The state must embrace a culture change, says Rick Galdi, president of the Detroit-based Great Lakes Angels investment group, who addressed attendees at the 10th Annual Collaboration for Entrepreneurship meeting in Ann Arbor earlier this month.
Risk-taking is a crucial element of entrepreneurialism yet it's scorned in Michigan, he says. "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," Galdi says. "If you think you're going to hit a home run on your first swing, you're kidding yourself."
According to excerpts from the story:
Momentum for Michigan's entrepreneurial movement is palpable, but major hurdles remain. Among them: Michigan's culture is largely risk-averse. People aren't used to taking chances - a key element for revitalizing a broken economy.
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