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Detroit Investing in Programs That Benefit Startup Companies

Friday, January 12, 2018   (0 Comments)
Posted by: Kate Oesterle
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In an effort to benefit area startup businesses, the City of Detroit recently announced that it is participating in startup programs TechTown and Innovation Warriors.

While Innovation Warriors is an entrepreneur training program for Wayne State alumni, TechTown provides Michigan businesses with a network of entrepreneurs, investors, and mentors designed to help them succeed. It is a partnership between General Motors, Henry Ford Health System and Wayne State University.

Despite its name, TechTown assists more than just technology companies.

“If you were looking to start a restaurant, bakery, shoe store, we can provide you with all of the training, technology and support to get your business up and going,” Ned Staebler, TechTown president and CEO, said.

Entrepreneurs can get $3,500 to $7,500 worth of professional services, rent support, and products such as point-of-sale machines for $500, he said.

The cost of doing business in Michigan is less than California or the East Coast, Staebler said.

In Michigan, there are 1,299 venture-backed companies, a 70 percent increase since 2013. A total of $1.7 billion in capital is under management by these companies, a 45 percent increase.

In addition, Michigan has the highest ratio of research spending to venture capital investment in the country – $149 is invested in research for every $1 invested in venture capital.

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