Since its launch in 2007, the New Economy Initiative (NEI) has invested $96.2 million in building an ecosystem that supports entrepreneurs of all kinds in southeast Michigan. To date, that investment has resulted in direct assistance to more than 4,400 companies, the launch of over 1,600 companies, the creation of 17,490 jobs, and the generation of nearly $3 billion in real economic output.
More important, however, NEI's work has helped change the culture of southeast Michigan. Today, people of all kinds are embracing entrepreneurship as a means of creating opportunity and prosperity for the region.
That's because people are finally getting the support they need. Before NEI, you could count the number of programs supporting entrepreneurs in southeast Michigan on two hands, and those in Detroit on just one. Today, there are more than 50 NEI-funded programs supporting entrepreneurs across the region.
For more than a century, the automotive industry has been proof that metro Detroit has entrepreneurship and innovation in its DNA. NEI has leveraged Detroit's entrepreneurial legacy in an inclusive way, investing in organizations that support all of those brave enough to start and grow businesses, from grass roots to high growth. And that investment is paying off in a big way.
The result has been nothing less than the creation of a national model for inclusive regional economic development through the unprecedented leadership and collaboration ofnational and local foundations. We can only speculate where Detroit and southeast Michigan would be without this concerted effort to provide resources to entrepreneurs. The results of NEI's investments are clear and give us hope for the future.
NEI is thrilled to be able to share its outcomes so far, showing through data and stories how it has created economic and cultural impact in southeast Michigan.