ID Ventures, the venture team of Invest Detroit, announced today that it has been selected by Google Developers Launchpad to be its first continental U.S. partner in providing scaling resources to local and statewide startups.
Operating a global acceleration network across Latin America, Africa, Europe, Asia and Puerto Rico, Google Developers Launchpad will work in conjunction with ID Ventures, Michigan’s most active seed-stage investment team, to leverage talent, programming and services for economic growth.
The ID Ventures Powered by Google Developers Launchpad initiative will provide an opportunity for Michigan startups to access Google’s global network, insights from the company’s Silicon Valley-based startup programs, and 20 years’ worth of Google research and best practice insights on building businesses, products and teams at massive scale. ID Ventures was chosen because of Michigan’s robust startup ecosystem in which the team is firmly rooted, providing capital, programs, mentorship opportunities and support to early-stage startups in Detroit and across the state.
“This is truly a win for our local startup community,” said Patti Glaza, managing director of ID Ventures and executive vice president of Invest Detroit. “The partnership will give access to industry experts, startup training and needed services that will help our companies scale and successfully exit, moving us even closer to our vision of making Michigan a startup and technology hub for the Midwest.”
Markets outside of Silicon Valley are increasingly impacting the global startup and technology ecosystem. Though it is easier than ever to start a company, access to success methodologies, expert mentors, and ecosystem best practices for building companies remain unevenly distributed. As Google is a thought leader in building and scaling products and businesses using the most advanced technologies, this partnership and its resources will help ID Ventures’ portfolio companies, which includes some of the fastest-growing companies in Michigan, and other startups in the community scale exponentially.
Google Developers Launchpad focuses on developing companies and their ecosystems over the long term.
“Google is thrilled to expand our partnership with ID Ventures and its exceptional startup portfolio” said Kevin O’Toole, Google’s Head of International Growth for Launchpad. “The Powered by Google Developers Launchpad program is about empowering startup communities around the world and helping them leverage each other for insights and resource sharing. We are thrilled to expand this program into Detroit and the state of Michigan.”
About ID Ventures
ID Ventures was created by the nonprofit Invest Detroit in 2009 to enhance its overall mission to support inclusive growth of entrepreneurial ventures. As one of few venture funds located in Detroit, ID Ventures is one of the most active early stage investors in the state and have invested in over 120 Michigan-based companies across multiple sectors including life sciences and healthcare, information technology, fintech, mobility, advanced manufacturing and materials, among others. ID Ventures only invests in Michigan-based companies or those that are in the process of relocating and oversees additional programs designed to grow and support the state’s startup ecosystem.
Statistics on Michigan Startup Activity
From the 2018-2019 MVCA report:
“There are 140 venture-backed startup companies in Michigan, an increase of 37% over the last five years.”
“Every $1 Invested in a Michigan Startup by a Michigan-Based Venture Capital Firm Attracts $7.85 of Investment from Outside of Michigan.”
From the 2018-2019 Entrypoint Detroit Ecosystem Report:
“There are 37 active venture-backed startups in Wayne County that have raised an aggregate of $358 million, a 54 percent increase in high-growth companies over the last 5 years.”
“Of the 37 venture-backed startups in Wayne County, 41% are information technology companies and 19% are mobility-related companies with the remaining companies divided among the advanced materials and manufacturing, business services, consumer products, life science / healthcare and other industries.”
“In the last year, 12 startups in the Detroit area attracted more than $109 million from venture capital firms. Of the 12 startups that received venture capital investment in 2018, 50% are information technology companies and 25% are consumer products companies with the remaining companies divided among the mobility, business services and life science / healthcare sectors.”
SOURCE: ID Ventures