Detroit, Michigan, April 8, 2015 — Detroit Economic Growth Corporation (DEGC) and Invest Detroit announced today the details of PowerMoves@Detroit, a three-day competitive event April 13 – 15 sponsored by Morgan Stanley to support minority-owned companies seeking venture-backed funding. The event will showcase local and nationally recruited minority entrepreneurs competing in pitch events, vying for $100,000 in direct prizes and a chance to raise their visibility among other investors. The New Economy Initiative and the John S. and James L. Knight Foundation are also underwriting the event.
PowerMoves@Detroit is part of a national effort by PowerMoves.NOLA to address the significant under-representation of venture-backed minority startups nationally. Its inaugural event, held in July 2014 in New Orleans, showcased 36 early-stage entrepreneurs of color from around the country, helping a number of them raise $3 million in additional investments within 90 days following the event.
"With all the enthusiasm for entrepreneurs in Detroit, and our city's great legacy for providing opportunities for African Americans, this seemed like the perfect time and place for PowerMoves@Detroit," said Rodrick Miller, President and CEO of Detroit Economic Growth Corporation, one of the co-hosts for the event. "This event fills an important niche in the broad spectrum of activities that DEGC, Invest Detroit and others undertake to support entrepreneurship in Detroit."
Dave Blaszkiewicz, President and CEO of Invest Detroit, said, "We are excited to be a co-host for PowerMoves@Detroit and to promote this growth platform for venture-backable minority entrepreneurs. Detroit Innovate, our venture capital fund and venture development team, looks forward to providing ongoing support and capital to PowerMoves@Detroit participants."
Morgan Stanley is the presenting sponsor of PowerMove@Detroit. Carla Harris, Vice Chairman, Global Wealth Management, Managing Director and Senior Client Advisor at Morgan Stanley said, "Morgan Stanley is proud to sponsor this innovative program that will showcase the talent of minority entrepreneurs and present dynamic opportunities to investors. The Firm has a track record of introducing leading companies to both the public and private markets, and it is our privilege to support the participants in PowerMoves@Detroit and help them get exposure to a more robust investment environment."
Mayor Mike Duggan said, "There is nothing anywhere like what is going on right now in the city of Detroit. We have an explosion of activity from entrepreneurs here, some local and some coming in from around the world to take part in the unique opportunities we have here. We will be rooting for our Detroit companies and will welcome those from New York, Boston, San Francisco and other places, inviting them to take a look around, and grow their firms here."
The three-day event features pitch competitions, training sessions, and a public forum.
COMPETITIONS
Morgan Stanley Power Pitch Competitions
Two pitch competitions will each feature five companies competing for a total of $80,000 in cash prizes in a Seed Round and a Series A Round. Two firms with Detroit connections are entered in these events.
PowerUp Boot Camp
An additional 14 early-stage entrepreneurs of color have been receiving help for several months developing viable and fundable business models with advice from successful entrepreneur and investor mentors. PowerUp will culminate with a Demo Day presentation where companies will pitch their ideas to a panel of judges to compete for a $20,000 cash prize and potential capital from investors.
Uber, in partnership with PowerMoves@Detroit, will sponsor free rides for account holders to the PowerUp Boot Camp Demo Day Presentation. On Wednesday, April 14th between 8:30 and 12 noon, Uber users can get free rides from anywhere in Detroit to the One Woodward building, located at 1 Woodward Avenue Detroit, MI 48226.
OTHER EVENTS
Dinner Pitch
A Detroit medical technology startup, Functional Fluidics, will pitch its device and business plans at an invitation-only opening dinner event, raising its visibility in the VC arena.
"The Art of The Exit" Panel and Luncheon
This panel discussion will feature Lisa Price, founder of Carol's Daughter, Robin Richards, founder of CareerArc and Internships.com, and Alejandra Y. Castillo, National Director of the Minority Business Development Agency to focus on how startups can chart a clear path to an exit. It will be moderated by Carla Harris, Vice Chairman, Global Wealth Management, Managing Director and Senior Client Advisor at Morgan Stanley. The dress code at the venue will be strictly enforced.
