Some people would never think to operate a business in Detroit. For several years, Detroit was linked with crime, poverty, and a decrease in the auto industry, which is a huge risk factor for business owners. Now, with the city flourishing into something magnificently attracting, many people are gravitating towards opening their own businesses and optimistically hoping to expand.
There are a ton of great businesses here in Detroit already, with more on their way to moving in. From restaurants and cozy coffee shops, to premium handcrafted products like that of Shinola’s bikes and watches, Detroit is home to a wide variety of successful and thriving companies. Shinola opened its Midtown store in June 2013, and sold nearly 55,000 watches in the store, online, and around the country in the first month alone. Their sister store, Willys Detroit, was opened in June 2014 after Shinola had sold out of their watches in 6 months.
“It was Detroit from the beginning and we’ve never looked back,” says Steve Bock, president of Bedrock, holding company for Shinola.
Since 2006, Detroit has been seen as a city of success. Approximately $12 billion has been invested in both residential and commercial properties. According to a report from the Global Cities Initiative, in April 2015 the city has observed a net increase of 11,000 jobs since 2010. Detroit has become attracted by young people. Occupancy rates are at a booming 98% and 1,300 residential units are presently being built. Glassdoor has even ranked Detroit number 32 on their top 50 list of Best Cities for Jobs, and number one for cost of living.
While Detroit re-develops into a brighter city, TechTown, an urban research and technology business accelerator and organization of entrepreneurs and mentors who create an innovative community, helped form 21 new companies in 2014 alone. Within the years of 2007 and 2014, they have served a little over 1,000 companies and raised more than $107.26 million in start-up capital and contributing nearly 1,200 jobs to the local economic direction.
“If you’re a business owner, we can help you, regardless of what your needs are,” said Ned Staebler, Techtown’s president and CEO.
Detroit is where our heart is at. We only want to succeed and help others do the same.
Read more about the future of our city here: City of Blooming Businesses