graduated from the school’s electrical engineering program and went on to earn his MBA from Harvard Business School. In addition, Doug Neal has held high-level positions at Hewlett-Packard and other technology firms. In 2005, he relocated to Michigan and has worked with aspiring U-M entrepreneurs through business incubators like the university’s Center for Entrepreneurship, where he served as managing director until recently. Bob Stefanski received engineering and law degrees from U-M. He has also worked with the Center for Entrepreneurship and now practices law in Silicon Valley. The three U-M graduates are joined by Scott Chou, a technology-focused venture capitalist and a managing director at Gabriel Venture Partners.
To date, Michigan eLab has received funding that includes more than $2 million from the Pure Michigan Venture Development Fund, and it hopes to raise $40 million from its initial round of funding. The eLab serves to connect Silicon Valley venture capitalists with wide-ranging knowledge of the world with high-technology start-ups and Michigan-based entrepreneurs with promising ideas. The eLab also focuses on start-ups based on disruptive innovations that can create new market conditions within a field. With support from the university, it seeks to create a high-quality business ecosystem throughout the state in the cities of Ann Arbor, Detroit, Kalamazoo, and other metropolitan areas.
