New Economy Initiative, a project funding incubators in Detroit, attracts $33m in new funding.

A Michigan-based start-up initiative has attracted over $33m in new funding to continue its operations in the Detroit area.

New Economy Initiative (NEI), now in its sixth year, received the funds from ten foundations operating in the area, including the Kresge Foundation, Hudson-Webber Foundation and William Davidson Foundation.

NEI, which funds business incubators in the area such as Wayne State University’s TechTown, has awarded $76m in grants since 2008. The funds have helped support over 35,000 entrepreneurs and helped create…

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