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July 29, 2011

Thank You!

Thank you to everyone for all of your support last night! We are so grateful for the 300+ that were in attendance and for all of the generous contributions.

We will be putting up pictures and video shortly, but you can see pictures at our Facebook page here.

A special thank you to Darren MacDonald, our board members, and everyone at IAC. Thanks to those who made the trip out to New York: Jake Cohen from Detroit Venture Partners, Jessica Millar, George Baker, and Louis Amira at VCharge from Providence, and Ross Hinkle at Liveset from New Orleans.

Thank you to our sponsors IAC, ProPhase, Tenthwave, Warby Parker, and Zeel! Thank you to Angelito Jusay Photography, Fiona Aboud, Kate Bradbury, Nick Canilang, DJ Shakey (Julie Covello), Sarah Kunst, Mimeo, Pixeltone, James Pearce and Meredith Perkins at Plus One, Lisa Gruber, Janet Nakano, NY1 Reporter Michelle Park, Naomi Berlin and Rosemarie Esposito and everyone at Dukas PR. The launch would not have been possible without you and all of our VFA volunteers!

Additional Donations made by Kiehl’s, Kind, IFF, Lacoste, Roundhouse, and Teatulia.

We are also proud to announce a new partnership with the Center for Entrepreneurship at the University of Michigan, one of the top entrepreneurship programs in the country!

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July 28, 2011

Venture for America Official Launch- The IAC HQ- Thursday, July 28, 2011

Venture for America Launch Party

IAC HQ – New York, NY – Thursday July 28th, 2011

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July 22, 2011

Venture for America in the News

Thanks to TechCrunch, The Boston Herald, Fast Company, and US News & World Report for helping spread the word about Venture for America!  We’re happy to say that all of the press has gotten many people excited about what we’re doing – we can’t wait to get the next generation of top college graduates in position to build businesses and create jobs in Detroit, New Orleans, and other communities that need it.

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July 19, 2011

Introducing Venture for America – How to Create 100,000 Jobs

When a company has a serious problem, it sends its best people to solve it.

Right now our country has a serious problem – we need to create more jobs. And yet, our top college graduates are often not heading to innovative start-ups and early stage companies that will generate jobs and produce new industries. In 2010 over 50% of Harvard graduates went to work in financial services, management consulting, or to law school, with fewer than 15% going to industry, which includes companies big and small. The same picture holds true at other top college campuses.

Despite the numbers, many graduating seniors would have a strong interest in working for a start-up that had the potential to grow. It’s an ambition that’s commonly expressed among students. But there are significant obstacles for a senior looking to pursue this sort of opportunity:

1. They are not actively recruited. Start-ups often lack the resources to interview and recruit on-campus, particularly because they are generally only looking for a small number of entry-level hires.
2. It’s hard to find a suitable company. It’s difficult, and a departure from past experience, for a college senior to network and do the legwork necessary to find and identify suitable start-ups that might be hiring around the country.
3. You’re on your own. Many seniors learn about opportunities or on-campus interviews from career services or classmates. Dozens of your peers generally aren’t heading to start-ups to give you guidance.
4. It’s potentially risky. Even if you’ve identified a start-up and it wants to hire you, there may be concern about the risk involved, particularly as there may not be a structured path of advancement or training relative to a more conventional position or program.

One compelling illustration of what can happen when you address these issues is Teach for America, which last year drew 46,000 applicants for 4,500 teaching positions, including 12% of Ivy League seniors applying. Teach for America is a role model in its success in attracting a critical mass of talent to an underserved sector.

We must make it easier for our top graduates to choose to join promising start-ups and early-stage companies. Only then will we seed the wellspring of innovation that will enable us to create the thousands of jobs we need and keep our economy competitive.

I have spent the last several months traveling to Detroit, Providence, New Orleans, and other cities and found dozens of promising companies that are all hungry for talent. There’s a supply and a demand – we just need to connect the two sides.

