Detroit may still be called the Motor City, and in the first half of 2017 alone, the Big 3 — GM, Ford and Fiat Chrysler, all headquartered in Detroit — did announce $2.7 billion in new domestic investments, but there’s a lot more going on than some may think.
As noted by Forbes on July 10, 2017, “In metro Detroit, entrepreneurial development and venture capital investment is surging — providing the fuel for further economic growth in the region.”
In the last three years, there’s been a 50% increase in Detroit-based startups, and in 2016 two-thirds of startups receiving venture capital were in sectors that would be considered non-traditional for the area: information technology (43%); and the life sciences (23%).
[Pictured: the iRule app, which turns your iPad, iPhone, or iPod touch into a powerful touchscreen universal remote control. iRule is one of many new Detroit startups.]