If you have a business idea, this could be your shot to get ahold of some investment cash to get it to the next level.
Today comes word that hundreds of startups will be competing for a share of $1 million as a part of the inaugural Quicken Loans Detroit Demo Day.
According to a news release, the one-day event will be the final round of a three-round competition where 20 of the best small businesses in Detroit (or willing to move to Detroit) will be narrowed down to the Top 8 who will each receive a portion of the $1 million of Quicken Loans capital.
Businesses can apply online through Friday, April 14, 2017 at DetroitDemoDay.com.
“The lifeblood of a growing business is capital. Quicken Loans is honored to put to work an additional $1 million into the best small businesses in the city of Detroit,” said Dan Gilbert, Chairman of Detroit-based Quicken Loans. “We want the most creative, innovative, energy-filled growing small businesses in the city to ‘bring it’ at Quicken Loans Detroit Demo Day. Only the best of the best will win access to our capital. Detroit has so many great budding businesses, it will be challenging narrowing it down to the Top 8. I can’t wait to watch it all unfold.”
The big Quicken Loans Detroit Demo Day itself will take place on Thursday, May 25, 2017 at the Gem Theatre in downtown Detroit.
Here are the nuts and bolts of how the contest will work, per Quicken:
After initially vetting hundreds of companies from their online applications, 100 will advance to Round Two. These remaining 100 small businesses will all be asked to provide further detail related to their business plans.
The Round Two companies will then be reviewed and judged by a group of successful Detroit business leaders from a variety of industries and sectors. These judges will narrow the field to the Top 20 finalists who will all be invited to compete live in front of a panel of nationally-recognized business leaders at Quicken Loans Detroit Demo Day on Thursday, May 25, 2017 at downtown’s Gem Theatre.
After all 20 finalists have presented at Quicken Loans Detroit Demo Day, the panel of judges will vote on the Top 8 companies who will receive $1 million of Quicken Loans capital allocated in amounts ranging from $50,000 to $200,000. The capital will be provided in the form of an interest free debt instrument with a five-year term after a one-year payment-free holiday.
Additional capital will be awarded to companies who are crowd favorites – voted on by the Quicken Loans Detroit Demo Day attendees. The event will also serve as a way to introduce entrepreneurs to additional investors, funding and support.
Quicken Loans Detroit Demo Day Timeline
Round One:
- Today – Friday, April 14, 2017 at 11:59PM EDT
- Applicants complete an online entry form at DetroitDemoDay.com.
Vetting:
- Saturday, April 15 – Wednesday, April 19, 2017 at 11:59PM EDT
- The online applications will be narrowed down to the Top 100 by Quicken Loans Detroit Demo Day staff
Round Two:
- Thursday, April 20, 2017 – Thursday, April 27, 2017 at 11:59PM EDT
- The Top 100 will be asked to provide further detail related to their business plans.
- The Top 100 will be reviewed by the Detroit business leader panel who will narrow the field to 20 companies who will all be invited to participate in the Final Round live at Quicken Loans Detroit Demo Day.
Quicken Loans Detroit Demo Day:
- Thursday, May 25, 2017 at 2:00PM
- The 20 finalists will pitch their companies to a panel of nationally-recognized business leaders live at Quicken Loans Detroit Demo Day at The Gem Theatre in downtown Detroit.
For full details, including eligibility requirements, answers to frequently asked questions, and to apply, please visit DetroitDemoDay.com.