Transforming the Motor City to Startup City
Detroit is a city which has always been known for it's massive involvement within the automotive industry, so much so, it's been known as the "Motor City" for several decades now. However, after the 2008 economic/housing crisis, that changed as many of the people who were supposed to be purchasing new vehicles simply were not. This is also when several thousand homes across the Detroit market were selling for literally dollars when they would usually go for thousands. This was a dark time for the city, yet thankfully it's now on its way to becoming a powerhouse once again, only this time it's in a different niche: technology and startups. That's right, you heard it correctly. Detroit is still the "Motor City" we all know and love, but it is ever so graciously moving away from that image and embracing startups from all around the world to set up shop in the metropolitan area. There are even incentive-based programs geared towards stimulating the economy with persuading startups, especially within the technology sphere, to migrate to Detroit. Read on to learn more about the current startup scene within the city and discover why Detroit is now being placed in the rankings amongst some of the top startup capitals in the world!
Investor to Startup Ratio
Detroit's investor to startup ratio is one which favors the startups tremendously well. There are currently 534 startups while there are 4,908 investors eagerly awaiting for the next big thing to pop up in the city of Detroit. With this great ratio geared towards startups, they'll most likely find it much easier to obtain funding and this also provides further incentive for startups located in ultra-competitive, high-cost cites to consider Detroit as an option. All in all, this configuration of investors to startups will prove to be an accelerator all on its own and help the city of Detroit flourish, economically.
Reasons to Move to Detroit as a Startup
There are several reasons to move to Detroit as a startup so let's list off a few:
Highly-educated talent pool
Innovative companies being formed every month
Large selection of "meetup-style" groups to form alliances with and network
Great foundations already laid out for startups
Excellent outdoor activities throughout the state of Michigan
Good work ethic
And the list goes on...
If you're considering making the move to Detroit with your startup, you'll definitely find it to be a city which is more than welcoming to startups of all kinds with the hopes of diversifying the economy and helping the city grow!
How mindStart Can Help Detroit Startups
At mindStart, we're all about providing the most excellent, outsourced customer service possible to startups all across the world, and in Detroit. If you're a startup in the Detroit area and are seeking US-based, outsourced customer service to help your business grow, don't hesitate to contact us! We'll happily respond to your inquiry within 24 hours. We look forward to hearing from you soon!