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More foreign investment coming to Michigan?

"Our state needs outstanding talent to help drive the new economy. Immigrants are net job creators," said Gov. Rick Snyder in a recent announcement. "In return, Michigan offers a wonderful place to live, work, play, and raise a family."

On the heels of Gov. Snyder's announcement last week, Michigan has been granted status by the federal government to create its own EB-5 "Regional Center." Michigan is just the second state in the country to do so.

The Detroit Chinese Business Association (DCBA), in conjunction with Global Detroit, Aspire Lending, and Ogilvy PR, will be hosting the Immigration Investment Opportunities in Michigan conference on Wednesday, April 23 from 3:00 – 6:00 p.m. at the Iroquois Club in Bloomfield Hills. Civitas Capital, a firm that has leveraged over $280 million in EB-5 investments into the Dallas regional economy on projects creating over 8,000 jobs, will present at the seminar.

Never heard of an EB-5 visa? You're not alone. EB-5 is the fifth of five "Employment-Based" visas that help foreigners legally work in the U.S. Known as an "investor" visa, the EB-5 is specifically designed to spur business investment that creates jobs in the United States with particular emphasis on areas of high unemployment.  The program began in the early 1990s, and is authorized by Congress to issue up to 10,000 visas every year, though that limit has yet to be reached.

EB-5 visas allow foreign investors to obtain conditional residency, legal permanent residency, and, eventually, full U.S. citizenship, as long as they invest $1 million in a U.S. business that they "control," and that business in turn creates 10 U.S. jobs. Foreign investments in "Targeted Employment Areas" (TEAs), meaning "high unemployment" areas or rural areas, lower the total investment threshold to $500,000.

So, what does Michigan's new EB-5 Regional Center mean for a state like Michigan, and cities like Detroit? "This approval is an important step in helping harness top talent and international direct investment into the state to continue and accelerate Michigan's comeback," Gov. Snyder said in his press release.

The Governor hopes Michigan's EB-5 Regional Center will act as a vehicle that connects foreign investment with development projects across the state, as well as help foreign investors gain permanent residency for themselves and their families. According to Snyder, investors will be identified from a variety of places, including individuals and contacts made through Michigan's colleges and universities who are working to retain and attract current and former students.

The Center will work in coordination with Gov. Snyder's Michigan Office for New Americans created in late January and will be housed at the Michigan State Housing and Development Authority (MSHDA).

Scott Woosley, Executive Director of MSHDA, said Michigan is eager to deepen relationships internationally and bring home investment, projects, jobs, and possible new residents critical to Michigan's future.

"It's anticipated that once it's up and running, the regional center will generate $30-50 million of new private equity for projects each year and create 600 new jobs in communities where they are much needed," Woosley said in Snyder's release.

So what about cities like Detroit? Can a tool like the EB-5 and a platform like the Michigan Regional Center be utilized to leverage more investment in Metro Detroit? Joe Borgstrom, director of the State of Michigan's EB-5 Regional Center says that MSHDA's "decades of housing and development experience," makes him feel very "optimistic about the role EB-5 capital can play in the revitalization of cities as well as potentially retaining existing foreign national students and new immigrants."

If cities like Dallas and Philadelphia are any indication, EB-5 investments can come together in a powerful way, especially if there is a desire for coordination between public and private actors. The Philly Welcome Fund, a privately run EB-5 regional center that operates out of the Philadelphia Industrial Development Corporation, has raised some $600 million of investment capital that has created over 19,000 jobs.

Several years ago, the City of Dallas and Civitas Capital Group came together to run the City of Dallas Regional Center, an EB-5 center that has helped shepherd nearly $300 million dollars in foreign investment in a range of real estate projects in and around Dallas that have generated over 8,000 jobs. Success in Dallas is one of the reasons why Civitas has been invited to next week's Detroit Chinese Business Association conference on EB-5 opportunities.

"We're excited about this event," said DCBA's President Jerry Xu. "It brings together the best of both the public and private sector to discuss how we can continue to bring top talent and foreign direct investment into the State of Michigan."

The conference will feature dynamic speakers, including Bing Goei, director of Michigan's Office for New Americans, Joe Borgstrom, director of Michigan's EB-5 Regional Center, and Texas State House Member, Rafael M. Anchia, who also serves as chairman of Civitas Capital Group's advisory board.

