Startup Genome partners with Endeavor to research the Detroit region's entrepreneurial ecosystem

Startup Genome partners with Endeavor to research the Detroit region's entrepreneurial ecosystem

Published: 31-01-2023 09:51:00 | By: Pie Kamau | hits: 280 | Tags:

Startup Genome and Endeavor are working together to study and support the Detroit region's entrepreneurial and innovation ecosystem development. With support from the William Davidson Foundation, the parties collaborated to assess the current entrepreneurial climate for growth and tech-oriented startups with the goal to identify key gaps and opportunities to actively support founders.

Detroit was recently recognized as the #1 Emerging Startup Ecosystem globally in Startup Genome's annual Global Startup Ecosystem Report 2022. Successful companies including Airspace Link, Autobooks, Bloomscape, DUO, Floyd, The Lip Bar, Our Next Energy, StockX and Workit Health prove that the region is emerging as a startup hub. However, key leaders in the community recognize that a data-driven assessment was needed to spark an overarching movement, supported by research and driven by founder engagement. 

With more than 125 clients across six continents in 45+ countries to date, Startup Genome is the leading research and policy advisory organization for governments and private institutions committed to advancing their startup ecosystems. Using a combination of proprietary methodologies, including 50 founder surveys, Startup Genome, Endeavor, and local project lead and Detroit-based entrepreneur Justin Mast conducted an in-depth analysis and defined priority recommendations in close coordination with key community partners.

Marc Penzel, Founder and President, Startup Genome: "We are thrilled to support the people of the Detroit region in creating a thriving and inclusive startup ecosystem as an engine of growth and wellbeing. The region has all the ingredients it takes to build a world-class environment for startups, but is missing a cohesive, data-driven strategy. Our work together will drive clarity and focus going forward."

Endeavor has outlined initial areas of opportunity based on the assessment findings. These actions include convening and aligning the region's efforts around a more unified strategy, ensuring efforts are founder-led and founder-focused, advancing policy and advocacy efforts to drive more federal, state, and local funding into early-stage investment, targeted support for high-performing ESOs and those requiring technical assistance, providing more transparency around accelerators, incubators, and ESOs' performance, and advancing the region's storytelling to drive momentum and provide greater visibility and investment.

Diana Callaghan, Managing Director, Endeavor: "We believe Detroit has the potential to become one of the world's premier locations for high-growth entrepreneurship. This study offers actionable insights to help us get there."