The state of Detroit’s startup scene
Ann Arbor likes to think that it exists in a magical economic and political bubble. But the truth is, we are part of the Detroit metro region and its fortunes impact our fortunes. And so as our community's entrepreneurial ecosystem strengthens it only makes sense that we should pay better attention to Motown's situation... especially as more and more U-M grads choose to move there. Excerpt: "Detroit has lost more than 20 percent of its population 25 years and over in the last decade, according to U.S. Census Data. But a more shocking statistic indicates a different narrative: the population of college-educated residents under 39 year-olds increased by 59 percent in the 7.1 square mile area of Greater Downtown from 2000 to 2010, according to a Forbes report from 2011. “There is a certain demographic that comes to Detroit that is well-educated, affluent and white and wants to do something,” said Associate Prof. Nick Tobier, who teaches topics like social entrepreneurship in the University’s School of Art & Design. “I mean that in good and bad ways.” Now, Detroit is building an ecosystem of entrepreneurship, including venture capitalists — those who provide early-stage funding to promising startups — entrepreneurship-focused non-profits; lawyers; a tech-savvy Chamber of Commerce; office hubs, the vibrant urban areas that innovators crave and months-long programs that provide funding and mentorship to innovators." Read the rest here.
