The Detroit Demo Day entrepreneurial pitch competition returns this year with a virtual format and a slightly tweaked name.
The event, long sponsored by Detroit-based mortgage lender Quicken Loans Inc., is now called the Rocket Mortgage Detroit Demo Day.
Applications for the annual pitch competition opened Tuesday morning and will remain open through Aug. 9, according to a news release.
Those selected for the event will vie for more than $1 million in funding, which winners will receive in the form of grants, interest-free loans and equity investments ranging from $30,000 to $200,000. Those watching the virtual event will be able to vote for three recipients of $25,000 grants in the "People's Choice" category.
"The ongoing pandemic has forced entrepreneurs across the world to be more adaptable and resilient than ever before," Laura Grannemann, vice president of the Quicken Loans Community Fund, the philanthropic arm of Rocket Mortgage, said in the release. "While this year's Detroit Demo Day has also required transformation, during difficult times it is even more important that we provide local small businesses with the resources they need to adapt and persevere so that Detroit remains the ambitious, entrepreneurial city we all know and love."
The event will allow entrepreneurs to compete in three categories, one of which has been revamped this year due to the challenges presented by COVID-19.
- Start: These early stage businesses are launching and finding traction amid the coronavirus crisis, or have pivoted their business models to meet the needs of this moment. Companies in this category will vie for grants of $25,000-$75,000.
- Build: These businesses have a unique business model and/or product that sets them apart as a business that is able to expand during the pandemic and its economic fallout. Five companies in this category will be eligible for $50,000 grants, and one will be awarded the $25,000 People's Choice grant.
- Sustain: These longstanding, community anchor businesses have the aptitude to recover from the COVID-19 pandemic and maintain their original business model, but require additional funding to do so. Companies in this category will be competing for interest-free loans or convertible notes of $25,000-$200,000. The "sustain" category this year replaces "scale."
Another $60,000 in prize money will be announced at a later date.
To qualify for funding, companies must meet a handful of qualifications, including being a for-profit business with a product or service that is available for sale. Additionally, the business cannot have exceeded $2 million in annual revenue or raised more than $1 million in capital. To be eligible, companies must be based in Detroit or committed to relocating into the city, according to the news release.
Applications will be vetted by the Demo Day team with judges from Rocket Mortgage, community partners and a "diverse" group of business leaders. The finalists will be spotlighted in short video features, which will be hosted by James Chapman, entrepreneur in residence for the Quicken Loans Community Fund and CEO of Plain Sight, a mobile application that helps users connect in shared spaces in real time.
The finalists will be announced in September and submitted videos will be posted in late October.
Applications can be submitted at detroitdemoday.com
Last year's crop of entrepreneurs won approximately $1.2 million.
"Demo" - Google News
July 14, 2020 at 08:00PM
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Detroit Demo Day returns with virtual format - Crain's Detroit Business
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