For national news, Detroit’s future is bleak. After all, Detroit is a miserable, crime-ridden city struggling with a declining population and bankruptcy. The flip side of the story is that the city has many assets, financial and otherwise, that inspire people to invest in Detroit’s future. Detroit’s business and economic advantages include:
Detroit Talent and know-how
Detroit’s legacy as a Motor City means the city has a history rooted in innovation. Regardless of the ups and downs of the big three auto companies, auto companies have left a lasting mark on the area in the form of talent, universities, and research centers.
Start-up support and entrepreneurial spirit
The struggles the area has endured in recent decades have also left their mark. According to Inc.com, Detroit offers an excellent environment for the entrepreneur and start-up business. People who come together in the city to form new companies have a strong drive to prove something, and they support each other. It doesn’t hurt that a business starting in Detroit can be a big fish in a little pond and garner unparalleled care and support from the community, be it from seasoned business leaders or city and state government.
In fact, a large number of nonprofits were formed for the sole purpose of attracting and supporting small businesses:
- The Detroit Creative Corridor Center (DC3) is an economic development association made up of business leaders and the College for Creative Studies. Its goal is to build and integrate Detroit’s creative community.
- Detroit Economic Growth Corporation (DEGC) is a non-profit organization created to provide support and key resources to businesses within Detroit. DEGC’s services include liaising with the city, sharing business knowledge and providing technical assistance, as well as finding tax incentives and financial assistance. It also manages public and private development projects.
- TechTown 2.0 is a nonprofit organization established in 2007 to “incubate and accelerate technology and innovation” and “support the creation of technology-centric startups.” Not only does it help startups obtain financing, but it also provides business mentors and rents space within its TechTown building.
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Low cost of living and business
While the Detroit area has had more than a fair share of the fight, the result is a low cost of living and businesses that are attractive to potential investors and businesses. This translates to a real estate business, city and state eager to pave the way for new businesses and a relatively low-cost talent pool.
Cultural attractions
While people who have lived and / or worked in the Metro-Detroit area are often frustrated with the “image” of it as portrayed in the national media, The Detroit Pulse Survey found that 48% of women people surveyed “loved” living here. They also give Detroit high marks for its cost of living, quality of life, and entertainment / cultural attractions, including sporting events and teams, arts, music, and museums.
Risk capital
All of these factors combine to give the area a sense of opportunity. According to an article published on CBSlocal.com, this is best reflected in the fact that Michigan is one of the few states in the country where the Venture Capital industry has grown significantly in recent years.
Investing in Detroit’s Future
There are many individuals and organizations that are investing in Detroit. They show their commitment and confidence in the city by continually committing to its future, whether it’s through a plan for a new entertainment district, neighborhood cleanup, building renovations, or a concerted effort to bring business downtown.
