Bizdom U, the Detroit incubator backed by Dan Gilbert, will now be nurturing even more local entrepreneurs thanks to a change in its business model.
Starting with the fall session, which began on October 17, Bizdom switched to a model similar to that of TechStars or Y Combinator: After undergoing a rigorous screening, 30 startups will each receive $10,000 in seed money, plus $4,500 per founder, in exchange for an 8 percent equity stake and a promise to locate their business in Detroit. While at Bizdom, the entrepreneurs will spend three months in the collaborative Launch Lab, where they’ll receive training in marketing, sales, and business, as well as intenstive coaching and feedback from serial entrepreneurs and other business experts. At the end of the Launch Labs program, entrepreneurs will be put in a room with multiple investors, where they will have the opportunity to pitch for the necessary funding to take their business to the next level.
To read the full, original article click on this link: Bizdom U: Transforming Detroit’s Brain Economy | Xconomy
