This spring, business startups will be congregating in the Gem Theatre in downtown Detroit to compete for a portion of $1 million in capital loans during the inaugural Quicken Loans Detroit Demo Day, a one-day event on May 25 that gives entrepreneurs the opportunity to showcase their businesses in hopes of gaining capital and resources from local and national investors.
From restaurant to retail, online to brick-and-mortar, the competition welcomes all business types that are innovative, creative and full of energy.
The May 25 event will be the final of the three-round competition. Businesses can apply online through Friday, April 14.
Companies will be initially vetted from their online applications, and 100 will advance to the second round. The remaining 100 small businesses will be asked to provide further detail related to their business plans. These companies will then be reviewed and judged by a group of successful Detroit business leaders from a variety of industries and sectors.
The judges will narrow the field to the top 20 finalists. The finalists will be invited to compete live in front of a panel of nationally recognized business leaders. The panel of judges will vote and narrow the competition to the top eight companies.
As part of their initiative to grow Detroit’s population, drive job growth and support local entrepreneurs, Quicken Loans will award the top eight businesses with a portion of the $1 million of Quicken Loans capital allocated in amounts ranging from $50,000 – $200,000. The capital will be provided in the form of an interest-free debt loan with a five-year term after a one-year payment-free holiday.
“The lifeblood of a growing business is capital. Quicken Loans is honored to put to work an additional $1 million into the best small businesses in the city of Detroit,” said Dan Gilbert, chairman of the Detroit-based company.
“We want the most creative, innovative, energy-filled growing small businesses in the city to ‘bring it’ at Quicken Loans Detroit Demo Day. Only the best of the best will win access to our capital. Detroit has so many great budding businesses; it will be challenging narrowing it down to the top eight. I can’t wait to watch it all unfold.”
Additional capital will be awarded to companies who are crowd favorites – voted on by the Quicken Loans Detroit Demo Day attendees. The event will also serve as a way to introduce entrepreneurs to additional investors, funding and support.
Are you ready to take your business to the next step? Apply through Friday, April 14.
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