In February, Forbes announced its flagship Under 30 Summit would move to Detroit for the next three years. This week, nearly 10,000 of the most innovative minds, across industries including fintech, technology, investing, public policy, philanthropy and more, will converge on the downtown area to celebrate this year’s Forbes Under 30 honorees.
Capitalizing On Detroit’s Growth
Last fall, Dan Gilbert, Founder and Chairman at Rock Ventures and Rocket Mortgage, sought to capitalize on Detroit’s rampant growth since the last recession.
From 2014, the 2019 Michigan Venture Capital Association (MVCA) Research Report revealed a 37% increase in the number of venture-backed startups. Of the 140 startups highlighted in the report, 18 are led by an executive that comes from a racial minority, a 125% increase during that same time period.
In recognition of Detroit’s remarkable growth over the last 15 years, major companies like Google, Twitter, Microsoft, LinkedIn, WeWork, Nike, Waymo, Flex-N-Gate, Under Armour, FCA, Ford and many others have invested in or expanded offices in the city.
Bolstering The Entrepreneurial Ecosystem
The Under 30 Summit Detroit, presented by Rocket Mortgage, honors extraordinary entrepreneurs and visionaries with a music festival on Sunday, a bar crawl on Monday, a food festival on Tuesday, a service day on Wednesday, and content tracks featuring well-known athletes, celebrities, and musicians such as Serena Williams, Kevin Durant, Olivia Munn, 21 Savage, Normani, The Chainsmokers, and many more.
“We proudly call Detroit home and we are very fortunate to have partners like Mayor Duggan, Wayne County Executive Warren Evans, Governor Whitmer and their respective teams who help make world-class events like the Under 30 Summit possible in our backyard,” said Quicken Loans CEO Jay Farner.
“Forbes bringing this event to Detroit is a great validation of the city and region’s exciting momentum and the continual growth of our entrepreneurial ecosystem.”
On Monday, Farner spoke with Steve Case, Chairman of Revolution Ventures, and Delane Parnell, Detroiter and CEO at PlayVS, a high school esports league. At the event, Steve Case announced the launch of a new $150-million Rise of the Rest fund, roughly two years after the launch of the first.
In a statement made to Benzinga, Randall Lane, Forbes' Chief Content Officer and Founder of The Under 30 Summit, said, “Steve Case first suggested the idea of Detroit as a host city. He put me in touch with Dan, who personally advocated for Detroit over many conversations, deploying the formidable and talented muscle of the Quicken and Rocket Mortgage team to make it happen.”
“None of this would be happening without him and them,” Lane added.
A Lasting Impact
Thanks to heavy lifting by Gilbert’s Rocket Mortgage over the last 10 years, Detroit is hosting The Under 30 Summit, a move which will attract talent and capital, supporting the city’s commitment to entrepreneurship and innovation for decades to come.
“Working with Forbes and its outstanding executive team to bring this prestigious and well-attended summit to Detroit has been an inspirational experience. But it will pale in comparison to the excitement and energy the actual summit will bring to Detroit and all of Michigan,” Gilbert said in a Forbes editorial.
Forbes’ 2019 Under 30 list is available here. To learn more or to purchase tickets, please visit here. To join the conversation on social, follow #Under30Summit.
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