That Gilbert Family Foundation announced on Thursday the launch of Venture 313, a three-year, $10 million commitment that will help unlock Detroit’s entrepreneurial potential and provide founders with the opportunity to participate in the innovation economy.
What you should know: The commitment includes direct investments in start-ups, a web-based platform that offers entrepreneurs guidance and innovative programs.
The $10 million will be used to invest directly in small business owners and develop programs to further Venture 313’s goals. In addition to improving access to direct capital, Venture 313 seeks to simplify the entrepreneurial ecosystem by connecting multiple partners through a common platform.
“Venture 313 is a year-round, catalytic initiative that provides Detroit entrepreneurs with access to the capital, mentoring and other support they need to grow their businesses and achieve greater economic mobility for themselves and their communities,” he said Jennifer GilbertCo-founder of the Gilbert Family Foundation.
“In the largest Black-majority city in the country, we are excited to work with such dedicated partners to bridge the venture capital gap, where only 1% of funding goes to Black founders,” added Gilbert.
Investing in Entrepreneurs: Venture 313 and its partners will invest between $500 and $250,000 in Detroit businesses through a mix of grants and quasi-equity investments.
- Invest in Detroita Community Developmental Financial Institution (CDFI), will source risk-taking or growth-oriented startups.
- Techtown Detroita non-profit organization that provides programs, education and resources for early-stage small businesses and technology entrepreneurs, will invest in smaller companies that are primarily seeking to evolve from ideation to creating a minimal viable product.
- The Detroit Development Fund will provide loans and technical support to small business owners who cannot raise all the capital…
