How much funding does TechTown Startup Fund provide?

TechTown Startup Fund provides Up to $10,000 in funding.

When is the deadline for TechTown Startup Fund?

This grant has a rolling deadline or the deadline has not been announced.

TechTown Startup Fund

WAYNE STATE UNIVERSITY RESEARCH AND

Foundation Annual Grants for Startups Grants for Black-Owned Businesses Grants for Minority-Owned Businesses

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Funding Amount

Up to $10,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

TechTown Startup Fund

Overview: Grant program designed to support Black tech founders at the earliest stages of business development, addressing the funding gap between idea validation and revenue generation.

Award Amount: Up to $10,000 per grant

Geographic Scope: Detroit-based Black tech founders

Eligibility:

Black tech founders

Detroit-based companies

Companies at early stages between idea validation and revenue generation

Focus Areas: Technology-based startups founded by Black entrepreneurs

Problem Addressed:

Only 1% of venture capital is invested in Black-owned companies

Average White family net worth is 10 times that of average Black family

Disproportionate barriers to accessing friends and family funding

Federal Reserve data shows 80% of White business owners receive at least partial bank funding vs. 66% of BIPOC business owners

BIPOC firms receive ~$30,000 less funding than comparable White-owned businesses

BIPOC firms face ~1.4% higher interest rates

Background: Launched in April 2021 by TechTown Detroit with community donations. Initial fundraising exceeded the $20,000 goal with 138 donors contributing amounts ranging from $5 to $5,000. Inaugural grants of $10,000 each were awarded to Bar Drop LLC and Raxplay in September 2021.

Recent Grant Recipients:

Bar Drop LLC (2021) - Cocktail and alcohol delivery service

Raxplay (2021) - Immersive music metaverse company

Contact: TechTown Detroit, 440 Burroughs Street, Detroit, MI 48202, (313) 879-5250, info@techtowndetroit.org

Donation/Application URL: www.techtowndetroit.org/techfund