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National startup boom reaches Detroit

Paul Riser, director of technology-based entrepreneurship at TechTown

Conditions are just right nationally and in Detroit for a startup boom, according to a Detroit Free Press article. And that's exactly what we're seeing.

The article begins at the business incubator and coworking space TechTown Detroit, where "the interest is so intense from start-ups seeking space there that the organization may need to find more to squeeze them all in," writes Frank Witsil. "The co-working space … is nearly full at 67 companies; many are start-ups. At this rate, it could eventually overflow."

The article then gives national figures demonstrating that startups are being founded at the highest rate in seven years.

Several economic conditions are just right for the recent startup boom: people have found greater work stability (unemployment has decreased 5 percent since 2009) and homeownership is on the rise. In Detroit, many grant-giving competitions and foundations, like Motor City Match and Hatch Detroit, have arisen to support the small business community.

The article concludes with this hopeful quote from Lester Gouvia, owner the food truck businesses Norma G's. "Detroit is coming back from such a place that it was in a few years ago that I think the excitement level and opportunity, while it's similar to the rest of the country, is even greater. There's so much to be done. There's a lot of opportunity here."
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