Detroit’s Tech Hub: A Look at the NumbersBy Amanda Lewan on February 13th, 2013 /
Detroit is becoming synonymous for technology and innovation, and the numbers are looking good.
With recent reports from Automation Alley ranking Detroit fifth nationally in technology sector jobs, and $1 million awarded from the state to build a Detroit Technology Exchange, there’s a lot to get excited about. Here’s a closer look at the numbers behind the Detroit tech buzz.
Automation Alley Reports Detroit a Tech Hub
- The economic report released this month by The Anderson Economic Group, a business consulting firm based in East Lansing, positions Detroit as a leading tech hub. Economists compared Detroit to other metropolitan areas across the U.S. similar in population size and industries.
- Detroit ranks 5th in total number of technology jobs (210,984), 4th in percentage of total employment within the tech industry (12.9 %), and 1st in architectural and engineering industry employment.
- Detroit also ranks 3rd in utility patents, trailing closely behind Chicago and Minneapolis.
- Automation Alley’s report is available on their site in a downloadable PDF.
Detroit Technology Exchange Launches
- MEDC’s Michigan Strategic Fund awards TechTown, Bizdom, and Invest Detroit a grant for $1 million over the next two years to help develop the Detroit Technology Exchange.
- The initiative creates four programs, including a 10 week summer boot camp geared towards helping local college students learn how to launch a technology-based company.
- The initiative also includes an executive-in-residence program helping bring entrepreneurs to Detroit with the goal of helping mine underdeveloped intellectual property to create companies.
- TechTown reports that conservative estimates for the grant show the programs creating 15 new companies, 25 new jobs, as well as retaining an estimated 35 jobs.
- The grant is predicted to generate $881,000 in new investments.
New TechTown Venture Accelerator Available for Tech Startups
- We recently shared TechTown initiatives for bringing retail startups to Detroit, and now TechTown has announced details for the new venture accelerator program this week.
- The highly competitive program works to guide early stage, technology-based startups into a market ready business in 12 weeks. Startups accepted into the program receive a $10,000 loan, plus access to upwards of $15,000 in additional funding and services. 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.
- Visit TechTown Detroit‘s awesome new site for details.
I hope that’s not too much of an information overload. It’s exciting to watch a new and diverse sector of technology-based startups help fuel Detroit’s economy.
Michipreneur has been excited to notice startups and business incubators growing across the state. Where else do you think would be a good location for a Michigan tech hub?