Capital For Change

Beyond Philanthropy: Steve Jandernoa on Investing in Economic Opportunity Through NCTF

In Episode 3 of Capital for Change, host Phil Tower is joined once again by New Community Transformation Fund [https://newcommunityfund.com] co-founders Birgit Klohs and Skot Welch for a conversation with longtime West Michigan business and philanthropic leader Steve Jandernoa. A partner at 42 North Partners [https://www.42np.com/], president of the Jandernoa Foundation [https://jandernoamentoring.com/], and Investment Committee Chair of the New Community Transformation Fund [https://newcommunityfund.com/], Jandernoa shares why he believes equitable access to capital can create lasting economic and community transformation. The episode begins with a personal look at the values and experiences that shaped Jandernoa’s commitment to philanthropy, leadership, and community investment. He also shares how his background in finance and community work helped shape his belief that philanthropy can drive meaningful, long-term change. We also hear how Jandernoa first became involved with the New Community Transformation Fund [https://newcommunityfund.com/] after receiving a call from Klohs during the fund’s early development and why he and his family believed NCTF represented an important opportunity — not simply as philanthropy, but as a strategic investment in entrepreneurs, innovation, and economic inclusion across West Michigan. Throughout the episode, Jandernoa discusses why venture capital models like NCTF offer something different from traditional philanthropy: a focus on ownership, scalability, wealth creation, and long-term sustainability. He also shares insights into building trust between philanthropists, investors, and entrepreneurs, and explains how collaboration and mentorship are critical to helping businesses succeed beyond access to funding alone. Looking ahead, Jandernoa reflects on what success for the New Community Transformation Fund could look like five or ten years from now — not only in financial returns, but in stronger businesses, stronger communities, and broader economic opportunity throughout Grand Rapids and beyond. Capital for Change continues to spotlight the people, partnerships, and bold ideas helping reshape economic development through the New Community Transformation Fund. Learn more at New Community Transformation Fund. [https://newcommunityfund.com/] Looking for insight on startups, entrepreneurship, venture capital, and economic development in Michigan? “Capital for Change” features business leaders Birgit Klohs and Skot Welch, joined by host Phil Tower, exploring how innovative ideas become successful companies.  Perfect for listeners interested in business growth, startup ecosystems, small business success, and inclusive innovation. Listen on the iHeartRadio app and wherever you listen to podcasts.

How the Frey Foundation Helped Launch the New Community Transformation Fund

In this second episode of Capital for Change, host Phil Tower is joined once again by New Community Transformation Fund co-founders Birgit Klohs and Skot Welch for an inside look at one of the key early partnerships that helped propel the fund forward. Birgit and Skot speak with Holly Johnson, President of The Frey Foundation [https://freyfdn.org/]— one of West Michigan’s leading family foundations and an early supporter of the New Community Transformation Fund. In this conversation, you'll hear how founders Birgit Klohs and Skot Welch identified Holly Johnson and The Frey Foundation as a critical early partner while building support for the fund’s ambitious vision: investing in scalable businesses owned and operated by entrepreneurs of color in West Michigan. Johnson reflects on her initial reaction to the idea of the fund, why the mission resonated so strongly with The Frey Foundation, and why her team chose to make a significant early commitment to help advance the initiative.  The conversation also explores the broader role philanthropy can play in economic transformation as Johnson shares how The Frey Foundation’s core “Pillars of Place” — Building Community, Children & Families, Community Arts, and the Environment — align with the long-term vision of the New Community Transformation Fund and its potential ripple effects throughout communities across West Michigan. Klohs and Welch share what it meant to receive a $500,000 commitment from The Frey Foundation during the fund’s early stages and explain how moments like that helped validate the vision and generate momentum among other investors and community partners. We also gain deeper insight into the mission of the New Community Transformation Fund itself — a now-$25 million venture capital fund focused on investing in businesses led by entrepreneurs of color. Learn more at New Community Transformation Fund [https://newcommunityfund.com] and the Frey Foundation. [https://freyfdn.org] Looking for insight on startups, entrepreneurship, venture capital, and economic development in Michigan? “Capital for Change” features business leaders Birgit Klohs and Skot Welch, joined by host Phil Tower, exploring how innovative ideas become successful companies.  Perfect for listeners interested in business growth, startup ecosystems, small business success, and inclusive innovation. Listen on the iHeartRadio app and wherever you listen to podcasts.

