Foundations to Reinvest in One of Nation’s Strongest Networks of Support for Entrepreneurs

22 Sep 2016 | PolicyLink
Foundations to Reinvest in One of Nation’s Strongest Networks of Support for Entrepreneurs
Above: Courtesy of Impact Report of the New Economy Intiative

The New Economy Initiative (NEI), an entrepreneurial infrastructure building initiative for Detroit and Southeast Michigan, has granted a total of $96.2 million to organizations and programs supporting entrepreneurs since it launched in 2007.

According to analysis conducted by PricewaterhouseCoopers LLP (PwC) and the W.E. Upjohn Institute for Employment Research, NEI’s support has helped entrepreneurs and small businesses generate $2.9 billion in real economic output and create 17,490 jobs in southeast Michigan.

“Detroit’s evolution from recovering region to thriving economy demands more than just creating new businesses or restoring buildings. NEI is proving that intentional focus on equity and inclusion is driving Detroit’s ‘new economy.’” Angela Glover Blackwell, Founder and President, PolicyLink

NEI has achieved this impact by making grants to organizations and programs supporting entrepreneurs of all kinds, from grass roots to high growth, creating a vast network of entrepreneurial support in southeast Michigan. The economic and employment impact reports by PwC and Upjohn Institute analyzed years of information reported to NEI by grantees via quarterly reports, as well as interviews with regional entrepreneurs.

Findings include:

  • 4,400 companies directly serviced by NEI grantees through 2015
  • 179,571 attendees of events in metro Detroit’s entrepreneurial network
  • More than 1 million square feet of entrepreneurial space activated
  • $232 million in additional program dollars matched by NEI grantees
  • $1.9 billion in real gross domestic product generated by NEI-supported companies
  • $2.9 billion in real output generated by NEI-supported companies
  • 17,490 jobs created by NEI-supported companies, 70% of which are located in Wayne County.

 

For more information, read the full press release from NEI and download the full report.