By Emily Heintz, Managing Director, EntryPoint
After five amazing years at the Michigan Venture Capital Association (MVCA), I’m so pleased EntryPoint is able to strategically collaborate on initiatives with MVCA, such as the MVCA Research Report and the MVCA Annual Awards Dinner, that continue to be significant highlights in the Midwest entrepreneurial ecosystem.
Recently, EntryPoint announced the release of the 2019 Detroit Entrepreneurial Ecosystem Report. The report highlights economic trends over the last five years that are driven by Detroit’s growing startup community – much of which is supported by MVCA members! We are excited to share a resource that identifies the strengths of the city’s entrepreneurial ecosystem as well as opportunities for growth to sustain its momentum.
A Snapshot of Detroit’s Growing Entrepreneurial Ecosystem
Investors in the Midwest support startup companies in a variety of high-growth industries. Of the 37 venture-backed startups in Wayne County, 41 percent are information technology companies and 19 percent are mobility-related companies. In 2018 specifically, 12 Detroit-based startups received more than $109 million in venture capital investment – a record-breaking amount of investment in Detroit’s entrepreneurial ecosystem.
In aggregate, $358 million of venture capital has been invested in high-growth companies in Detroit. Sustained investment in startup companies across Michigan has helped drive a 54 percent increase in the number of startup companies in Detroit. The impact on the city over the last five years of this analysis is significant – not only are more than 26 percent of Michigan startups now located in Detroit, but the increase in the number of venture-backed startups in the city has resulted in a 26 percent increase in high-tech job growth in just the last three years.
Here are some highlights from the 2019 Detroit Entrepreneurial Ecosystem Report:
To view the complete report, download the 2019 Detroit Entrepreneurial Ecosystem Report and download graphics to share on social media (follow and tag us on Twitter, Facebook and LinkedIn at @EntryPointMI).
EntryPoint advances the entrepreneurial community by promoting inclusion, community engagement and education. The organization works with entrepreneurial support organizations and startups at all stages of growth foster an inclusive organizational culture, expand their networks, and conduct research for education, outreach and advocacy purposes. EntryPoint was founded in 2018 by Emily Heintz, a leader in Michigan’s entrepreneurial and investment community who was part of Crain’s 40 Under 40: Class of 2016 and recognized in Forbes, Axios, and VentureBeat. To learn more, visit www.EntryPointMI.com or follow us on Twitter and Facebook (@EntryPointMI).