Detroit’s startup scene has seen spectacular growth the past few years. This year, we wrote about some of the companies we’re most excited about. If recent news is any indication, national funders are excited as well.
Backstage Capital, a firm that has invested millions of dollars in startups lead by women, people of color, and LGBTQ founders, launched an accelerator program that will be hosted in four cities. Three cities — Los Angeles, Philadelphia, and London — were chosen by the firm.
The fourth and final city was decided by public vote. Detroit won.
Backstage Accelerator is a three-month program beginning in early 2019 for underrepresented founders, who receive less than 10 percent of all investment capital, to learn from experienced facilitators and get access to funding and networks. According to TechCrunch, “the firm will invest $100,000 in each company in exchange for five percent equity.”
Backstage Capital seems excited to come to Detroit, writing on its website: “It’s a rising standout for entrepreneurs in the Midwest. Innovation and technology in the city are booming, and Detroit startups are attracting capital from Silicon Valley as well as local investors and government.”
The application deadline for the accelerator is Oct. 15. Accepted startups will be announced in December 2018.
Apply for the Backstage Accelerator program here.