paving the way for economic growth - Henry Ford Health System

InnovationTechTown Supports Local EntrepreneursAfter decades as a manufacturing giant, Detroithad become a town where entrepreneurshipwas no longer a part of the culture. Residentsgrew complacent in a comfortable reliance on theautomotive industry and the jobs it created. But goneare the days of Henry Ford and the Dodge Brothers,and changes in the economic landscape have createda burgeoning entrepreneurial spirit. Today, TechTownoffers a supportive and dynamic environment wheremore than 240 start-up companies are currentlygrowing.Hosted by WayneState Universityand supportedby a handful ofstakeholders,includingHenry FordHealth System,TechTownis located atthe corner ofBurroughs andCass Avenue inMidtown Detroit.The buildingwas donated byGeneral Motorsand underwentextensiverenovation.“TechTown is an incubator-accelerator,” explains LeslieSmith, general manager of Tech Town. “An incubatoris a place where tools and support are given tohelp launch a business. An accelerator continues toprovide support to move the company forward. Thegoal is for every startup to outgrow TechTown andmove out into the community on their own.”More than an office building, TechTown offers tenantsaccess to coaches, mentors and interns, marketresearch at Wayne State University, assistance withprototype development, and locating and tapping intofunding sources. Start-ups can also receive assistancein developing financials, conducting a market survey,creating a board of directors and establishing anexecutive team.Tenants pay for space, but wraparound services arefree. Non-tenants pay a small membership fee toparticipate in entrepreneurial support services.Residents are situated in space that ranges from avirtual office with an email box and shared meetingspace to fully developed suites with multiple officesand labs. Many companies focus on the life sciences,biomedical technology, medical devices, therapeutics,engineering, energy, information technology,homeland defense and robotics.TechTown hasnot only filled avacant buildingwith activeand growingbusinesses, butis helping plantingseeds todaythat will growover the comingyears. It is nowthe largest, mostdiverse start-upincubator in theworld servingcompanies ofevery size, type,ethnicity and agerange.“We have a diverse demographic, with many clientsover age 50. Right now, the majority are women.Within the building, there is a natural energy andunique connection between the new and moreestablished tenants,” says Smith.Exceptional outcomes have been realized sinceTechTown was established in 2004. According toSmith, “Most recently, our programs have helped15 displaced industrial professionals transfer theirskills to a new economic paradigm, preparing themto transfer their intellectual capabilities and real-lifeexperiences. We’ve exposed 5,000 people to the ideaof entrepreneurship and have taken 1,300 throughentrepreneurial education. And in the last two years,more than 250 new companies were created.”Henry Ford Health System • 2010 - 2011 System Report 13