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On January 29^th the Brookings Institution released it's report focused on reinvigorating the Great Lakes Economy.   Entitled TURNING UP THE HEAT: HOW VENTURE CAPITAL CAN HELP FUEL THE ECONOMIC TRANSFORMATION OF THE GREAT LAKES REGION, the study offers two recommendations:

• The core recommendation is to create a Great Lakes 21st Century Fund, a $1 billion to $2 billion fund of funds that would invest in early stage venture capital funds operating in and focused on the Great Lakes region. Such a fund would have three major objectives:

o To invest in early-stage venture capital funds with a presence in the region that focus on investing in operating companies in the region.

o To co-invest in selected operating companies that are in the portfolios of the venture capital funds in which it invests and to co-invest in these companies through successive financing rounds.

o To co-invest with large national and international venture firms that create offices in the Great Lakes region.

• The key complementary recommendation is that a variety of private and public stakeholders—including federal, state, and local government leaders, research institutions, the philanthropic sector, and catalytic enterprises—work in parallel with the investor community to create a vigorous support system for venture investment. These actors should not only play a direct role in growing and sustaining venture investment, but also in supporting the research and development, talent generation, and entrepreneurial activities needed to create profitable deals.