Venture for America is a new national non-profit that will recruit top college graduates to work in start-ups and early-stage companies around the country with a focus on regions undergoing economic change (e.g., Detroit, New Orleans, Providence). Venture Fellows will attend a 5-week Training Institute at Brown University with seasoned entrepreneurs and investors next summer before going to work at their companies. The goal is to funnel a new generation of talent into the start-up ecosystem to both support current companies and, over time, create new ones. Our stated goal is to generate 100,000 U.S. jobs by 2025.

If we provide a concrete runway to our best and brightest to create opportunities for themselves and others, they will embrace the challenge and renew our nation’s economic future.

 
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July 8, 2011

Is Detroit the new Brooklyn?

Is Detroit the new Brooklyn?

Detroit’s crumbling Packard plant. Photo: Flickr/Thomas Hawk

Last weekend, the New York Times featured a story in its Style section about the onslaught of hip, young urban pioneers streaming into downtown Detroit. These “creatives,” as they are being called, are taking advantage of low rents and the opportunity to recycle this abandoned, blank slate of an urban landscape into something new and exciting. There are restaurateurs and entrepreneurs of all stripes living alongside environmentalists and urban farmers.  The city, according to the Times, seems like “a giant candy store for young college graduates wanting to be their own bosses.” One woman said that there’s a cool party just about every evening.  The article pointed out that even though recent census figures show that Detroit’s overall population shrank by 25 percent in the last 10 years, downtown Detroit experienced a 59 percent increase in the number of college-educated residents under the age of 35.

No doubt this is partly a word-of-mouth, grass-roots “movement.”  But behind the scene, millions of public, private and foundation dollars are greasing the wheels. Last April, Blueprint America profiled an effort called Live Midtown, an incentive program created to lure some of the 30,000 employees of midtown’s major anchor institutions (Wayne State University, Detroit Medical Center and Henry Ford Health System) to move from the suburbs back into the city. By the end of June, 178 people were reported to have taken advantage of deep discounts on rent ($2,500 the first year and $1,000 the second) or purchases ($20,000 toward the purchase of their primary residence). We also looked at an effort by the mayor’s office to use federal stimulus money to lure members of Detroit’s police force out of the ’burbs and back into town.

And more incentives are on the way. Dan Gilbert, the founder and chairman of Quicken Loans, for instance, is one of the city’s biggest boosters.  He calls his revitalization effort “Detroit 2.0” and seems to be putting his money (more than $100 million by some estimates) where his mouth is. Gilbert recently moved Quicken Loans’ headquarters (and the 2,000 employees who worked there) out of a nearby suburb into downtown Detroit.  And he’s in the process of buying four historic buildings which he plans to fill with tech and web-based companies, some of which will no doubt come from Bizdom U, an “entrepreneurial boot camp” Gilbert started several years ago. Biz U offers graduates financing opportunities of up to $100,000 if they base their start-up in Detroit.

And it’s not just the style writers who are paying attention to Detroit’s new entrepreneurial class. Just three years ago, Forbes placed Detroit on top of its list of America’s Most Miserable Cities. But in a stunning turnaround, this month Forbes put Detroit on the cover as one of the Best Places for Doing Business, calling it “a land of opportunity.”

