Detroit is hot spot for startup funding, Michigan Venture Capital Association reports
While Michigan has become a hot spot for startup funding, Detroit has been boiling in recent years, according to a new Michigan Venture Capital Association (MVCA) study. The 2017 Detroit Entrepreneurial Study revealed Detroit's startup community has grown 50 percent in the past three years, now making up a quarter of the state's fledgling companies. Last year, 14 of the city's 35 startup companies attracted more than $62 million in seed investment, the study found. "Michigan is no longer a flyover state for investors. For every dollar invested in startups by Michigan investors, $4.61 is coming from outside of the state," MVCA executive director Maureen Miller Brosnan said. "We are doing an amazing job of recruiting capital, that's what it takes to get the entrepreneurs going." She credits the advancements to research talent and ideas emerging in the city, powered by renowned institutions such as Michigan State University, the University of Michigan and Wayne State University.