Company: Michigan Economic Development Corporation, Lansing, MI
Entry Submitted By: Racepoint Global
Company Description: The MEDC is Michigan's marketing arm and lead advocate for business development, talent, jobs, tourism, digital media incentives, cultural grants and overall economic growth. The MEDC offers a number of business assistance services and capital programs for business attraction and acceleration, entrepreneurship, strategic partnerships, talent enhancement, and urban and community development.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Female Executive of the Year – Business Services –11 to 2,500 Employees

Nomination Title: Paula Sorrell, VP of Entrepreneurship, Innovation & Venture Capital

Describe for the judges the activities and accomplishments of the nominated executive since the beginning of July last year (up to 525 words):

As vice president of entrepreneurship, innovation & venture capital for the Michigan Economic Development Corporation (MEDC), Paula Sorrell oversees $1 billion in Michigan’s entrepreneurial ecosystem. During her tenure at MEDC, venture capital investment, entrepreneurialism and startup growth throughout Michigan increased significantly. Specifically, in the last three years, programs and strategies Paula put in place helped the number of venture capital investment professionals in Michigan grow by 84 percent and venture-backed firms increased by 66 percent. In 2013, programs under Paula’s management assisted in $120 million invested in 40 companies in Michigan and hosted 116 active angel-backed companies in Michigan…an increase of 137 percent over the last five years. In 2013, the most deals in Michigan’s history took place, while a record number of technology startups – more than 350 – took root in Michigan. Paula, specifically, has tracked more than 500 new tech startups in her three years at MEDC and now tracks 2,000 early stage tech companies who access programs under her purview. In 2014, MEDC has added support for the Center for Entrepreneurship at University of Michigan, created PreSeed Fund 2.0, and launched M-TRAC UM Transportation, UM Med School, MSU Agro-Bio and MTU Materials.

At MEDC, Paula provides programs and services for entrepreneurs, employers and job seekers, including grant funding programs, federal matching funds and equity funding programs. The Michigan Translational Research Acceleration and Commercialization Fund (M-TRAC) Program creates high-tech companies and jobs in Michigan by using the Coulter model to translate university research into products through start-ups and licenses. The University Commercialization fund, Technology Transfer Talent Network, and Michigan Corporate Relations network are in-university grants that provide gap funding and experienced business mentors to speed commercialization of research and strengthen ties between small business, industry and academia. The organization includes representatives from angel/venture capital and economic development communities, alongside the 15 Michigan public universities. Paula and MEDC also provide the Pure Michigan Venture Match Fund, Michigan Angel Fund, Angel Network Growth Program, Michigan Pre-Seed Fund Investment Program and Michigan’s venture capital fund-to-funds.

Furthermore, Paula is an active organizer, promoter and participant at entrepreneurial contests and business plan competitions. For example, Paula is an active board member of the Accelerate Michigan Innovation Competition (AMIC), an international business plan competition where startups and students pitch their business for a chance at $1 million in prizes. Additionally, Greenlight is a statewide business plan competition offered by Michigan State University with a top prize of $100,000.

Paula’s longstanding contributions in Michigan continue to pay dividends and elevate Michigan as a role model for other states. When Paula joined the Small Business Development Center (SBDC), she helped build the credibility and impact of its tech team to justify funding from MEDC. Today Paula oversees SBDC, which has leveraged $57 million per year back to the state by providing business advice at no cost to tech entrepreneurs. The SBDC Michigan tech team has established itself as a sustainable best practice and has trained other states on how to develop and operate similar programs.

Paula currently sits on the boards of 16 organizations, which include Detroit Innovation District, Michigan Venture Capital Association (MVCA) and inGAGE (InForum's Women’s Professional Alliance).

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Provide a brief biography of the nominated executive (up to 125 words):

Paula Sorrell is vice president of entrepreneurship, innovation & venture capital for the Michigan Economic Development Corporation (MEDC). She oversees $1 billion under management to support Michigan’s entrepreneurial ecosystem, including university research and tech transfer, technology service providers, business incubators, seed funding programs, portfolio investments and fund to funds (200+ contracts in all). Prior to MEDC, she has been V.P. of Marketing/Chief Marketing Officer at seven early to mid-stage technology companies and was the co-developer of a screening tool still used today to evaluate commercialization potential in early stage companies. Sorrell has been a technology business evaluator for investment portfolio companies, business incubator tenants, National Lab managers for the U.S. Department of Energy, and 1,000+ sustainable technology businesses for a group of 1,300 international investors.