Chris Thomas, co-founder and partner at Assembly Ventures in Detroit, and Reilly P. Brennan, co-founder and partner at Trucks Venture Capital in San Francisco, have initiated the Tuebor Pledge to promote investments in Michigan companies.
There are no fees, it’s not a fund, and there is no minimum investment required. All it takes is to commit to invest in at least one state of Michigan-based business per year.
Dug Song, co-founder and general manager of Duo Security in Ann Arbor; Ford Motor Co. board member Alexandra Ford English; and Dhani Jones, former University of Michigan and NFL linebacker, have taken the Tuebor pledge, according to Brennan.
“Someone who takes the Tuebor Pledge can invest in a groundbreaking new Michigan technology startup each year or simply buy a single share of stock in a Michigan public company,” says Thomas. “An individual making an investment of $10 is the same as someone investing $1 million. All efforts count toward our goal: to increase the number of Michigan investors backing Michigan businesses.”
According to Thomas and Brennan: “Data from PitchBook shows startups based in the Midwest take nearly two years longer to secure their first $500,000 of investment capital compared to similar companies on the coasts. Why do entrepreneurs move to California in larger numbers? Because that’s where the money is — the early money. If we want our brightest and best to build their ideas here in Michigan, we need to fund them earlier.”
The strategy is to “defend” Michigan businesses and entrepreneurs, which is the translation of the Latin word “tuebor.” The word also was chosen for the Michigan state flag due to its frontier position in the U.S. at the time it became a state in 1837.
