Rocket Mortgage Detroit Demo Day announced applications are live for its fourth annual entrepreneurial competition. Applications can be submitted now through Aug. 9 at DetroitDemoDay.com for the online-only event showcasing Detroit-based entrepreneurs through episodic content released later this year.
Rocket Mortgage Detroit Demo Day will provide more than $1 million in funding, which winners will receive in the form of grants, interest-free loans and equity investments ranging from $30,000 to $200,000. The online audience will once again play an important role in the event by voting for three recipients of $25,000 “People’s Choice” grants—one per category.
Finalists will be announced in September, and the finalists’ video pitches will go live in October. At that time, viewers will be able to vote online for their favorite business in each category.
“The ongoing pandemic has forced entrepreneurs across the world to be more adaptable and resilient than ever before,” said Laura Grannemann, vice president of the Quicken Loans Community Fund, the philanthropic arm of Rocket Mortgage. “While this year’s Detroit Demo Day has also required transformation, during difficult times, it is even more important that we provide local small businesses with the resources they need to adapt and persevere so that Detroit remains the ambitious, entrepreneurial city we all know and love.”
Categories and Requirements:
Given the unique challenges of the COVID-19 pandemic, businesses will compete in two new and one reimagined category this year: Start, Build and Sustain.
Start: These early-stage businesses are launching and finding traction amidst the current crisis or have pivoted their business models to meet the needs of this moment.
Build: These businesses have a unique business model and/or product that sets them apart as a business that is able to expand during the current crisis.
Sustain: These longstanding, community anchor businesses have the aptitude to recover from the COVID-19 pandemic and maintain their original business model, but require additional funding to do so.
Applicants must be a for-profit business with a product or service that is available for sale. Additionally, the business cannot have exceeded $2 million in annual revenue or raised more than $1 million in capital. To be eligible, companies must be based in Detroit or committed to relocating into the city.
The Rocket Mortgage Detroit Demo Day Team will review all submissions to determine the top 100 semi-finalists. A diverse panel of prominent Detroit-based business leaders and entrepreneurs representing a variety of industries will select the 17 finalists.
Winners will be announced in early December.
For more information, please visit www.quickenloans.com.