Interview: Chris Thomas of Assembly Ventures on Reindustrialize 2.0

On July 16-17 Reindustrialize returned to Detroit to bring together “the brightest and most motivated minds at the intersection of technology and manufacturing.” With a star-studded line-up of movers and shakers in technology, manufacturing, government, defense, and finance, it was a noteworthy gathering that has people still talking a few weeks later. 

To get a sense of ‘the what and the why’ of the conference, I reached out to one of the smartest, most passionate people I know about the reindustrialization movement, Chris Thomas. 

Chris is a co-founder and partner at Assembly Ventures, a firm with a presence in Detroit, Berlin, and Silicon Valley, focused on building the next generation of mobility and industrial companies. A veteran of both venture capital and the U.S. Army, prior to launching Assembly he co-founded the first mobility-focused venture firm in the world with Bill Ford Jr., as well as the Detroit Mobility Lab and Michigan Mobility Institute.

He began his career in energy and technology investment banking at UBS, served as a communications officer in the U.S. Army, is an active angel investor, co-owner of Buddy’s Pizza, and a passionate advocate for Detroit and the broader Midwest. He lives in Detroit with his wife and sons and champions early childhood literacy, community-building, and reindustrialization through action - not theater.

Ted Velie (Start Midwest):
Let’s start broadly, a couple weeks after the event, what is your big picture takeaway from Reindustrialize 2.0?

Chris Thomas (Assembly Ventures):
I think the most important part of the entire event was the presence of early-stage entrepreneurial energy alongside legacy enterprises. Those startups and growth-stage companies are going to be what drives the future of technological progress and new industries in the U.S. especially when it comes to reindustrializing Michigan and the United States.

From a manufacturing asset standpoint, it was also encouraging to see federal representatives at the event who have the mandate and budget  to build, create, and partner now. That’s not always the case. Over the past few years at these types of events, we’ve often over-indexed on our state’s elected and appointed governmental leaders who have been more interested in chasing headlines than structuring real deals that move the needle for Michigan’s and the Midwest’s industrial base.

Ted:
Some people I’ve spoken with, though, raised a point - about the amount of outside capital and influence coming into Detroit. What’s your take on that? Is it authentic engagement or just using the Midwest as a backdrop?

Chris:
Yeah, I think there are three flavors of people. First, the ones just focused on making money. That’s not necessarily bad - but it can be. Second, the folks who are mission-driven and focused only on impact. That’s usually good, but without proper setup or support, fails. Then you have the people who want to do both - do good and create real value.

For me, it really doesn’t matter whether you’re local or from out of town, I genuinely don’t care - as long as you genuinely believe in Michigan’s and America’s ability to produce and dominate in the critical industries of the future. I want people who care deeply about this country. I mean Ted - you and I care deeply about our state, our cities, our communities. If someone from another region is doing that for the place they love as much as we love Detroit and Michigan, I respect it.

But we’ve got to be honest. If you’re here because Michigan has great workers and unmatched efficiencies, and you’re backing that up with real investment and opportunity, then I’m all for it.

Ted:
Makes sense to me. From Assembly Ventures’ perspective - how did this conference hit? What did it mean for you?

Chris:
Honestly, it was an incredible affirmation of what we’ve been preaching for years. I think you and I were actually sitting in Austin during a Midwest House event years ago, and I laid out our thesis:

- The economic divide between East and West, especially U.S. and China, would result in global bifurcation

- The rise of re-shoring and ally-shoring was real and accelerating

- The importance of industrial centers like Detroit in this new reality would be pronounced

Back then, people laughed at that idea. I remember being at a dinner at the Rosewood Sand Hill with a well-known investor - someone with serious clout - who literally laughed at the idea of investing in Detroit. It made me furious. But it also made me more determined.

Five years later, here we are. It’s not satisfying just because we were right - it’s satisfying because it validates the people and places we believe in. This place matters. Michigan matters.

Ted:
We love to hear that.

Chris:
So yeah, it felt like a real affirmation. Not just of our ideas, but of the opportunity in front of us to reinvigorate manufacturing in Michigan in a way we haven’t seen since our grandparents’ generation.

Chris:
But it’s not a given. It’s just an opportunity. And that’s why you probably heard some heat in my voice earlier. I’m just so tired of the innovation theater.

We’ve got to get real about who’s qualified to lead. It’s not folks who’ve spent their whole lives in politics. That doesn’t give you the at-bats you need. We need builders. People who know how to structure, lead, scale - and everyone else needs to either support meaningfully or get out of the way.

Ted:
I appreciate the heat. You’re clearly passionate about all this. So coming out of the conference, what’s the one thing that made you feel the most optimistic?

Chris:
There are two things, actually, and they’re kind of opposites. But I think they’re related in a good way. 

First is the knowledge - not just belief - that we can build anything better than anyone in the world, if we commit to that mission. I believe that with my whole heart.

Second is a kind of fear. Talking to people from our city and our state, I sensed a genuine fear that we might miss this moment. A fear that the first statement might not be true. And I think that fear is a good thing. I wake up with it every day. It drives me. It forces me to ask:
What can I build today?
What obstacle do I need to get around?
What can I do to make sure we win?

That mix of belief and urgency—that’s what keeps me going.

‍Ted:
Great answer, Chris. Thanks for doing this and all that you do.