The First Step Fund is an early seed, industry-agnostic investment fund serving emerging high-growth businesses in Southeast Michigan. This fund deploys between $10,000 and $50,000 in initial investments with considered follow-on investments of up to a maximum of $150,000 for qualifying companies. The Fund often partners with other investors for investment rounds sized between $150,000 and $500,000, with the potential to provide follow-on funding.
The focus of the funding is to:
- Prove-out business concepts and help secure initial customers
- Foster the demand for early stage, commercially viable, high growth businesses that can scale
- Level the high-growth, high-tech playing field for all
- Be inclusive of women/minority/immigrant entrepreneurs
- Promote economic economic development in the region
- Increase job creation and tax revenue for the region
The Fund utilizes flexible instruments including loans, convertible instruments, and equity investments.
For more information, see http://investdetroit.com/managed-funds/first-step-fund/ and http://www.detroitinnovate.com/first-step-fund.