Creative Corridor’s $300,000 Economic Impact
A business development program for creative sector entrepreneurs will make an economic impact of more than $300,000 for Detroit.
The inaugural class of the Detroit Creative Corridor Center’s (DC3) Creative Ventures program ends training on June 28th.
17 creative entrepreneurs, including interior designers, fashion designers and filmmakers, were the first participants in the program, which teaches business plan development, marketing strategies, sales implementation and project management support. In addition to growing Detroit’s economy through attaining new business, collectively, the ventures added new jobs to Detroit’s creative sector by more than doubling their workforce.
The creative economy employs 30,000 people in Metro Detroit, according to AngelouEconomics’ Creative Cluster Regional Assessment. Globally, the annual growth of creative sector industries is twice that of service industries and four times that of manufacturing industries.
“Research consistently demonstrates that the creative economy has high growth potential, both in number of jobs and success of individual careers. The DC3’s mission is to offer creative entrepreneurs in Detroit a platform and catalyst to accelerate these statistics for our region,” said Matthew Clayson.
The second year of the DC3’s Creative Ventures program begins on July 9, for which seven creative entrepreneurs were selected out of a pool of 32 applications. The selection was made by a committee of DC3 leadership and partners, who assessed the applications based on the businesses’ concepts, opportunities for growth, the experience of the owners, and their dedication to growing their businesses in Detroit.
During the first phase of the training, from July to December, the ventures will be mentored through the process of sharpening their business model, refining their business concept and devising a growth strategy. Phase two begins in January 2013, and brings the ventures through sales and investment strategy, marketing tactics and creating efficiencies.
The Creative Ventures program is subsidized for the participants as a result of generous support from the New Economy Initiative for Southeast Michigan, the Michigan Economic Development Corporation and the U.S. Small Business Administration. Additionally, the entrepreneurs pay a $50 monthly fee for the program.
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