First Step Fund

What is First Step Fund?

The First Step Fund, managed by Detroit Innovate, serves as a pre-seed investment fund targeting high-growth, emerging businesses within Southeast Michigan, and endeavors to include companies led by women, immigrants, and minorities. With a focus on offering investment size that ranges from $15,000 to $150,000 for initial funding, the Fund is also open to follow-on investments up to $150,000 for qualifying companies.

They oftentimes collaborate with other investors for investment rounds typically sized between $150,000 and $500,000. Their target area notably includes the southeastern region of Michigan with a particular interest in businesses based in the City of Detroit.

Being industry agnostic, the Fund has a broad investment purview that covers diverse sectors including Software, IT & TMT, Media, BioTech, Hardware & Manufacturing, Logistics & Distribution, Material Science, Medical Devices & Hospital Services, Real Estate & Construction, and Investment Management.

Alongside financial investment, they are committed to igniting economic growth for all Detroiters by catalyzing equity, investment, and wealth generation.

Invest Detroit, which is associated with the First Step Fund, focuses on four primary goals: Strengthening Neighborhoods, Increasing Density, Growing Job Opportunities, and Supporting Inclusivity. Through strategic partnerships and capital deployment, they have been a central figure in Detroit's revitalization for over 25 years, concentrating on equitable development, mixed-income housing, and high-growth startups.

Their approach includes working with residents, community-minded developers, local leaders, and the City of Detroit to catalyze growth and development in targeted neighborhoods.