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Startup News

Bizdom U shakes up fall class with new business model

Bizdom U is offering more options for entrepreneurs and promising to invest more money for less of an equity stake in the start-ups they create.

The biggest change might be that the entrepreneur training program based in Midtown is now offering a part-time program. Through its new Idea Generator program, prospective entrepreneurs can take night classes and focus on building a start-up while still working their full-time jobs.

"It allows us to get more people in," says Ross Sanders, executive director of Bizdom U. "We can take 30 people per session instead of our normal 15. We also thought we were losing some good entrepreneurs because Bizdom was full-time."

Bizdom U recently started its latest session earlier this fall with about 30 students. Its Cleveland counterpart also took another 30 people. These entrepreneurs will receive intense training on what it takes to create a start-up over the next few months. Graduates will receive $10,000 in seed capital and the potential for more. Previously, start-ups had to compete for seed capital much in the same way start-ups traditionally compete for angel and venture capital investments. Bizdom U is also taking less of an equity stake for its investment. Previously, it would take more than a 50 percent stake in the business but now it’s done to 8 percent.

Source: Ross Sanders, executive director of Bizdom U
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at http://SEMichiganStartup.comSEMichiganStartup.com.
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