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New Economy Initiative to Support Innovation and Entrepreneurship

The New Economy Initiative has announced a second round of funding that will benefit innovative companies in Detroit. As initially reported by Sherri Welch, in Crain’s Detroit Business, February 2, 2014, the New Economy Initiative (NEI) plans to target innovation and entrepreneurship in its second round. NEI receives its funding from 10 private foundations, and then provides grants to support organizations working on innovation and entrepreneurism.

As reported by Ms. Welch, “NEI plans to direct new funding primarily to agencies providing supportive services to spur innovation and entrepreneurism in the city of Detroit — areas it honed in on two years ago.” “ ‘Entrepreneurship and innovation, as stand-alones, are valuable in growing the economy,’ said NEI Executive Director Dave Egner. ‘But the more we can connect them, the greater we can accelerate each.’”

“‘In the end, without innovation, there are no new ideas to commercialize. And without entrepreneurs at the ready, there's no one to commercialize them.’”

According to Crain’s, “NEI's initial funders and one new foundation have committed a second-round investment of $33 million toward a $40 million target. NEI's early goal for the second round of funding was more than $40 million, but the foundations were more comfortable with three-year commitments that provide an opportunity to review the work that has been accomplished with funds from round two and whether future investments are needed, Egner said. ”

Philanthropy in the City of Detroit remains strong, and continues to be a contributing factor in the City’s turnaround. For the full article and list of foundations that fund NEI, please see the original article:


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