First Step Fund

The First Step Fund is a pre seed investment fund serving emerging and newly-formed high growth businesses in Southeast Michigan.

First Step Fund support is meant to address the deficit of financing in the marketplace and to promote economic development by identifying, nurturing and fostering demand for early stage, commercially viable, high growth businesses that can scale - resulting in job creation and increased tax revenue for the region.

Investment Size

$10,000-$50,000

From $10,000 to $50,000 initial investments with considered follow-on investments of up to a maximum of $150,000 for qualifying companies.  The Fund sometimes partners with other investors for investment rounds that are typically sized between $150,000 and $500,000.

Target Area

Southeastern Michigan with a special preference in the City of Detroit.

Focus

The First Step Fund is industry agnostic and focuses on high growth, emerging businesses that can demonstrate the ability to scale. The Fund has a desire to be inclusive to businesses owned by women, immigrants, and minorities.

Financing Types

  • Flexible instruments including loans, convertible notes and equity investments

Contact Information

Interested applicants are encouraged to submit an executive summary by email to info@detroitinnovate.com

 

Financing Needs