- Detroit entrepreneurs have an opportunity to apply for over $1M in capital
- Detroit Demo Day debuts “Youth” category for entrepreneurs 8-18 years old
June 8, 2021 [DETROIT] — Rocket Mortgage Detroit Demo Day today announced applications are live for its fifth annual entrepreneurial competition, the largest of its kind in the Midwest. Applicants can submit now through Friday, June 18th at DetroitDemoDay.com.
In order to ensure the application is as accessible as possible, Rocket Mortgage Detroit Demo Day is simplifying the process. This year, applicants will submit a video pitch.
“Throughout history, some of our greatest innovations have been birthed in times of crisis,” said James Feagin, Director of Entrepreneurship of the Rocket Community Fund. “The pandemic highlighted great inequities that have existed for too long in our society, including how small businesses are funded. Over the past four years, Rocket Mortgage Detroit Demo Day has consistently provided some of the most accessible, founder-friendly capital, and we’re excited to invest in the next wave of Detroit ideas.
Those interested in applying to Detroit Demo Day will be classified in one of four categories: Start, Pivot, Scale, or Youth. The first three of these categories are based on the company’s revenue, total capital raised, and plans for continued operations and growth. The Youth category is new as of this year’s competition and designed to spotlight entrepreneurs 8 to 18 years of age.
“Over the past four years, Detroit Demo Day has invested nearly $4.5 million into building opportunity for founders, the residents they employ and the neighborhoods they serve,” said Laura Grannemann, Vice President of the Rocket Community Fund. “By elevating and investing in the ingenuity of our community’s youth, we are proud to simultaneously build wealth in our city and cultivate the entrepreneurial spirit in the next generation.”
Categories and Requirements:
Businesses will compete in the following categories: Start, Pivot, Scale and Youth
- Start: For companies introducing their product or service to market.
- Pivot: For companies looking to pivot to meet the needs of a changing market.
- