Emily Heintz, Founder and Managing Director of EntryPoint, discusses the release of the 2021 Detroit Entrepreneurial Ecosystem Report. EntryPoint is a research and analysis company that partners with economic development organizations and nonprofits to foster inclusive and vibrant communities across the Midwest through research and community-focused programming.
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Key Findings from the Report:
• Over 23% of the venture-backed startups in Michigan are located in the City of Detroit.
• There are 38 venture-backed startups in Wayne County, a 58% increase in the number of startup companies over the last seven years.
• Startup companies in Wayne County have raised an aggregate of $806.3 million in venture capital funding, a 333% increase in total capital raised over the last seven years.
• In the last year, 24 startup companies in the Detroit area attracted more than $316.5 million from venture capital firms, nearly five times the amount of capital raised in the year prior.
• Ten venture-backed startups headquartered in the City of Detroit are led by a CEO who is a person of color. These companies have raised 1.5% of the total venture capital raised by startups in the city in the last year.
• The cost of living in dense tech hubs, like San Francisco, is 88% higher than Detroit, making the region an attractive location for entrepreneurs who are looking for an energetic, vibrant city to locate, live and launch their companies.
More details and full report visit: https://entrypointmi.com/about-entrypoint/research/detroit-report/