Local leaders are working to establish a new type of angel investor in Michigan, the impact investor.
An impact investor is a high-net-worth individual (read wealthy) who wants to invest in fledgling small businesses that are both socially entrepreneurial and with the potential of sizable returns.
"They want to make a capital investment that will have some sort of social return while also getting their money back," says Elizabeth Garlow, executive director of
Michigan Corps.
Impact investors will be a significant part of the upcoming Social Entrepreneurship Showcase, a half-day conference that will highlight the participants of the
Michigan Social Entrepreneurship Challenge. The June 20th event will help grow the local socially-focused entrepreneurial community. This year, 280 entrepreneurs and companies are participating from across the state. Most of them hail from Metro Detroit.
Michigan Corps is organizing the event and challenge. It's not only looking to cultivate socially conscious entrepreneurs, but investors who want to diversify their portfolio. That's where the idea of impact investors comes in.
"That is the theme of the showcase, to step into the shoes of an impact investor," Garlow says.
Source: Elizabeth Garlow, executive director of Michigan Corps
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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