15 Entrepreneurs Competing For a Share of $1.2 Million in Funding from Quicken Loans at 2nd Annual Detroit Demo Day

  • June 14, 2018

Top seven pitches will receive funding for their businesses

DETROIT, June 14, 2018 – The field of more than 500 Detroit business owners who applied to pitch at Quicken Loans Detroit Demo Day has been narrowed down to 15 finalists, all set to take the stage at Detroit Music Hall on June 22. The 15 finalists were chosen by a panel of 12 local business leaders from a wide variety of industries. These entrepreneurs were selected because of the viability of their businesses, their ability to scale, their competitive advantage and the skills of their leadership team. The finalists’ pitches will be judged, and the winners decided, by nationally recognized entrepreneurs from across the country.

The seven winning companies from three categories – Start, Grow and Scale – will receive a total of $1.2 million in funding from Quicken Loans. The Start Category is for companies that have recently introduced a product or service to market. Businesses in the Grow Category are more established and are trying to expand locally. The companies in the Scale Category, on the other hand, have achieved local success and are ready to expand into other markets. The capital will be provided as grants, interest-free loans and convertible notes – depending on the category.

The following companies will compete for the funding:

Start Category: Three winners receive up $100,000

Grow Category: Three winners receive up to $250,000

Scale Category: One winner receives $300,000

An additional $25,000 grant will be awarded to one people’s choice winner in each category, as decided by audience vote.

“This is the biggest opportunity of the year for Detroiters to come out and celebrate some of the city’s best and brightest entrepreneurs,” said James Chapman, Director of Entrepreneurship for the Quicken Loans Community Investment Fund (QLCIF). “These businesses are the life-blood of Detroit – their success will have a huge multiplier effect that will impact the community as a whole, creating more job opportunities for Detroiters.”

As an introduction to the pitch competition, Quicken Loans Detroit Demo Day will kick off with James Chapman interviewing Quicken Loans Founder and Chairman Dan Gilbert. The conversation will focus on some of the lessons learned in 33 years of building a business from a three-person office to becoming the nation’s largest mortgage lender.

The competition will then get started with the leaders of 15 of the best businesses in Detroit presenting their companies, successes and growth strategies to the panel of judges made up of nationally recognized entrepreneurs. The judges include Charles Adler, the co-founder of Kickstarter; Ron Bartell, Former Detroit Lion and founder of Kuzzos Chicken & Waffles and Anne Sempowski Ward, Detroit native and CEO of CURiO brands.

Since no business can survive without a vibrant community surrounding it, Quicken Loans Detroit Demo Day also has a community component that will award a total of $150,000 to five organizations focused on youth entrepreneurship. One student from each organization will pitch their business idea and the audience will select the winners.

The event will wrap up with a special performance by a Grammy Award-winning Def Jam recording artist.

This entrepreneurship contest takes place during Techstars Startup Week Detroit, which aims to increase awareness around the local startup community and the opportunities available to get involved. More details are available at DetroitStartupWeek.com.

Detroit Demo Day is a key component of QLCIF’s larger philanthropic strategy to invest in housing stability, entrepreneurship, education and workforce development, public space activation and community sponsorship in Detroit. Through its for-more-than-profit model, QLCIF brings together for-profit businesses and non-profit investments. The team is dedicated to investing alongside community partners to build financial, social, and racial equity throughout Detroit and all of the Rock Family of Companies’ home cities.

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About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past eight consecutive years, 2010 – 2017, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past four consecutive years, 2014 – 2017.

Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2018 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 15 consecutive years. In addition, Essence Magazine named Quicken Loans “#1 Place to Work in the Country for African Americans.”

For more information and company news visit QuickenLoans.com/press-room.

 

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