Detroit Elevate gives small businesses a cash prize and resources to thrive

Tech Town businesses get boost from Detroit Elevate competition

Companies signed up at Detroitelevate.org and at the end of October a showcase of the businesses will be on display at Detroit Eastern Market.

DETROIT (FOX 2) - The numbers are bleak - about 20 percent of small businesses fail within the first year, but the fifth year that number jumps to 50 percent - according to the U.S. Bureau of Labor Statistics.

The backstory:

Detroit is finding a way to keep those numbers down by making sure business owners get help when they need it most.

Inside Detroit’s Tech Town are businesses of all shapes and sizes offering services and products that may or may not be connected.

Christianne Malone, the chief program officer at Tech Town, says this is a thriving ecosystem built of the backs of entrepreneurs.

"This is true economic development and how our cities are going to continue to thrive and grow and sustain well into the future," she said.

Sustainability is key. Once a small business is up and running it will either grow or die.

Its path will be determined by how fast the company can adapt to changes that most likely have nothing to do with the product or service itself.

This involves payroll, insurance, human resources - all things that typically come along when the business is in what’s called it’s second stage.

"So many resources and a lot of attention is on the new and shiny start-ups, brand new," Malone said. "But we have these amazing businesses that have anchored out community for so long and we wanted to make sure to provide them that access that they need, to get them that boost to take the next step."

Tech Town has partnered with the Gilbert Family Fund to offer these second stage businesses a chance to win cash prizes by winning the Detroit Elevate Showcase.

Companies signed up at Detroitelevate.org and at the end of October a showcase of the businesses will be on display at Detroit Eastern Market.

"It’s a great opportunity to come meet these businesses and discover what is out there," Malone said. "Provide this patronage and this excitement around what our second stage businesses are providing in our communities."

Those who attend the showcase will meet the entrepreneurs, sample the product or service and vote. Here’s what’s at stake - $50,000 for the first place, $30,000 for second, $20,000 for third and $10,000 for fourth place.

But Malone says they all get so much more than cash.

"its really giving those technical resources that businesses truly need to let businesses know how to leverage what they truly have coming in to help them move forward," she said.

Malone says it really comes back to the principle Tech Town was founded on - that when one business wins, the city wins.

She says even if your company isn’t involved in the Elevate competition you can still be a part of the community.

"Tech town is here is for you, whether we are here to help or connect with a professional service network where you can get free 25-minute consultations with a variety of subject matter experts including our team," she said.

The Elevate Program launched this summer with a goal of bringing it back next as well as providing consistent programming and workshops for second stage businesses.