Plans unveiled for 'Start Garden' investment fund
Apr 27th, 2012 - Local News
GRAND RAPIDS, Mich. (AP) — West Michigan entrepreneur Rick DeVos is starting a venture capital fund that will invest $5,000 in two ideas each week and is backed by $15 million from his family.
Details of the fund were announced Thursday. Ideas will be submitted online. The Start Garden team will pick one recipient and the public will pick the other.
Projects can ultimately get as much as $500,000 in incremental investments.
The fund is the latest endeavor from Pomegranate Studios, which was founded by DeVos. The organization is behind the ArtPrize and 5x5 Night competitions.
DeVos is the grandson of multibillionaire Rich DeVos, a co-founder of direct-sales giant Amway Corp., and son of Dick DeVos, a former Amway president who unsuccessfully ran for Michigan governor as the GOP nominee in 2006.
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Online:
http://www.startgarden.com
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