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July 3, 2011

Detroit Pushes Back With Young Muscles

THE NEW YORK TIMES
By JENNIFER CONLIN
Published: July 1, 2011
THE rooftop party was in full swing when midnight approached on a warm Friday evening. Kerry Doman, 29, founder of an event planning business; Justin Jacobs, 28, head of a citywide recreational sports league, and Ara Howrani, 29, a photographer who runs a commercial studio, knocked back beers, while a group of office friends from a nearby dot-com chatted about the scratch-and-sniff wallpaper in their colorful new headquarters.
In another circle, a group of real estate brokers excitedly discussed the renovation of a 1920s office tower called the Broderick into a 127-unit apartment building with a restaurant, lounge and retail stores.
“I want the penthouse,” Jeffrey Hillman, 37, said jokingly as he pointed to the building’s ornate Baroque-style top in the distance. “I’ll fight you for it,” retorted Hank Winchester, 37, a local TV reporter.
The scene might have been run of the mill in Seattle or Williamsburg, Brooklyn, or other urban enclaves that draw the young, the entrepreneurial and the hip. But this was downtown Detroit, far better known in recent years for crime, blight and economic decline.
Recent census figures show that Detroit’s overall population shrank by 25 percent in the last 10 years. But another figure tells a different and more intriguing story: During the same time period, downtown Detroit experienced a 59 percent increase in the number of college-educated residents under the age of 35, nearly 30 percent more than two-thirds of the nation’s 51 largest cities.
These days the word “movement” is often heard to describe the influx of socially aware hipsters and artists now roaming the streets of Detroit. Not unlike Berlin, which was revitalized in the 1990s by young artists migrating there for the cheap studio space, Detroit may have this new generation of what city leaders are calling “creatives” to thank if it comes through its transition from a one-industry.
With these new residents have come the trappings of a thriving youth culture: trendy bars and restaurants that have brought pedestrians back to once-empty streets. Places like the Grand Trunk pub, Raw Cafe, Le Petit Zinc and Avalon Bakery mingle with shops with names like City Bird, Sole Sisters and the Bureau of Urban Living.
Those familiar with past neighborhoods-of-the-moment recognize the mood. “It feels like TriBeCa back in the early days, before double strollers, sidewalk cafes and Whole Foods,” said Amy Moore, 50, a film producer working on three Detroit projects. “There is a buzz here that is real, and the kids drip with talent and commitment, and aren’t spoiled.”
The rooftop party was hosted by a group called Move Detroit 11/11/11, started with the aim of getting 1,100 new people to move to Detroit by November.
“The Broderick project is huge because, believe it or not, there is not enough housing in the greater downtown area for all the young people moving to Detroit,” said Kevin Wobbe, 37, a founder of the group.
Kendyll Myles, 24, is one example of a new arrival. “I am mentoring young schoolgirls after work, modeling for a new fashion design company, and if I wanted, could be out every night at a different launch party or cultural event,” she said.
After finishing her master’s degree in public health last year, Ms. Myles had job offers from hospitals all over the country, including in Washington. Her family urged her to go anywhere but Detroit. “They thought I would be robbed and shot here,” she said.
But when she saw IAmYoungDetroit.com, a Web site profiling residents under age 40, she decided Detroit was the city for her. Those featured on the site (which she found after typing into Google “anything positive about Detroit?”) included Emily Doerr, 26, an M.B.A. candidate who recently opened Hostel Detroit, where guests pay as little as $18 a night for a bed; and Sean Gray, 29, who reimaged a British slogan, “Keep calm and carry on,” into posters and T-shirts for Detroiters. The site’s publisher, Margarita Barry, 26, this month will open “71 POP,” a retail gallery showcasing the work of 71 emerging artists and designers on the ground floor of a previously abandoned building that now has 30 environmentally friendly lofts and artists’ studios. (Rents start at $710 a month.)
Part of the allure of Detroit lies in simple economics. Real estate is cheap by urban standards (Ms. Myles lives in a $900-a-month one-bedroom apartment with a garage), and the city is so eager to draw educated young residents that it is offering numerous subsidies to new arrivals. Ms. Myles, for instance, received $3,500 from her employer, which, like many companies in the city, is offering rent or purchasing subsidies to staff members who choose to live in the city.
Detroit Venture Partners is offering start-up financing to early-stage technology companies; Techtown, a business incubator, research and technology park associated with Wayne State University in Detroit, is providing support to entrepreneurs and emerging companies through its “Thrive” program. And Bizdom U, an “entrepreneurial boot camp” started by Dan Gilbert, the founder and chairman of Quicken Loans, is offering graduates of its four-month-long course financing opportunities of up to $100,000 if they base their start-up in Detroit.
“Downtown Detroit is quickly becoming a hotbed for both entrepreneurs and entrepreneurial companies,” said Mr. Gilbert, who plans to fill two downtown office buildings he recently bought, as well as one he has a contract to buy, with tech and Web-based companies.