The $10 Million Vision: How a Bold Idea in Grand Rapids Sparked a Venture Capital Movement

In the debut episode of Capital for Change, host Phil Tower sits down with New Community Transformation Fund [https://newcommunityfund.com/]co-founders Birgit Klohs and Skot Welch to unpack the remarkable origin story behind one of West Michigan’s most groundbreaking venture capital initiatives. What began as a conversation over lunch between two longtime community leaders quickly evolved into a bold mission: creating generational wealth and investment opportunities for entrepreneurs of color through a dedicated venture capital fund based in Grand Rapids. In this candid and personal discussion, Klohs and Welch reflect on the moment they realized that years of conversations around equity and inclusion needed to turn into action — and why access to capital was the missing piece. Their conversation shares the behind-the-scenes story of how New Community Transformation Fund [https://newcommunityfund.com/]was built from the ground up — from writing the original business plan and securing startup funding, to overcoming skepticism surrounding the idea of venture capital investments focused on entrepreneurs of color. The episode explores the challenges they faced, the relationships they leveraged, and the surprising momentum that followed once major organizations and business leaders began backing the vision. The conversation also highlights the power of community partnerships and leadership support from organizations, including Bank of America [https://www.bankofamerica.com/], Consumers Energy [https://www.consumersenergy.com/business], Corewell Health [https://corewellhealth.org/], Gentex Corporation [https://www.gentex.com/], and Michigan Capital Network [https://michigancapitalnetwork.com/] — all of which helped transform an ambitious concept into a multi-million-dollar investment fund with long-term impact. Throughout the episode, Klohs and Welch emphasize that the fund was never designed as a charity or grant program. Instead, the goal was to invest in scalable businesses, strengthen entrepreneurial ecosystems, and create sustainable economic opportunity through strategic venture capital investments. They also discuss the importance of mentorship, business networks, and ecosystem-building for founders who may not traditionally have access to those resources. This first episode sets the stage for the rest of the Capital for Change [https://www.spreaker.com/podcast/capital-for-change--6991616]series, introducing listeners to the people, partnerships, and pivotal moments that helped launch a new model for inclusive economic development in West Michigan and beyond. Future episodes will feature funders, entrepreneurs, and community leaders whose stories continue to shape the growing impact of New Community Transformation Fund. [https://newcommunityfund.com/] Learn more at New Community Transformation Fund [https://newcommunityfund.com/] Looking for insight on startups, entrepreneurship, venture capital, and economic development in Michigan? “Capital for Change” features business leaders Birgit Klohs and Skot Welch, joined by host Phil Tower, exploring how innovative ideas become successful companies.  Perfect for listeners interested in business growth, startup ecosystems, small business success, and inclusive innovation. Listen on the iHeartRadio app and wherever you listen to podcasts.

Capital For Change-Official Trailer

What does it take to turn a bold idea into a thriving business—and who gets access to that opportunity? In this special trailer for “Capital for Change,” get a first listen to a new podcast exploring startups, entrepreneurship, venture capital, and economic development in Michigan. Business leaders Birgit Klohs and Skot Welch, alongside host Phil Tower, introduce a series focused on real stories from founders and the systems that help them succeed. You’ll hear how the New Community Transformation Fund [https://newcommunityfund.com/] is connecting innovative entrepreneurs with investors—expanding access, fueling growth, and creating new pathways for historically underserved communities. Follow now and be ready for the full series debut on May 19, 2026, on iHeartRadio Podcasts [https://www.iheart.com/podcast] and wherever you listen. Looking for insight on startups, entrepreneurship, venture capital, and economic development in Michigan? “Capital for Change” features business leaders Birgit Klohs and Skot Welch, joined by host Phil Tower, exploring how innovative ideas become successful companies.  Perfect for listeners interested in business growth, startup ecosystems, small business success, and inclusive innovation. Listen on the iHeartRadio app and wherever you listen to podcasts.