The "Good Shark" Swims Here

Posted by – Steve Cohen, Director of Community Development

If you ever watch the reality TV show Shark Tank on ABC, you may wonder if the concept actually works in the real world.  I am here to tell you that it does in Auburn Hills.

As a little background, the TV show features a panel of five wealthy investors called “Sharks” who consider offers from entrepreneurs seeking someone to invest in their business or product.  The entrepreneurs who enter the “Shark Tank” must try to convince these tycoons to give them the funding they need to jumpstart their business idea.  However, the Sharks are not benefactors; they want a return on their investment.  In exchange for the investment, the entrepreneurs must give up a percentage of their company’s equity to the Shark.  When a Shark hooks up with an entrepreneur on the show, you actually watch a successful business being born right before your eyes.

Well, there is a “Good Shark” swimming in the business waters of the City of Auburn Hills.  I call him that because he is an incredibly nice and down to earth guy.  His name is Tom LaSorda.

Mr. LaSorda is the former CEO of Chrysler and now the CEO of Fisker Automotive Group in Anaheim, California.  He is spending millions of dollars to convert the vacant Food Town grocery store building at 3900 Joslyn Road into a business incubator to support the future entrepreneurs he selects and decides to invest in.

In addition to his professional mentoring, Mr. LaSorda will offer office services and R&D space to help keep initial costs down for these start-up businesses.  If a business takes off and becomes profitable, he gets a piece of the action for his risk and investment in the idea.  Mr. LaSorda plans to shepherd businesses which specialize in the new emerging economic sectors such as clean technology, transportation, IT, alternative energy, and healthcare.

So, if you have the next great business idea that will change the world, but need help launching it.  I know just the right guy to call … the “Good Shark.”