Top 5 reasons why Michigan needs to embrace risk

The 10th Annual Collaboration for Entrepreneurship event on Thursday drew 1,000 entrepreneurs and investors to Ann Arbor's Skyline High School.

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The event was an altogether encouraging sign that Michigan's entrepreneurial movement is gaining steam.

A key element of reconstructing Michigan, however, is culture change. Michigan residents are largely averse to risk taking.

It's a legacy of our corporate culture, in which the safe and responsible thing to do was to work for the same company for 40 years. This generated a culture defined by an incredible work ethic and a suspicion towards entrepreneurialism.

"Failure is seen as a scarlet letter out here as opposed to the West Coast or the East Coast, where failure is a badge of honor and tenacity wins, talent wins," said Rick Galdi, president of the Detroit-based Great Lakes Angels investment group. "If you think you're going to hit a home run on your first swing, you're kidding yourself."

Nonetheless, taking risks is essential for Michigan.

Here's my top 5 reasons why Michigan needs to embrace risk.