Small Businesses are on the rise in the city of Detroit and what’s particularly thrilling is that a majority of these enterprises are thriving. According to the Detroit Regional Chamber, as of 2021, Detroit is home to around 33,000 small businesses that are owned by minorities. The abundance of success stories can be attributed to the availability of extensive resources and a robust support network. While there is an array of resources catering to growing businesses, the noteworthy focus on black-owned enterprises is truly exceptional and instrumental in fostering a flourishing ecosystem of small businesses.
One key organization, Detroit Means Business, has taken center stage in providing crucial resources, funding, and support to fuel the growth and success of these businesses.
Detroit Means Business is playing a pivotal role in transforming Detroit into a thriving hub for small business owners. Serving as Detroit’s gateway to entrepreneurial success, DMB is committed to fostering a vibrant small business community. Whether you’re seeking innovative solutions, valuable connections, or expert guidance, DMB is your go-to resource to help your small business soar to new heights. Step thrDMB goes beyond mere words and boasts verifiable results. During National Small Business Week, over 300 Detroit entrepreneurs gathered at Ford Field, receiving expert training and essential tools to foster tangible business growth. Additionally, DMB awarded over $20,000 in cash grants and technical assistance to deserving Detroit entrepreneurs and small business owners, further fueling their success.
Not stopping there, DMB unveiled a business fellowship and digital access hub at the summit, aimed at propelling Detroit-based small businesses to new heights. Esteemed guest speakers, including U.S. Senator Gary Peters, Baobab Fare Co-Founder and CEO Hamissi Mamba, Detroit creative Tony Whlgn, and Livegistics Co-Founder and Chief Financial Officer Andre Davis, graced the event, sharing their invaluable insights and inspiring the entrepreneurial community. These tangible achievements solidify DMB’s commitment to fostering a thriving small business ecosystem in Detroit.ough their doors and unlock a world of opportunities for your entrepreneurial journey.
Dr. Marlo Rencher, President of DMB, has over two decades of experience in startup and small business development, and is an entrepreneur, anthropologist, and educator. As a co-founder at Commune Angels, she plays a vital role in an inclusive network of angel investors, developing opportunities for entrepreneurs from diverse backgrounds. Her visionary leadership extends to the founding of Tech Founder Academy, a platform dedicated to empowering Black and Brown women as they navigate their path as tech founders. Her addition to DMB has been an incredible boost to their goals and narrative, bringing her wealth of experience to the table.
“The DMB summit is important because we love to Detroit and we know that small businesses employ about 50% of Detroiters,” Rencher continues , “Yet those small businesses don’t have access to the resources they need to not just survive but to thrive. The Detroit News Business Summit connects those small businesses to all the business service organizations that they need in order to get to that next level. Whether they need the books handled, whether they need financing or funding, this strong community helps them to wake up in the morning and do the things that they need to do. The DMB Summit is a great gathering where you can get tangible benefits for you in your business, and we look forward to continuing to do the Summit.”
The partnership between DMB and the Detroit Economic Growth Corporation (DEGC) is of paramount importance, as emphasized by Kevin Johnson, the President and CEO of DEGC.
“We’re really excited about providing information, access to capital, and to be able to support the Detroit Means Business community, as well as give them this opportunity to learn from some of the industry experts that will allow them to not only grow but prosper and make that prosperity sustainable. If we can do that, we will declare victory on the day. We think that this is the way forward in order for Detroit’s businesses to be here generationally and not just for the moment, and that’s what this is all about”
With a spirit that embodies the resilience and tenacity of Detroit, Detroit Means Business has become a driving force, empowering black entrepreneurs to overcome obstacles and make their mark in the business world. Through partnerships with local organizations, corporations, and influential community figures, they have created a robust support system that acts as a launchpad for small businesses. Offering a diverse range of resources, Detroit Means Business provides an array of dynamic offerings tailored to meet the specific needs of black entrepreneurs.