Ex-MEDC CEO James Epolito departs Delta Dental to start funding operation
James Epolito, who resigned as CEO of the Michigan Economic Development Corp. in April 2009 to become president of Delta Dental of Michigan, is giving up his new position.
Epolito plans to start a small firm in the Lansing region to help startup companies acquire financing, the Lansing State Journal reported.
Epolito spent just nine months as president of 3.8-million-member Delta Dental of Michigan. He had led the MEDC from September 2005 through April 2009, a tenure marred by the implosion of the domestic auto industry and Michigan's manufacturing base.
Former MEDC CEO James Epolito
Ari Adler, a Delta Dental spokesman, described Epolito's departure from the insurer as a "mutual decision," the LSJ reported.
Epolito will have to raise financing to fund his venture capital operation in the midst of one of the toughest economic environments for investors.
But there's no mistaking the need for more venture capital in Michigan.
"I've always toyed with this idea of starting a venture fund," he told the LSJ. "Now, with the banking industry in the dire straits it's in, small businesses cannot get loans. These people with these great innovations cannot get funding to start up their company."
Contact AnnArbor.com’s Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter.
Comments
bugjuice
Wed, Jan 5, 2011 : 9:16 a.m.
Just connecting the dots to Snyder's announcement of Mr Finney as head of the MEDC which happened this week, bub.
jussayin
Tue, Jan 4, 2011 : 8:41 p.m.
psst...guys. This article was posted a year ago 1/18/10. Your conspiracy theories run amuk.
bugjuice
Tue, Jan 4, 2011 : 6:32 p.m.
Doesn't this all sound a little too chummy in context with the news that Mike Finney, who headed the MEDC after Mr Epolito, will head an agency that Mr Epolito might very well lobby?
bugjuice
Tue, Jan 4, 2011 : 5:02 p.m.
Any chance that that any of that "financing" comes from his buddy, Mike Finney, now head of the MEDC? Is it possible that Mr Epolito resigned so he could tap into our tax dollars and funnel them to his business connections and golfing buddies? Nawww, who would be so greedy in these times? (LOL)