The people behind Mission Throttle, a social entrepreneurship company based in Southfield, are leading a team to launch a new Metro Detroit-based investment fund that would help business looking to improve both their communities and bottom lines.
Details are still be worked out about the new fund, which does not even have a name, but organizers are optimistic that it will be able to start providing seed capital to social entrepreneurs in the region sometime next year.
"We want to create a third option where there are organization that deliver a social impact and a return but it might not be an investment-grade opportunity," says Jamie Shea, director of strategy development for
Mission Throttle.
The fund could be as big as $5 million to $10 million and will be open to social entrepreneurs of all shapes, sizes and markets. The fund's organizers are also hoping that the fund will serve as a way to connect people of means with the people who need those resources to build their businesses.
"We want it to be a very collaborative process," Shea says. "We want to act as the facilitator bringing opportunities to investors."
Source: Jamie Shea, director of strategy development for Mission Throttle
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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