Promoting entrepreneurship through inclusion, community engagement, and research initiatives
2018 Detroit Entrepreneurial Ecosystem Report
With its robust network of engineering talent, lower cost of living, and proximity to corporate and research powerhouses, Detroit is becoming a leading tech ecosystem that has the potential to set the standard for others to model across the country. In just the last four years, there has been a 54% increase in the number of high-growth companies located in Detroit. As the city becomes an increasingly attractive spot to launch and grow a business, it needs to continue to build upon the fundamental elements necessary to foster a strong entrepreneurial ecosystem — talent, community, research and capital — without losing sight of the importance of inclusion.
Key Findings from the 2018 Detroit Entrepreneurial Ecosystem Report:
There has been a 54 percent increase in the number of Detroit venture-backed startups in the last four years; 56 percent of venture capital invested in Detroit-based startups are in the information technology sector.
Michigan has the highest density of engineers in the United States: 1,400 engineers per 100,000 residents with the concentration of engineers employed in Wayne County.
More than 25 percent of venture-backed startups in Michigan are now located in Detroit.
Three active venture-backed startups headquartered in Wayne County are led by a CEO who is a racial minority. These companies have raised just over 5 percent of the total venture capital raised by startups in Wayne County in 2017.