Detroit coalition allocates $12.4 million to grow mobility start-ups
TechTown Detroit announced the launch of the Mobility Accelerator Innovation Network as one of six components of the Global Epicenter of Mobility initiative.
More and more states and sub-state regions are jumping on the mobility bandwagon. One of those is TechTown Detroit which has announced the launch of the Mobility Accelerator Innovation Network (MAIN) as one of six components of the Global Epicenter of Mobility (GEM) initiative.
GEM was one of 60 finalists selected nationwide to receive funding under the U.S. Economic Development Administration’s “Build Back Better Regional Challenge” grant program and was awarded $52.2 million. Additional support from General Motors Co. in Detroit and the William Davidson Foundation in Bloomfield Hills has been leveraged to make the project possible.
MAIN’s role in the multi-organization GEM coalition is to accelerate the growth of mobility start-ups that drive innovation to fill gaps in the mobility value chain. A total of $12.4 million was allocated to TechTown Detroit to focus to create a program alongside its partners to serve and capitalize on mobility start-ups from the idea stage through the commercial scale.
In addition, MAIN will develop the Michigan Mobility Fund Network to help start-ups access capital by engaging venture capital firms and various angel networks while supporting founders through entrepreneurship education related to venture capital readiness.
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