Dr. Doug Lepisto and Dr. Derrick McIver, associate professors of management at Western Michigan University (WMU), have been named overall Newsmakers of the Year by Crain’s Grand Rapids Business for 2025. The recognition highlights their leadership at Sleeping Giant Capital, a place-based investment firm they co-founded in 2020.
The two professors received the top honor among 48 finalists across 16 industry categories and also won in the banking and finance category. Lepisto commented on the award: “It’s a really great recognition of all the hard work, the entrepreneurial leap by the CEOs we work with, our investors. We’re excited to keep the momentum up in 2026.”
Both Lepisto and McIver serve as co-directors of WMU’s Center for Principled Leadership and Business Strategy. Their company has supported five CEOs and acquired six businesses since its launch. In 2025, Sleeping Giant Capital announced a second investment fund—the Principled Impact Evergreen Fund II—with $100 million in commitment capital to support aspiring entrepreneurs.
Lepisto reflected on their journey: “We started with this kind of audacious idea to raise money from investors, buy West Michigan businesses, convince experienced professionals to leave their job and then somehow grow those companies by tying them to a university—and it’s going beyond what we thought it would be,” he said. “But my Ph.D. advisor always said, ‘You don’t hit a home run unless you swing for the fence.’ So, we’ve been trying to swing for the fence and make the biggest impact we possibly can on as many people as we possibly can.” He added that similar projects inspired by their business model are emerging in other communities.
Sleeping Giant Capital not only invests in regional companies but also offers WMU students practical experience through consulting opportunities with local businesses and mentorship from CEOs.
“I want Western to be the school of choice for students in Michigan and the Great Lakes region,” Lepisto said. “That means doing things with excellence, doing things that are distinctive and connecting the University to this amazing place called Kalamazoo. It’s super rewarding to see Western’s reputation elevated and enhanced because of all the great work that people are doing and the great success that the University is experiencing.”
Crain’s Grand Rapids Business also recognized other members of WMU’s community during its annual awards ceremony. Russ Kavalhuna was named Newsmaker of the Year in education after taking office as WMU’s tenth president in July 2025. Kavalhuna returned nearly 25 years after graduating from WMU with a degree in aviation sciences.
“Drs. Lepisto and McIver exemplify what Experience-Driven Learning looks like in action—connecting our students to real-world leadership, entrepreneurship and opportunity,” Kavalhuna stated.
He continued: “Alongside Tim Rayman and Thomas Cronkright, they reflect the talent, purpose and impact of our Bronco community. We’re proud to see their work recognized across West Michigan.”
Alumni were also honored: Tim Rayman received recognition for his role leading construction projects including an event center that will host hockey and basketball teams starting fall 2027; Thomas Cronkright II was acknowledged for expanding his fraud prevention firm into new sectors.
Newsmaker finalists are chosen by Crain’s Grand Rapids Business journalists based on significant stories from the past year involving influential professionals.
Western Michigan University enrolls more than 17,000 students according to its official website. The university is a member of the Mid-American Conference with 16 Division I varsity sports teams (source). WMU emphasizes inclusive excellence (source), promotes sustainability through LEED-certified buildings (source), holds national top-100 rankings for several graduate programs (source), and focuses on learner-centered education combined with research orientation (source).
For more information about news or events at Western Michigan University visit WMU News online.
