Create a free Manufacturing.net account to continue

Former Chrysler CEO To Head $100M Innovation Fund

TROY, Mich. (AP) — A southeastern Michigan technology association is partnering with former Chrysler CEO Tom LaSorda to help companies commercialize their ideas. LaSorda is the co-founder of a $100 million investment fund called Stage 2 Innovations that will be available to so-called second-stage companies.

TROY, Mich. (AP) — A southeastern Michigan technology association is partnering with former Chrysler CEO Tom LaSorda to help companies commercialize their ideas.

LaSorda is the co-founder of a $100 million investment fund called Stage 2 Innovations that will be available to so-called second-stage companies. Oakland County Executive L. Brooks Patterson says Tuesday the partnership involving Automation Alley will help regional economic development.

They will work to identify companies in need of capital to accelerate the large-scale commercialization of innovative, patentable technologies.

Stage 2 Innovations says money for the fund comes from an investor whose identity isn't being revealed. The aim is to grow businesses in Michigan.

LaSorda retired from Chrysler in 2009. He was demoted from CEO in 2007 but stayed on to oversee manufacturing and global alliances.

More