Bizdom is upping the amount of seed capital it can give to startups by six figures. The downtown Detroit-based startup accelerator is offering the opportunity for a convertible note worth up to $100,000 to startups that have gone through its accelerator class.
"We feel if we can make a large commitment to these startups that increases the chances of growing them," says Maria LaLonde, recruiting & development leader for
Bizdom.
Bizdom offers a three-month program to tech startups looking to scale a good idea into the next big thing in Detroit's new economy. Companies that enroll in the program receive $25,000 in seed capital in exchange for 8 percent equity in the company. The addition of the convertible note (a loan that comes with an option for equity) brings the total amount of seed capital a startup can leverage from Bizdom up to $125,000.
Bizdom is part of a Quicken Loans family of companies network. That means Bizdom startups have opportunities to leverage more seed capital through a deep pool of investors associated with Quicken Loans, along with opportunities for mentorship and team building.
Bizdom has five startups working through its current fall class and is taking applications for its winter class that starts early next year. To apply, click
here. Bizdom, which has locations in Detroit and Cleveland, has 37 portfolio companies, including 21 in Detroit. All of the startups that have worked through the accelerator’s program and future startups have the opportunity to score up to $100,000 in a convertible note.
"We do have several companies that will be receiving that convertible note," LaLonde says.
Source: Maria LaLonde, recruiting & development leader for Bizdom
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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