TechTown Detroit 2013 Press Releases UPDATED JANUARY 22, 2014 440 BURROUGHS STREET DETROIT, MI 48202 313.879.5250 techtowndetroit.org
TechTown Detroit News Release C O N T A C T : Michelle Welsh (313) 450-3883, michelle@techtowndetroit.org F O R I M M E D I A T E R E L E A S E TechTown Detroit opens Junction440 co-working space Detroit s newest co-working option is key feature in TechTown s $1.5 million first-floor renovation (DETROIT Jan. 7, 2014) Today TechTown Detroit announced the official opening of Junction440, its new co-working space for entrepreneurs, located in the recently renovated first floor of its historic 440 Burroughs Street building in Midtown Detroit. Entrepreneurs seeking work space in the city are invited to attend an open house for Junction440 on Tuesday, Jan. 21 at 6 p.m., as part of Co-Lab Detroit, a one-week event to introduce entrepreneurs to seven Detroit co-working spaces. Co-working is a central element of TechTown s $1.5 million, 20,000 square-foot first-floor renovation, funded by the U.S. Department of Housing and Urban Development. The rest of the space features TechTown s public event facilities, and acceleration, incubation and administrative suites, while floors two through five now strictly house the building s commercial tenants. The official opening of Junction440 comes after a one-month beta test, where potential coworking members helped break in the space. Entrepreneurs seeking an affordable, flexible and collaborative work environment can now select from a range of membership options, including day passes for $20, 10-pass punch cards for $150, and monthly memberships for $250 or $375 with a dedicated desk. Amenities include access to like-minded peers, educational resources, meeting and event spaces, bike racks, kitchen with refrigerator space, locally roasted and freshly brewed coffee, lockers for day storage, and free parking, Wi-Fi and printing. TechTown s building was designed by famed Detroit architect Albert Kahn in 1927. It first served as a service department for Pontiac, then later became the Chevrolet Creative Services building before sitting vacant for many years prior to TechTown s initial five-floor renovation, which was completed in 2004. Detroit-based architecture firm Centric Design Studio and interior design studio Patrick Thompson Design created an open and inviting first-floor space a blank slate for creativity and idea sharing, and a nod to the building s innovative roots. Other features include rentable, sophisticated event spaces ranging from approximately 150 to 1,800 square feet; innovative enclaves such as small phone-booth style rooms and study lounges; and an open kitchen serving as a pop-up location for local food entrepreneurs to test their products before hard launching in a Detroit retail storefront. By this summer, the first floor will flow into the Living Room, Midtown s community gathering space to be located in the current parking lot just east of the building. This space will become a hotbed of innovation, a dwelling for serendipitous encounters and a catalyst for the redevelopment of Midtown s broader innovation district, said Leslie Smith, president and CEO of TechTown. With an open, flexible and vibrant first floor, anchored by the Junction440 co-working space, TechTown will be uniquely positioned to foster an even T E C H T O W N D E T R O I T O P E N S J U N C T I O N 4 4 0 C O - W O R K I N G S P A C E J A N. 7, 2 0 1 4
larger community of engaged, connected and better-served entrepreneurs who will accelerate our local economy. For more information on Junction440, please visit junction440.com or email junction440@techtowndetroit.org. About TechTown Detroit TechTown Detroit is the most established business incubator and accelerator in the city founded specifically to develop and grow sustainable, technology businesses. Today its work supports industry verticals that are specific to the region s inherent assets and address the city s identified needs, supporting not only tech businesses but also retail and wholesale enterprises for a more holistic approach to economic development. TechTown is a 501(c)(3) nonprofit and is located within the Woodward Technology Corridor SmartZone. To learn more, visit techtowndetroit.org. # # # T E C H T O W N D E T R O I T O P E N S J U N C T I O N 4 4 0 C O - W O R K I N G S P A C E J A N. 7, 2 0 1 4
TechTown News Release C O N T A C T : Marielle Temkin (248) 339-6199, marielle@techtowndetroit.org F O R I M M E D I A T E R E L E A S E TechTown receives $800,000 from U.S. Dept. of Health and Human Services to support SWOT City Detroit (DETROIT Oct. 2, 2013) On Monday, TechTown Detroit was awarded an $800,000 grant from the U.S. Department of Health and Human Services for Community Economic Development to support SWOT City Detroit over the next three years. This project will expand TechTown s SWOT City program into three new neighborhoods the East Jefferson Corridor, Grandmont Rosedale and Osborn. The commitment of a three-year grant shows the federal government s commitment to Detroit and gives the SWOT City team the resources necessary to execute full scale SWOT engagements in each of the three neighborhoods beginning with the development of an integrated stabilization and growth strategy designed in partnership with neighborhood partners and community members followed by execution against the plan over the following three years. This grant was announced following the visit of White House officials to Detroit the previous Friday, when administration officials discussed how the federal government will remain an active partner in Detroit s revitalization in pursuit of one Detroit catalyzed by a commitment to blight removal, transportation infrastructure and improved public safety and further advanced by the stabilization and expansion of Detroit neighborhoods. SWOT City Detroit is an essential element of a movement toward one Detroit, as it represents a critical effort to stabilize and enhance the Detroit neighborhoods that are often disconnected from redevelopment efforts in the Midtown and downtown districts of the city. Because the SWOT City program delivers TechTown acceleration services to underserved neighborhoods through partnerships with community and economic development organizations, the team becomes ingrained in the community in which it works. We have a deep legacy with place-based programs, and our SWOT City program was developed by answering the question, What about everybody else? said TechTown President and CEO Leslie Smith. There s a lot of economic development activity happening in Midtown and downtown, and we want to bring that energy, expertise and resource set to the neighborhoods in order to see a fully revitalized Detroit. This grant allows us to expand our program into three new full-scale engagements, and we are delighted. SWOT City Detroit will provide business assistance, entrepreneurial services and training to businesses, residents and other stakeholders in these Detroit neighborhoods through a threepronged expansion it will begin by assessing the community and its businesses, move to assistance and end with sustainable practices. The program goals are to create at least 40 new positions each of which will match the skills and geographic location of low-income residents of the neighborhoods and, additionally, to retain at least 530 jobs and create a minimum of 10 new businesses. T E C H T O W N R E C E I V E S $ 8 0 0, 0 0 0 F R O M U. S. D E P T. O F H E A L T H A N D H U M A N S E R V I C E S T O S U P P O R T S W O T C I T Y D E T R O IT O C T. 2, 2 0 1 3
Over the duration of the grant, the SWOT team will encourage entrepreneurship in lowincome neighborhoods, ensure the positive changes made by SWOT City Detroit are sustained beyond the time period and raise awareness of the opportunities present in targeted areas for the creation and expansion of businesses. These objectives will unlock economic potential and entrepreneurial ingenuity in areas of the city that have, until now, been underserved. About TechTown TechTown is the most established business incubator and accelerator in Detroit founded specifically to develop and grow sustainable, technology-based businesses. Today its work supports industry verticals that are specific to the region s inherent assets and address the city s identified needs, supporting not only tech-based businesses but also retail and neighborhood enterprises for a more holistic approach to economic development. TechTown is a 501(c)(3) nonprofit and is located within the Woodward Technology Corridor SmartZone. To learn more about TechTown, visit techtowndetroit.org. # # # T E C H T O W N R E C E I V E S $ 8 0 0, 0 0 0 F R O M U. S. D E P T. O F H E A L T H A N D H U M A N S E R V I C E S T O S U P P O R T S W O T C I T Y D E T R O IT O C T. 2, 2 0 1 3
TechTown News Release C O N T A C T : Michelle Welsh (313) 450-3883, michelle@techtowndetroit.org F O R I M M E D I A T E R E L E A S E TechTown Detroit s fall Retail Boot Camp to offer $10,000 in awards and rent-free pop-up space (DETROIT Aug. 21, 2013) Today TechTown Detroit opened applications for the second session of its Blocks Retail Boot Camp with the announcement of $10,000 in cash awards, plus one month of rent-free pop-up space in Detroit. The eight-week program, which runs from Sept. 23 to Nov. 11, prepares serious entrepreneurs with strong retail concepts for the successful launch of their Detroit businesses within six months to one year of program completion. Weekly sessions facilitated by business development and retail experts are designed to be Detroit specific, with topics ranging from choosing the right location, to government regulations and processes, to taxes and insurance and sound fiscal management. TechTown will dedicate $2,000 to the achievement of business milestones as participants progress through the program. At the end of the eight weeks, participants will pitch their businesses to a panel of judges at a showcase. The first place winner will receive rent-free pop-up space during the prime retail month of the December, which will include a softwarebased point-of-sale system courtesy of the Detroit Economic Growth Corp. s (DEGC) REVOLVE program, and $5,000 from TechTown to support the development and execution of the popup. The second place and third place winners will receive start-up funds of $2,000 and $1,000, respectively. Despite the recent boom in Detroit s downtown and Midtown neighborhoods, the city still has a severe lack of independent retail establishments. Our Retail Boot Camp works to fill this void by helping its aspiring entrepreneurs capitalize on one of the city s greatest opportunities, said Leslie Smith, president and CEO of TechTown. The financial support not only at the end but throughout the program plus the DEGC-sponsored pop-up space, move our