On this morning’s WJR Business Beat, Jeff shares insights from John Gallagher, former Detroit Free Press columnist and noted author, who provides key takeaways from the first day of Detroit Startup Week.
Tune in to below to hear John’s key highlights:
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WJR Business Beat Transcript
Good morning, Paul.
We’re midway through Detroit Startup Week, and to cover the action and key takeaways for us, we’re fortunate to have John Gallagher, former Detroit Free Press columnist and noted author, reporting for us. Here’s some key highlights from John’s latest report. D
Dug Song, founder of the unicorn company, Duo Security, in Ann Arbor said Monday, the big change in metro Detroit startup culture has been moving from a few celebrity entrepreneurs to a more grassroots, bottom up roster of numerous players. There has been this swell of support for broader more community-based entrepreneurship. He said, I’m excited to see how far that’s gone and a very rich community of support.
And so are the long-term difficulties facing entrepreneurs of color. Minority startups have always faced a harder road since entrepreneurs of color tend to have less family wealth to back them up. And they may face a residue of misunderstanding and racism in applying for loans and the like many programs have attempted to address these inequalities, including the Entrepreneurs of Color Fund created by JP Morgan Chase, WK Kellogg Foundation and others, which has aided dozens of minority entrepreneurs in Detroit. But there’s still a long way to go to even the playing field.
Thank you, John. We’ll be reporting more together from Detroit Startup Week, so stay tuned.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.