Report: Detroit and Wayne County Entrepreneurs Show Strong Growth Over Seven Years
EntryPoint, a nonprofit research institution in Ann Arbor, today released its 2021 Detroit Entrepreneurial Ecosystem Report, which details information on startups in the region.
According to the report, more than 23% of Michigan’s venture capital-backed startups are located in Detroit. A key finding from this year’s report was the total number of 38 venture-backed startups in Wayne County, a 58% increase over the past seven years. County startups have raised a total of $ 806.3 million, a 333% increase over the past seven years.
In the past year, 24 Detroit startups raised $ 316.5 million from venture capital firms, nearly five times the amount raised the previous year. Ten of the startups are led by a CEO who is a person of color and raised 1.5% of the total amount raised in Michigan.
The cost of living in dense tech hubs like San Francisco is 88% higher than Detroit, making the region an attractive place for entrepreneurs looking for a vibrant city to locate, live, and launch their businesses.
“Detroit’s entrepreneurial ecosystem has seen incredible growth over the past seven years, but our research shows that the challenges facing the region, such as racial inequalities and the global pandemic, have hit the community hard over the year. last, ”said Emily Heintz, Founder and CEO. from the point of entry. “We hope that through extensive and continuous research, we can do our part to support the community in its continued growth and progress. “
EntryPoint also hosted a free virtual discussion today, “Fostering Innovation and Entrepreneurship Growth”, featuring Patti Glaza of ID Ventures, Justin Mast of Bloomscape, Trina Scott of Rocket Cos. and Monica Wheat of Venture Catalysts.
The discussion explored ways the community can better nurture startups through policies, programs and culture change, preserving diversity and strategies to build a more inclusive entrepreneurial ecosystem, the impact of COVID-19, important events that shaped the Detroit area; and tips for people considering starting their own businesses.
To access the report, visit here.