clients to market much faster than classroom instruction alone. This pop-up opportunity allows them to test the waters by validating their concept, customers and location before investing in a permanent storefront. For this fall session, TechTown will accept 15 companies, eight of which will come from D:hive, Hatch Detroit, ProsperUS Detroit and the DEGC s REVOLVE program. These eight spots will be given to entrepreneurs who successfully engaged with the partner organizations through their respective entrepreneurial programs. The remaining seven seats will be filled through TechTown s application process. Outcomes were strong for the first session of the Retail Boot Camp, which ended in July. Of the 10 entrepreneurs that graduated from the program, half are working on key next steps to opening their businesses two participants are working together to prepare to popup in an existing business, one is working with a Midtown stakeholder to open a storefront in Sugar Hill, and two others are working to receive funding. TechTown continues to meet with all of the graduates each month to give them advice as they continue to move their businesses forward. T E C H T O W N D E T R O I T S F A L L R E T A I L B O O T C A M P T O O F F E R $ 1 0, 0 0 0 I N A W A R D S A N D R E N T - F R E E P O P - U P S P A C E A U G. 2 1, 2 0 1 3
Applications for the fall session of the Retail Boot Camp, which can be found on TechTown s website, will close on Sept. 11. Classes are held on Mondays from 6 to 9 p.m., with an orientation on Sept. 20. The fee upon acceptance is $499. TechTown s Retail Boot Camp is subsidized through the generous support of the New Economy Initiative for Southeast Michigan. About TechTown TechTown is the most established business incubator and accelerator in Detroit founded specifically to develop and grow sustainable, technology-based businesses. Today its work supports industry verticals that are specific to the region s inherent assets and address the city s identified needs, supporting not only tech-based businesses but also retail and neighborhood enterprises for a more holistic approach to economic development. TechTown is a 501(c)(3) nonprofit and is located within the Woodward Technology Corridor SmartZone. To learn more about TechTown, visit techtowndetroit.org. # # # A U G. 2 1, 2 0 1 3
TechTown News Release C O N T A C T : Michelle Welsh (313) 450-3883, michelle@techtownwsu.org F O R I M M E D I A T E R E L E A S E TechTown and partners receive $1 million grant from Michigan Strategic Fund to launch Detroit Technology Exchange Incubator also announces details surrounding new Venture Accelerator for technology-based businesses (DETROIT Feb. 11, 2013) TechTown, in partnership with Bizdom and Invest Detroit, today announced it was awarded a grant for $1 million over two years from the Michigan Economic Development Corp. s (MEDC) Michigan Strategic Fund to form the Detroit Technology Exchange (DTX). The initiative consists of four programs geared toward creating, attracting and retaining talent; exploiting disruptive technologies; creating robust deal flow in the city; and supporting the efforts of early stage, competitive-edge companies, all while eliminating duplicative efforts. In addition to the grant, the partners will leverage investments made in their organizations by the New Economy Initiative for Southeast Michigan and others, through in-kind support and access to best-in-class programs, facilities and events. Conservative estimates for the grant term show the programs creating 15 new companies and 25 new jobs, as well as retaining 35 jobs and generating $881,000 in new investment. DTX Programming: Integrated Ecosystem Services: Activities designed to address gaps in the city s entrepreneurial ecosystem, such as monthly portfolio reviews to identify opportunities for collaboration among DTX partners; critical marketing and design assistance for companies involved in DTX programs; and various efforts to enhance each DTX company s ability to attract investment at key stages of business creation. Launch Detroit: Highly competitive, 10-week summer boot camp for Michigan s undergraduate and graduate students aspiring to launch technology-based businesses. The program, which will run from May 28 to Aug. 2, will create new tech-based companies, and encourage talented young people to remain in Detroit by connecting them to the city's entrepreneurial network. Each student team will receive a stipend. D-Venture: Executive-in-residence (EIR) program to bring selected entrepreneurialminded professionals to Detroit to mine underutilized or underdeveloped intellectual property (IP), and create companies based on that IP. Each EIR will develop a business plan; act as CEO; and raise venture investments for the enterprise. The program will support each EIR with an annualized salary for six months to one year. DTX Fellows: Program to insert individuals into Detroit s entrepreneurial service organizations and startups, to enhance the capacity and talent that exists within these T e c h T o w n a n d p a r t n e r s r e c e i v e $ 1 m i l l i o n g r a n t f r o m M i c h i g a n S t r a t e g i c F u n d t o l a u n c h D e t r o i t T e c h n o l o g y E x c h a n g e F e b. 11, 2 0 1 3
