The Gilbert Family Foundation has announced a three-year, $10 million commitment in support of Detroit-based business founders and the city’s entrepreneurial ecosystem.

Called Venture 313, the initiative will provide direct investments in startups, a web-based platform that provides guidance for entrepreneurs at each stage, and innovative programming through partner organizations. Invest Detroit, a community developmental financial institution (CDFI), will provide selected venture-ready or high growth-focused startups with equity-like investments of between $25,000 and $250,000 as well as coaching and other programming to help entrepreneurs achieve long-term success. In addition to increasing access to direct capital, the initiative seeks to simplify the entrepreneurial ecosystem by connecting multiple partners through one common platform.

The nonprofit TechTown Detroit, which supports early- to growth-stage small businesses and tech entrepreneurs, will invest in smaller businesses primarily looking to evolve from ideation to the creation of a minimum viable product with grants ranging from $500 to $25,000, as well as ongoing support and coaching. And the Detroit Development Fund will offer entrepreneurs who are piloting new models, looking to penetrate industries in which Detroiters and minority founders are underrepresented, or may not otherwise fit the mold for traditional venture capital working capital, lines of credit, and other loans of between $25,000 and $250,000.

“A business-as-usual approach will not equip Detroit founders with the tools or funding they need to get in the game,” said James Feagin, director of economic mobility at the Gilbert Family Foundation. “We need to be as disruptive and agile as the businesses we are looking to support, and these playbooks and other resources will allow us to grow Venture 313 into a catalytic platform that truly opens the door for Detroit’s entrepreneurs.”

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