"Events like this are great mediums to exchange ideas and information about how we can continue to bring highly skilled, job-creating immigrants to the State of Michigan," Goei said. "This is a key pillar of our state's economic growth plan and we're working diligently to move the right policies forward to support this initiative along with creating a welcoming community and culture for immigrants."

Civitas Capital Group CEO Dan Healy added that he is looking forward to the event, the dialogue it will generate and the opportunity to deepen relationships with key stakeholders across the state.

"Our full-service asset management approach for global investors and unique expertise with public-private partnerships have created thousands of jobs at zero cost to American taxpayers. This model is a great fit for the comeback taking place in Michigan," Healy said. "We want to play an influential role in the state's efforts to marry high-quality investment opportunities with the appropriate risk-return profile of global institutions and individuals."

The EB-5 Immigration Investment Opportunities for Michigan Conference is also sponsored by Global Detroit and Aspire Lending and will take place from 3-6 p.m. April 23 at the Iroquois Club in Bloomfield Hills, Michigan. Seating is limited and tickets are $50 in advance or $75 at the door (if available), which includes dinner, beverages and a cash bar.  Please register online at www.dcba.com or call +1-248-918-0391.

Founded in 1995, the Detroit Chinese Business Association (DCBA) is a Michigan-based, non-profit organization. Its primary goal is to advocate, educate and form business relationships between American and Chinese companies. For more information about DCBA, please visit www.dcba.com

Local drone enthusiast documents the D

Local drone enthusiast Harry Arnold has transformed his hobbies -- radio-controlled hellicopters and videography -- into a business. Clients in Detroit are paying him for the unique aerial perspective captured by his drones. Arnold films everything from events to building demolitions to fires. Read more about Arnold and check out some of his amazing aerial footage on The Atlantic Cities.


Detroit, oui: In French, Le Figaro waxes cool about the city

Some great Detroit peeps and locations -- including artists Shades, Rob Smith, Chris Turner, Thornetta Davis and the Blackman, Detroit Farm & Garden's Jeff Klein, and the Packard Plant -- make an appearance in this piece (only in French). Wonderful photography by former Model D lensman Dave Krieger.

See it here.

HuffPost Detroit: Meet eight women of color transforming Detroit

HuffPost Detroit is right on target in profiling these women, all leaders or innovators making it happen in the city.

An excerpt:

Detroit, in particular, often feels held together by the passionate individuals who wake up every day determined to make it a better place to live.

Take the eight women below, identified with the help of the Detroit Urban Innovation Exchange (UIX), a local initiative that highlights people interested in transforming the city. Through food and music, engineering and education, these women are using their skills to find new ways to remake their communities.

Read on here.

Conde Nast Traveller checks in on Detroit food scene

We're happy anytime we see a story about lovely foodie things happening in Detroit neighbourhoods using British English spellings.

An excerpt from Conde Nast Traveller:

One neighbourhood that's booming is Corktown, a previously near-deserted stretch of Michigan Avenue in the shadow of the abandoned Michigan Central Station. Now it's bustling with the likes of craft-beer specialist Slows Bar B Q, coffee shop Astro, and new Italian restaurant Ottava Via. Other newcomers include Two James, the first distillery to open in Detroit since before Prohibition, which sells a range of handcrafted vodka, gin, bourbon and whiskey. Order the bourbon-based Corktown Flip at its industrial-style bar. Gold Cash Gold, a restaurant opening this summer in a former pawn shop, shows how far the area is transforming.

Read more here.

VoteForDetroit.com to give 'Move to Detroit' presentation at SXSW

By the time this year’s SXSW-Interactive in Austin begins in early March, Lowe Campbell Ewald will have moved over 500 employees to Detroit. The advertising firm will be doing a 'Move to Detroit' presentation at the festival in the Texas capital. See an excerpt below:  

Despite what you might read in the media, Detroit is quickly becoming rich in creativity, innovation and inspiration. In fact, Detroit was one of seven North American cities selected to be part of Google’s Tech Hub Network, and with tech investors like Detroit Venture Partners, it's becoming easy for startups to create opportunities. And in Detroit, everything needs help, so there are endless opportunities.

With a "we're all in this together" mentality, everyone is becoming friends and utilizing their skills to not only help one another, but define Detroit's future. Whether you're a designer, an innovator, an entrepreneur or an investor, the talent is moving to Detroit. And so should you.

Read more at VoteForDetroit.com here.

#DetroitWeek of entrepreneurship and innovation up and running

#DetroitWeek, which began yesterday and runs through Feb. 23 is being called a "celebration of entrepreneurship and innovation" It's a week packed with cool stuff. Take a look at the calendar of events planned for downtown and Midtown. 

