Here to Help the Entrepreneur, Part II: Bizdom U

By
Brian
on July 14, 2008 Comments (4)

Bizdom U expects its graduates to not only succeed, but also to give back and provide opportunities for the next generations, and it gives them the tools they need to do just that.

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Filed under: Bizdom U | Detroit, MI | Education & Training | Financing | Start-Ups

As an entrepreneur, how does this opportunity sound to you? A free one-year program in Detroit city, with living stipends, that "teaches entrepreneurship and empowers its graduates to open successful businesses."

That's the "entrepreneurship boot camp" at Bizdom U, a non-profit organization in Detroit. It's a program founded by Dan Gilbert, Chairman and Founder of Quicken Loans, and led by a team of skilled professionals.

The Executive Director, Ross Sanders, told Crain's Detroit Business that "When we started with our initial class in January 2007, it was an entirely new initiative. Nothing the likes of it had ever been done." In fact, the organizers say that the program is unique in the United States. Sanders also says, "The program's goal is to create a new wave of entrepreneurs who will go out and start businesses within the city of Detroit."

Any adult with a high school diploma or GED is eligible. But as for the requirements, Bizdom U asks, "Are you ready to put your nose to the grindstone and perform at a high level?" It's a rigorous program, but the students have "free use of cutting-edge business technologies like Blackberries and notebook computers" in order to better help them succeed.

Upon completion of the program, each student is eligble for anywhere from $25,000 to $500,000 worth of funding towards their business, depending on whether or not they reach their goals. The students are expected to invest their time, energy, and/or resources back into the communities in and around Detroit.

Bizdom U represents a new way of thinking in this country. It expects its graduates to not only succeed, but also to give back and provide opportunities for the next generations, and it gives them the tools they need to do just that. When looking back at the first year, organizers have been pleased with the outcome. With any luck, Bizdom U can build on its successes.

 

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4 Comments

William Shaffer on October 10, 2009 2:04 AM
My name is William Shaffer and I am a student at Eastern Michigan University. I am a member of an Entrepreneurship class at Eastern Michigan University and my professor has asked us to look on this website and comment on Michigan’s Innovators new ideas and entrepreneurial opportunities. The Bizdom U is a great idea and opportunity for young entrepreneurs such as myself. I feel students have so many great ideas, but often do not have the resources or opportunities to take the next step with those ideas. This non-profit organization is taking the necessary steps to get our states economy out of the “slump” we have faced for the past few years. With the decline of the auto industry, Michigan’s economy has taken a heavy hit, and we need to find a way to soften that blow. I feel that Bizdom U is trying to tackle this feat with the program they are implementing. This is an innovation of itself because nothing like this has ever been done before. Students will put the time and the effort into the program because the prize or end result is definitely worth it. If I had a chance to get $25,000 – $500,000 worth of funding towards my new business, I would do whatever it took within that year to be sure I achieved and overcame all of my goals. I also think the expectance of these students to keep their business within the city of Detroit and metropolitan area is KEY for this program. If the city of Detroit is going to take the chance on these entrepreneurs, than it is CRITICAL that they give back to the community which gave them such an amazing opportunity. I feel this program could really take off and make a difference in Michigan’s hurting economy!
Melissa Mello on November 16, 2009 1:26 PM
Hello, my name is Melissa Mello and I am a senior at Eastern Michigan Univeristy. I am currently enrolled in an Entrepreneur class and one of my tasks is to blog about the topics that we are discussing. The one thing that I feel that I would want to blog about is the Ethics and Risk assesments that each new business owner needs to consider when employing. Some things I already know from my own expericences as a business professional, however the one area that I struggle with is efficiently working with others who have conflicting moral or ethical beliefs then me. I feel that I have a very open view on how other think or where they may be directing there thoughts from, but at time I feel those conflicting beliefs or work ethics are hindering my work productivitly and the success of the business I work for. Does anyone have suggestion as to how I and others like me can deal or better understand how to work with those who have opposing ethical or moral backgrounds and beliefs?
Melissa Mello on November 16, 2009 1:36 PM
The Bizdom U seems like a great opportunity for those first time business owners or entrepreneurs looking for help and guidence. From the class and expericenes in the business world I think many ideas are passed up or thrown to the trash side due to lack of funding or innovation and drive. This program the Bizdom U is implementing should help those with the drive and innovation to see their ideas come to life. I do agree with the statement that william posted on 10/10 about the key to this program is to kep business in the metor detriot area. As michigan is suffering and non-proft organizations struggle more, having the return investment brought back two-fold is vital to the success of this programs and to the businesses and economy of Michigan that help support those ideas. This program can very well help the Michigan economy turn itself around.
Dana Mattila on November 21, 2009 5:58 PM
Bizdom U sounds like a great opportunity to me! It is a very innovative idea and I think this will be helpful for the Michigan economy, especially in and around the city of Detroit. This is a wonderful opportunity for students and entrepreneurs, and the idea is unheard of. Bizdom U provides a great incentive because the program is free and can be completed in only a year, and graduates are eligble to receive $25,000 to $500,000 worth of funding towards their new business. This provides great motivation for Bizdom U students to succeed and the program should have a high success rate. Bizdom U can give entrepreneurs and new business owners the tools and resources they need, which otherwise may have been difficult for them to obtain. The program should definitely reach its goal and lead to a new wave of entrepreneurs, which will create new opportunities for people and increase business within the city of Detroit. Bizdom U also provides a great opportunity in that most adults are eligible for the program, which is great in today's economy with many people being unemployed. Graduates of the program will understand the importance of giving back to their communities and paving the way for the future. I feel Bizdom U will continue to grow and it is one step, but an important and very good one, in trying to improve the local economy. Thank you, Dana Mattila

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