New Economy Initiative invests $9.25M in entrepreneurs

Diversifying Metro Detroit’s economy also appears to mean diversifying the customer base of automotive suppliers. Excerpt: The New Economy Initiative announced plans in TechTown on Monday to help minority-owned automotive suppliers make the transition to other industries, such as aerospace, defense and alternative energy. The New Economy Initiative is partnering with the Ewing Marion Kauffman Foundation to create the 3-year program. The New Economy Initiative is making $9.25 million in direct cash investment available while the Kauffman Foundation will provide expertise to help the transition, such as staff, materials and its FastTrac and Urban Entrepreneurship Partnership programs. About $5 million of the $9.25 million will go toward the development of TechTown while another $3 million is designated for the Urban Entrepreneurship Partnership program. Another $1.25 million will go toward Shorebank Enterprises Detroit to establish and manage the Detroit Business Innovation Development Fund. “This should be North America’s laboratory for innovation,” says David Egner, interim director for the New Economy Initiative. Read the rest of the story here.