We caught up to Hajj Flemings, a personal brand strategist and founder/CEO of Brand Camp University who is running the festival for a short Q&A: 

How did the idea for Detroit Week originate?
 
The idea for Detroit Week was birthed from a phone call my co-founder, Delane Parnell, and I had with IBM (one of our partners) about co-organizing a few events for National Entrepreneurship Week. Unfortunately, the plans fell through and after an internal discussion we decided to create a platform that could interconnect the city's tech and broader business community while unifying the local support organizations.
 
What are the goals you hope to achieve after a week of activities, events, discussions?
 
Our goals are synonymous with everything we do; we want to inspire people to follow their passions, connect members of the community with each other, help shift our city's culture from developing ideas to creating products, and facilitate partnerships between local support organizations. Although Detroit Week will end on Feb. 23, our mission won't stop there. Throughout the year we plan to continue introducing programs, events, and activities to the community that will amplify and further the dialogue around entrepreneurship and technology throughout the entire state of Michigan. But as far as Detroit, Mayor Duggan said it best, we're open for business.

Model D will be hosting a featured #DetroitWeek event. Join us Feb. 20 for a happy hour at the Model D House (4470 Second Ave., Detroit), 5:30 - 7 p.m. RSVP Here.

Come to D:hive's LiveWorkDetroit! event this Friday

Are you looking for a job in a city filled with opportunity? With high-tech startups, cutting-edge medical researchers, creative entrepreneurs, unrivaled restaurants, world-renowned museums, and affordable places to live, Detroit is that city. Join us Feb. 7 for a LiveWorkDetroit. one-day Detroit experience where you will network with award winning employers, meet students from around the state and get a first-hand look at the best places to live, work and play. 
 
Registration required ($15 after Jan 31) and includes food, transportation, and entertainment. Register here.

Event features: Employer Networking, 2-4 p.m.; Insider Tour by D:hive, 4-6 p.m.; Dinner and Panel Discussion, 6-8 p.m.

It's this Friday Feb. 7, 2-8 p.m. at the Westin Book Cadillac, 1114 Washington Blvd., downtown Detroit.
 
Got any questions? call 313-962-4590 or go to info@dhivedetroit.org.


Pure Detroit to open shop at Belle Isle aquarium

We say wunderbar! to Pure Detroit's decision to open another location, this one in the fab Belle Isle aquarium. It'll only be open on Saturdays, but that's fine with us. An excerpt from Crain's Detroit:  

"We love the aquarium; it's a phenomenal Albert Kahn building," said Kevin Borsay, co-owner of Pure Detroit. "We have an affinity for Detroit landmark buildings, and I think things are moving in the right direction over there. There's a lot of interest and effort to bring the aquarium to a great level and we want to be a part of that."

Pure Detroit will also be selling newly designed T-shirts that are an ode to Belle Isle. They will be similar to the "All In for Belle Isle" shirts that state and city officials wore at a recent press conference.

Read on here.

IAYD plans year of helping young entrepreneurs succeed in business

I Am Young Detroit, the social venture that promotes entrepreneurship as a means to combat youth unemployment and boost economic impact in Detroit, turns 5 years old this month. 

To celebrate the organization will be hosting a live event Saturday, Jan. 25, at 7 p.m when it will launch its 2014 programs, which include: memberships, micro-grants and fellowships, pop lab, and startup services.

The event will take place at the Untitled Bottega in Detroit, and feature conversation, live performances by Cold English, food vendors, and its first pop lab pop-up: EMLE Clothing.

This year IAYD is doubling down on helping young entrepreneurs like EMLE launch companies in the seed stage. 

New programs include:

Membership
I Am Young Detroit members get access to exclusive resources and tools, discounts on products and events from partners, early access to beta apps and programs, discounts on premium services, and more. Three membership levels are available. Applications open Jan. 25.

Grants & fellowships
Five years in the making, I Am Young Detroit will be awarding monthly grants to Detroit entrepreneurs between the ages of 16 and 30, providing seed money to allow them the opportunity to begin turning their dreams into reality. Awards include micro-grants up to $1,000, mentor matching, "Doer" membership, opportunity for matching high school fellow, and access to co-working space. Applications open Jan. 25.

I Am Young Detroit's high school fellows are matched with select grantees based on their career goals and interests and receive a small monthly stipend, hands-on experience, and access to co-working space for the duration of their fellowship.