organizations, while also connecting high-quality, mid-level talent to the Detroit entrepreneurial ecosystem. The program will support six fellows with an annualized salary over two-years (one-year contracts). Services in support of entrepreneurship have expanded aggressively in recent years to meet growing demand among the city s entrepreneurs. Unfortunately, organizations have moved to fill needs and build upon assets without collaborating to avoid duplication, nor effectively leveraging existing resources and potential partners. DTX seeks to fundamentally shift this paradigm to one of strategic partnership exponentially augmenting the ecosystem by bundling the collective power of its partners core competencies to address existing gaps, said Leslie Smith, president and CEO of TechTown. We are exceedingly grateful to the MEDC for its support; it is truly exciting to have validation behind the criticality of this initiative. We re extremely confident in the DTX, not just because the programs are innovative, but because each partner is dedicated to true collaboration, said Ross Sanders, CEO of Bizdom. Each of us brings something to the table a unique set of tools, expertise and connections to form the backbone of this partnership. We look forward to working with TechTown and Bizdom to deliver collaborative programs focused on high-potential, cutting edge technology company creation, talent expansion and pipeline development, said Adrian Fortino, vice president of Invest Detroit. This rare combination of assets leads me to see nothing but great potential in our partnership. In addition to the DTX, TechTown also just announced the details surrounding its new Venture Accelerator for technology-based startups, launching April 8. The highly competitive program is designed to show entrepreneurs how to turn an early stage, technology-based startup into a sustainable, market ready business in just 12 weeks. Those accepted into the program receive a $10,000 loan, plus access to upwards of $15,000 in additional funding and available services. The curriculum is based on The Startup Owner s Manual, a step-by-step business development guide written by famed serial entrepreneurs Steve Blank and Bob Dorf. Areas of focus include testing concepts, exploring markets, developing business models, building prototypes, acquiring resources, finding potential customers and aligning with partners. Entrepreneurs selected for the full-time program will operate out of TechTown, meeting regularly for facilitated workshops, mentor meetings, presentations by CEOs working in technology-based industry segments, and networking with peers. Time spent outside of formal classes will be spent pursuing customer validation and acceptance. In week 12, the startups will pitch to potential investors for early stage funding opportunities. Applications for the Venture Accelerator are accepted twice a year, opening Friday, Feb. 15 for the April session. Applications for the September session will open in July. Those interested in learning more about the program, should register to attend an information session at 8 a.m. or 6 p.m. on Wednesday, Feb. 20, at techtowndetroit.eventbrite.com. To learn more, visit techtowndetroit.org. T e c h T o w n a n d p a r t n e r s r e c e i v e $ 1 m i l l i o n g r a n t f r o m M i c h i g a n S t r a t e g i c F u n d t o l a u n c h D e t r o i t T e c h n o l o g y E x c h a n g e F e b. 11, 2 0 1 3
About TechTown TechTown works to reignite Detroit s entrepreneurial culture by fueling business growth, job creation and the revitalization of Midtown and beyond. Through its partners and programs, the nonprofit business incubator and accelerator connects small businesses to the customers, talent, capital and location necessary to build a thriving enterprise in Southeast Michigan. Its entrepreneurs also gain unique access to research, academic and technology assets through TechTown s partnership with Wayne State University. TechTown is a 501(c) (3) non-profit organization and is in the Woodward Technology Corridor SmartZone. To learn more about TechTown, visit techtowndetroit.org. About Bizdom Bizdom is an entrepreneurship accelerator that helps entrepreneurs launch, fund and grow innovative, tech-based startups in the urban cores of Detroit and Cleveland. The nonprofit was founded in 2007 by Dan Gilbert, Founder of Rock Ventures and Quicken Loans, and Majority Owner of the Cleveland Cavaliers. For more information, visit bizdom.com. About Invest Detroit Invest Detroit is a leading source of private sector gap financing that utilizes a variety of funding tools through managed for-profit and non-profit targeted funds to support economic development in underserved communities primarily in the City of Detroit. Invest Detroit serves as an umbrella organization for the loan programs of Invest Detroit Foundation, a 501(c)(3) and CDFI, the Detroit Investment Fund and Invest Detroit CDE. The efforts of Invest Detroit are intended to promote job creation, expansion of the tax base and an improved quality of life for the communities it serves. As a leader in the development and implementation of collaborative place-based strategies, Invest Detroit is uniquely positioned to effect transformative economic development through its managed funds and strong community partnerships. For more information on Invest Detroit, visit investdetroit.com. # # # T e c h T o w n a n d p a r t n e r s r e c e i v e $ 1 m i l l i o n g r a n t f r o m M i c h i g a n S t r a t e g i c F u n d t o l a u n c h D e t r o i t T e c h n o l o g y E x c h a n g e F e b. 11, 2 0 1 3