New Venture 313 Efforts Bring Together Resources for Entrepreneurial Success

New Venture 313 Efforts Bring Together Resources for Entrepreneurial Success

Formally announced on Thursday, the Gilberts’ philanthropic money essentially aids the work of three of the city’s major support organizations for all kinds of startups and entrepreneurs.

The organizations doing the work on site are:

  • Invest Detroit, a community development financial institution;
  • TechTown Detroit, a nonprofit organization that provides programs, education, and resources for early-to-growth small businesses and tech entrepreneurs;
  • Detroit Development Fund, also a CDFI, provides loans and technical assistance to small business owners who cannot obtain all of the necessary capital from traditional financing sources.

Those organizations will provide a mix of direct investment, grants and loans, as well as lines of credit, depending on the situation of each business or entrepreneur.

For Invest Detroit Ventures, an early stage large-scale venture capital fund, having both the funding and the various organizations working together would help companies looking for the Venture 313 services and money, and with a fast turnaround time, according to Jeff Ponders, a principal at the fund.

“We have the infrastructure in place, and now we can get to that first institutional investment round,” Ponders said. “And so I think what we expect to happen overnight, we’ll work together and you’ll see some companies move from idea to first round. And there’ll be other partners that are participating in the program. .”

Ponders also pointed to the so-called playbooks, which he says will be tailored to the specific needs of each entrepreneur going through the program.

For the city’s top officials, the program helps address a major problem they say they have: reaching out to potential entrepreneurs who have an idea, but aren’t aware of some of the services available.

“Part of what this forum gives us the opportunity to do is put together pieces that you might not otherwise know,” said Nicole Sherard-Freeman, the city’s group director for Jobs, Economics and Detroit at Work.

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