ID Ventures, the venture team of Invest Detroit, today announced it has been selected by Google Developers Launchpad to be its first continental U.S. partner in providing scaling resources to local and statewide startups.
Operating a global acceleration network across Latin America, Africa, Europe, Asia, and Puerto Rico, Google Developers Launchpad will work with ID Ventures, a seed-stage investment team, to leverage talent, programming, and services for economic growth.
The initiative will provide an opportunity for Michigan startups to access Google’s global network, insights from the company’s startup programs in Silicon Valley, and Google research and best practice insights on building businesses, products, and teams at massive scale. ID Ventures was chosen because of Michigan’s startup ecosystem. ID Ventures provides capital, programs, mentorship opportunities, and support to early-stage startups in Detroit and across the state.
“This is truly a win for our local startup community,” says Patti Glaza, managing director of ID Ventures and executive vice president of Invest Detroit. “The partnership will give access to industry experts, startup training, and needed services that will help our companies scale and successfully exit, moving us even closer to our vision of making Michigan a startup and technology hub for the Midwest.”
The number of startups outside of Silicon Valley is increasing, and access to methodologies, mentors, and ecosystem best practices for building companies remain unevenly distributed, according to Google Developers Launchpad. Google is working to scale products and businesses using the most advanced technologies. Google hopes its partnership with ID Ventures will help its portfolio companies scale exponentially. Google Developers Launchpad focuses on developing companies and their ecosystems over the long term.
“Google is thrilled to expand our partnership with ID Ventures and its exceptional startup portfolio,” says Kevin O’Toole, head of international growth for Launchpad. “The Powered by Google Developers Launchpad program is about empowering startup communities around the world and helping them leverage each other for insights and resource sharing. We are thrilled to expand this program into Detroit and the state of Michigan.”
ID Ventures was created by the nonprofit Invest Detroit in 2009 to enhance its mission to grow entrepreneurial ventures. It has invested in more than 120 companies across sectors including life sciences, health care, information technology, fintech, mobility, advanced manufacturing and materials, and more.
According to the 2019 Michigan Venture Capital Association’s annual report, there are 140 venture-backed startup companies in Michigan, an increase of 37 percent over the last five years. Every $1 invested in a Michigan startup by a Michigan-based venture capital firm attracts $7.85 of investment from outside of Michigan.
According to the 2019 Entrypoint Detroit Entrepreneurial Ecosystem Report, there are 37 active venture-backed startups in Wayne County that have raised an aggregate of $358 million, a 54 percent increase in high-growth companies over the last five years. Of these, 41 percent are information technology companies, and 19 percent are mobility-related companies. The remaining companies are divided among the advanced materials and manufacturing, business services, consumer products, life science/health care, and other industries.