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 675 companies and 8,000 jobs in southeast Michigan.
David Egner, NEI executive director, said: “By developing an infrastructure and culture that is supportive of the diverse community of entrepreneurs, we can change the face of our economic future for the better. And at the same time, we’re also helping to create a more diverse economy where jobs and prosperity are available for everyone.”
