Entrepreneurial Ecosystem Part I Video Recap

From left to right: Dr. Rob Pasick, Michael Cole, Governor Rick Snyder, Tim Marshall, Skip Simms, Michael Psarouthakis, Mike Klein, and Diane Durance

No doubt, the Ann Arbor area has developed an outstanding entrepreneurial ecosystem. Many people have contributed over the years, but no one stands out as much as Michael Cole. In honor of Michael, as he retires from the Bank of Ann Arbor, we featured him and the Bank of Ann Arbor in our last LeadersConnect event. I encourage you to watch the video to better understand how far Ann Arbor has come over the last 25 years. Michael Cole has always been there to help individuals and companies fulfill their dreams of becoming successful. Whether it was at the beginning stages, or they were trying to understand how to market their product and get initial funding for it, or at the final stage, when they were successful on their own or were able to be purchased by another, bigger company, Michael Cole and the Bank of Ann Arbor were there to provide support and guidance.

Here’s what our distinguished panel had to say about Michael’s contribution to developing the Ann Arbor entrepreneurial ecosystem.

Michael Cole:

The first thing I will do once I retire is go on a trip with my recently graduated daughter to a Brandi Carlile Florida festival and then play a lot more music and send a lot fewer emails.
I used to say that Bank of Ann Arbor was one of the handful of banks in the country that have this technology banking preference. Then, in March 2023, three of those banks went out of business. For reasons not particularly due to banking technology but for basic banking problems. Now, there are less than a handful of banks in the country that have this.
To be successful as a startup, you must have perseverance and leverage your network of people.

Governor Rick Snyder:

To put things in perspective, Ann Arbor did not have an ecosystem back in 1977.
There are a number of us trying to do venture things, but you cannot do it by yourself. You have to have a whole network of people helping you, and all of a sudden, the Bank of Ann Arbor stepped up. When I say Bank of Ann Arbor, I mean Michael Cole, who stepped up to take the lead.
Michael built a legacy that other people can build on and be successful on because a lot of that credit can go back to him.

Tim Marshall:

What started as an idea, a vision, a vague concept really turned into an incredible development led by Michael Cole.
The purpose of our gathering here is to congratulate Michael on taking this vision and creating a bank that is known throughout the Midwest.
The result of all of Michael’s efforts is that he is going to leave with a portfolio of 175 million deposits, 150 million loans, and 80 million investments.

Skip Simms:

As SPARK was able to give more grant funding to entrepreneurs, lSBIRs were still a part of the funding for entrepreneurs, but we weren’t able to provide what they really needed, and I was continually shocked at how people kept coming back saying that they were able to get loans from the Bank of Ann Arbor.

Michael Psarouthakis:

Michael’s engagement with the community is unmatched. He will never say no; he might not give you the loan, but Bank of Ann Arbor will do a lot more than most banks in the country, especially in our community.

Mike Klein:

When I think about Michael, I think about three key things: ecosystem, relationships, and trust.
When COVID relief loans came out, everyone was in a panic; no one knew what was happening. Michael and Mark had answers to all my questions. When I spoke with other CEOs working with other banks, they were on waiting lists and had no idea what was going on. The Bank of Ann Arbor helped fill that void.

Diane Durance