What is gained in Detroit is gained in Southeast Michigan. So, as Detroit's TechTown rolls out its agenda of creating 1,200 new companies in just three years, its surrounding communities and cities stand to benefit.
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"Recessions such as this one ... set the stage for future growth. As economist Joseph A. Schumpeter wrote in 1942, 'creative destruction shakes loose people from old, dying businesses and forces them to figure out new ways to be useful,'" the Kauffman Internet site also noted.
"In economic development terms, no one, nowhere has ever done anything of that scale ever before," Charlton said.
"A few years back, the government of Japan had a program to create 1,000 companies in the entire country. We're talking about 1,200 companies just in Southeast Michigan," he said.
"If we achieve that, and we will, we're going to change the face of Detroit," said Charlton, adding the initiative is "very much a partnership" with other organizations in the region such as Automation Alley, Ann Arbor Spark and the 10 foundations that have put up money for the New Economy Initiative.
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