REGISTRATION
The Morgan Stanley Power Pitch Competition sessions, PowerUp Boot Camp Demo Day, and "The Art of the Exit" Panel and Luncheon are free and open to the public. The venues have limited seating, so pre-registration is strongly encouraged.
To register, visit: http://www.powermovesnola.org/detroit.
On site registrations will only be accepted if space permits.
PARTICIPATING COMPANIES WITH DETROIT CONNECTIONS
PowerUp Boot Camp
Evolve — Learning support systems for high school students
FlashDelivery — Restaurant and grocery delivery service
Guidesmob — Interactive city guides
Networkingout — Virtual workout club
Paralee Boyd Salon — Timely, affordable hair care
Warranty Ninja — Simplified warranty management for consumer products
Dinner Featured Pitch. Functional Fluidics — Streamlined blood testing system
Seed Round Pitch. GapPro — Cloud-based insurance verification system
Series A Round Pitch. Maker's Row (former Detroiter) — Online B2B platform
A complete media package with schedule information and additional information about each participating company is available for download at: https://www.hightail.com/download/UlRReUNESEJreEE4RmNUQw
ABOUT
Invest Detroit
Invest Detroit Foundation ("Invest Detroit") is a 501(c)(3) and certified Community Development Financial Institution. As a leading source of private sector financing, Invest Detroit utilizes a variety of funding tools through managed for-profit and non-profit targeted funds to promote economic development in underserved communities primarily in the City of Detroit.
Representing more than $200 million in funds, committed capital and tax credit allocation, Invest Detroit is driving catalytic change through financing for commercial businesses and real estate projects intended to promote job creation, expansion of the tax base and an improved quality of life for the communities served. (http://www.investdetroit.com)
DEGC
DEGC is a non-profit organization that serves as the lead implementing agency for business retention, attraction and economic development initiatives in the city of Detroit. DEGC is led by a 60-member board comprised of business, civic, labor and community leaders. Its 40 professionals provide staff services for key public authorities that offer tax credits and other forms of financing for projects that bring new jobs or economic activity to the city. Among them: the Downtown Development Authority (DDA), Detroit Brownfield Redevelopment Authority (DBRA), Economic Development Corporation (EDC), Neighborhood Development Corporation (NDC), Local Development Finance Authority (LDFA), and Tax Increment Finance Authority (TIFA). DEGC also provides planning, project management and other services under contract to the City of Detroit. (http://www.degc.org)
PowerMoves.NOLA
PowerMoves.NOLA is a national initiative of the New Orleans Startup Fund designed to increase the number of venture-backed minority businesses locally and nationally. PowerMoves.NOLA acts as a catalyst, providing early-stage and high-growth minority entrepreneurs with access to capital, advisors, and the support they need to succeed.
PowerMoves@Detroit is the first event of City Ventures, a series of activities in cities across the nation that are committed to the PowerMoves.NOLA mission. (http://www.powermovesnola.org)
Morgan Stanley
Morgan Stanley is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 43 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. (http://www.morganstanley.com)
New Economy Initiative
The New Economy Initiative (NEI) is a $140 million philanthropic effort to help make thousands of ideas the next economic engine by getting entrepreneurs and small businesses what they need, when the need it, in order to succeed and grow. This unprecedented initiative is supported by the following national, regional and local foundations: the Community Foundation for Southeast Michigan (Detroit), the William Davidson Foundation (Southfield), the Max M. and Marjorie S. Fisher Foundation (Southfield, Michigan), the Ford Foundation (New York), the Hudson-Webber Foundation (Detroit), the W.K. Kellogg Foundation (Battle Creek, Michigan), the John S. and James L. Knight Foundation (Miami), The Kresge Foundation (Troy, Michigan), the McGregor Fund (Detroit), the Charles Stewart Mott Foundation (Flint, Michigan), the Skillman Foundation (Detroit), and the Surdna Foundation (New York). The Community Foundation for Southeast Michigan, which initiated the collaborative, is serving as its administrative home. (http://www.neweconomyinitiative.org)
The John S. and James L. Knight Foundation
Knight Foundation supports transformational ideas that promote quality journalism, advance media innovation, engage communities and foster the arts. The foundation believes that democracy thrives when people and communities are informed and engaged. (http://www.knightfoundation.org)