In addition, Green Garage Detroit, an incubator for environmentally friendly companies, plans to open its doors in August to lend support to at least a dozen start-ups. And there’s the Detroit Creative Corridor Center, which supplies infrastructure, strategic counseling, consulting and resources for those wanting to start businesses in film, fashion, digital media, production or architecture. With all this help, the city seems like a giant candy store for young college graduates wanting to be their own bosses.
All that has helped create an entrepreneurial spirit that that has led to start-up ventures like the independent clothing company Aptemal begun by two twentysomethings, who are most noted for their “Detroit Hustles Harder” hand-printed T-shirts worn by Eminem, among others. The Wheelhouse, a bike store begun by two young women, and the Hub, another cycle shop, are turning the Motor City into a cycling city. And Inside Detroit, a nonprofit organization offering city tours and relocation advice, was begun by a Detroiter at just 25 years old.
“There is so much space and opportunity here,” said Jason Murphy, 34, one of two Bennington College graduates who bought an iconic restaurant, the Russell Street Deli, in the city’s Eastern Market area, three and a half years ago. “What we hope is that our movement of young people with businesses in greater downtown Detroit can help the many people in the outlying neighborhoods who are still living below the poverty line.” He and his business partner support the many urban farms popping up in vacant spaces throughout the city, he said, like Grown in Detroit and Brother Nature, and buy locally whenever possible.
Liza Bielby and Richard Newman, both 30 and directors of the Hinterlands Ensemble, moved to Detroit from Milwaukee eight months ago, seeking a sustainable work and living environment for their physical theater company. Between them, they have lived all over the world, from Kosovo, where the couple worked on a multi-ethnic project, to Berlin and China, where Ms. Bielby, a Fulbright scholar, studied traditional Sichuan opera. “The minute we visited here, I felt as engaged by the people and projects going on as I had felt living anywhere abroad,” she said.
Luckily, Mr. Newman, her boyfriend, agreed. “Not only is it more affordable for us than other cities,” Mr. Newman said, “but no one is doing exactly what we are trying to do here, which gives us more of a chance to succeed and offer something new to the community.” They pay $400 a month, he said, to live in a house that is part of an artist’s residency project called Filter Detroit.
Detroit’s revival is also being attributed to the city’s “15 by 15” initiative, started in 2008. With a goal of getting 15,000 young talented households to downtown by 2015, government workers, entrepreneurs, philanthropists, business leaders and individuals, along with nonprofit groups, have been working to entice the 94 percent of college graduates who initially migrate to cities, according to recent census figures.
“Our goal is to attract and retain this young talent pool,” said David Egner, president and chief executive of the nonprofit Hudson Webber Foundation, spearheading the “15 by 15” initiative. “We want to give them affordable housing, interesting jobs and business opportunities they cannot find in other cities.” His biggest obstacle, he added, is still the city’s reputation of being a dangerous place to live. “Crime in downtown Detroit is actually 37 percent less than the national average, but few people know that,” he said.
Perhaps no one is more passionate about the city, though, than those who grew up in Detroit — like Monica Blaire, 29, a singer her fans call the “new Aretha Franklin.” “It is fantastic to see all these people rediscovering the city,” said Ms. Blaire, who last year was one of 12 Detroiters to receive a Kresge Artist Fellowship, a $25,000 award that also included professional development and support for her songwriting.
This spring the opening ceremony for Hostel Detroit seemed more like a college party. While Mr. Howrani shot photos of Ms. Doerr, the hostel founder, thanking her supporters, Ms. Bielby of the Hinterlands Ensemble entertained the crowd on her trombone as part of the Detroit Party Marching Band, a makeshift musical troupe whose colorful uniforms were discovered in an abandoned city high school. On several picnic tables were sandwiches and treats donated by local restaurants, like the Russell Street Deli. Among the guests were officials from the office of the city’s mayor, Dave Bing, as well as the lieutenant governor.
Between greeting friends and shooting photos, Mr. Howrani, who had previously lived in Los Angeles, explained why he and his sister, Ana, who had been living in Seattle, happily left the West Coast: “Basically, being a part of Detroit’s resurgence is incredibly fun.”

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VFA Has Ceased Operations


Since its first cohort in 2012, Venture For America (VFA) has championed entrepreneurship, innovation, and economic growth across the nation. As of August 6, 2024, VFA has ceased its operations. While this marks the end of an era, it also provides an opportunity to reflect on the extraordinary accomplishments and lasting impact that we have achieved together.

Please click here to read the full update.

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