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Venture capital competition will offer $120k in prizes to local minority-owned businesses

An event designed to connect minority-owned businesses with venture capital will make its Detroit debut next week. Occurring April 13-15, [email protected] will offer $120,000 in direct prizes in addition to exposure and networking opportunities. Local business owners will compete with entrepreneurs from across the country in a series of venture capital-style pitch events. Attendance to events at the Detroit Athletic Club, Garden Theater, and One Detroit are open to the public through an online registration system.

PowerMoves began in New Orleans, where it was founded by current Detroit Economic Growth Corporation (DEGC) CEO Rodrick Miller. The event is sponsored by Morgan Stanley and is hosted by the DEGC and Invest Detroit.

Events include training sessions, a panel discussion focused on startups and exit strategies, two back-to-back pitch events with cash prizes, and a final pitch event featuring 15 early-stage entrepreneurs, also with cash prizes.

"With all the enthusiasm for entrepreneurs in Detroit and our city’s great legacy for providing opportunities for African Americans, this seemed like the perfect time and place for [email protected]," Miller says in a statement. "This event fills an important niche in the broad spectrum of activities that DEGC undertakes to support small business in Detroit."

The event will feature a number of minority-owned businesses from the Detroit region as well as New York, Boston, and San Francisco. Mayor Mike Duggan believes that not only will it provide Detroiters a pathway to venture capital, it will also expose minority-owned businesses from other parts of the country to opportunities available in the city of Detroit.

Local representatives include Jerry Rucker and Edward Carrington of Warranty Ninja, Terreance Reeves of Networkingout, and Dana White of Paralee Boyd Salon.

Writer: MJ Galbraith

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