Pop Lab
In partnership with Dpop, I Am Young Detroit is providing a unique opportunity for Detroit-based entrepreneurs between the ages of 16 and 30 the opportunity to pop-in to vacant and underutilized spaces with their retail business ideas. They'll provide marketing, commercial design, media, place-matching, and logistics support. I Am Young Detroit will even match entrepreneurs with a mentor or two and help launch pop-ups in style with a fabulous event. Applications open Jan. 25.

Startup Services
I Am Young Detroit will be offering a curated selection of startup services to help launch local business. Services will include logo design, explainer video production, and retail design.
 
I Am Young America is a social venture that promotes entrepreneurship as a means to combat youth unemployment and boost economic impact in cities. Our mission is to help revitalize American cities by empowering young entrepreneurs to launch businesses, and mobilize citizens everywhere to champion them.

Get updates on I Am Young Detroit's Facebook page.

Immigrant entrepreneurship driving local economies

Our friend Jordi Carbonell, and his wife Melissa Fernandez, of Cafe Con Leche in Southwest Detroit are featured in this issue of Immigrant Impact, which focuses on the mighty good that entrepreneurs and innovators from around the world are doing in building American community life.

An excerpt.

A new report  from the American Immigration Council explains the journeys of three places -- Detroit, Michigan; St. Louis, Missouri; and rural communities in Iowa -- to implement strategies for future economic success that depend in part upon immigration. Despite tepid federal efforts at reform, such places are embarking on exciting ventures, such as Global Detroit and the St. Louis Mosaic Project, to attract immigrants to their communities, support new and existing immigrant entrepreneurs, and create synergy between immigrants and native-born citizens. This trend recognizes the growing significance of immigration as an economic factor, but it is also a major rethinking of how individuals and communities accept and welcome newcomers and encourage their successful integration. 

See more here.

Eater: Craft Work opens in West Village

Foodie alert squad Eater reports that long-anticipated West Village restaurant Craft Work quietly opened over the holidays. A few Yelp reviews were also posted, including the gushing one below:

"We went here for my birthday (12/28/13) and I had the grilled trout and it was fabulous!! The service was great, Bianca (our server) was friendly and very knowledgable of the menu. The space was classy, quaint and lovely. The bar area was great! I can see this being a neighborhood bar!! I would recommend CraftWorks (sic) to all my friends that want to have a fabulous dinner and experience in Detroit!! And it's in walking distance of our house..."

Read more here.

Go with the Flow: Party with DETROITGRAMS Friday at Great Lakes

DETROITGRAMS, a digital publication, couples its newest issue release about hip hop with a gallery night Dec. 20 at Great Lakes Coffee in Midtown Detroit. The event is 7-11 p.m.

DETROITGRAMS’ latest issue, called Flow, takes an intimate look at hip hop culture and examines its influence in modern Detroit. As a complement to this online content, the gallery night will illustrate how hip hop is much more than music as photographers and writers explore the lives of videographers, activists, producers and other influencers.

The event will present a photo exhibit and video footage along with a set by DJ Carmine. It is free and open to the public, RSVP here.
 

Corktown's Two James gets some video love from Al Jazeera America

From Deadline Detroit we learned that Al Jazeera America, which set up a Detroit bureau in August, aired a two-minute report (below) on the Michigan Avenue newcomer that opened a tasting room Nov. 1.

"From ingredients to packaging, everything at Two James Spirits is local," notes the network's local correspondent, Bisi Onile-Ere.

See the video here.

Urbanist Dispatch: Detroit music scene has potential to grow beyond current $1 billion

We thought this report from the Urbanist Dispatch would pair nicely with our Detroit music feature from last week.

An excerpt:

Despite its legacy, research by Florida and his colleagues at the University of Toronto’s Martin Prosperity Institute (MPI) suggests Detroit is not fully capitalizing on its local music scene. An analysis of figures from the Bureau of Labor Statistics and the U.S. Bureau of Economic Analysis allowed MPI to develop a Metro Music Index to rank cities based on the local music scene.

Nashville tops the list, followed by the obvious (New York City and Los Angeles) and the surprising (Rochester, New York). Detroit doesn’t crack the top 25. It comes in at 37; unable to even beat much smaller Kalamazoo, Michigan, which is ranked eighth overall when small metros are included.

C'mon people, let's begin to rebuild and reload our funky groove thing. Read on here.
240 Entrepreneurs Articles | Page: | Show All
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