Detroit is the 4th largest city in the United States and is known as the Motor City. However, over the years that fact is not the case due to the decline in the auto industry making it sit at the 11th place on this list. However, despite this fact, most businesses have opted to stay put due to its endless opportunities. There has been the availability of space, cheap rent and innovative thinking among the general workforce. Detroit has been a hub for diversifying and sustaining new businesses, and this fact is attributed to factors mentioned below.
For more than 70 years, Detroit has paved the way for automotive innovation. Despite this success, the city became rooted in its past success making it look forward to future success. This fact led to a decline in Major Corporation, and the resultant effect was a reduction in employment opportunities. Luckily this not kill the dreams of the select few. Those who stayed brought about dramatic changes in this long-standing culture company like SPARK has facilitated more than 200 start-ups. The city is also located in the world’s leading research universities such as the University of Michigan which can produce innovative talent that is absorbed by the city. If you are looking to start or expand your business, Detroit is the since the city can tackle new industries. The city is filled with talented engineers in areas such as battery technology.
Training and Support:
For a business to succeed, you need all the tools necessary in your field. Organizations and foundations in Detroit have set aside resources that have been allocated for training of business owners to ensure that they can sustain growth in the city. The fast-track program, an initiative by the Kauffman Foundation has facilitated the graduation of more than 1200 entrepreneurs. Moving your business to Detroit will make you have access to thi8s talent that will enable you to grow your company for the long term and contribute to the city’s goal of sustained growth.
Vibrant support network exists:
All the entrepreneurs are like an interconnected team who want to see each other succeed. Owners of both the large and small businesses have united together to ensure the whole city moves forward. Moving your business to Detroit will expose it to a collaborative and collective mindset which leads to the creation of groups such as Open City Detroit. This networking can be further facilitated through proper communication channels which may be provided by different and service providers as mentioned in digitalexits.com
Access to space, leadership, and capital:
Detroit has a lot of landlords who are looking to work with entrepreneurs who in turn help them in terms of storefront sales. This further drives entrepreneur to form companies they are passionate and love. You will not have a hard time meeting CEOs who are looking to help you financially and concerning innovation. Leaders in Detroit are always looking for new ideas to invest in or new leaders to add value to their companies and in turn the whole city.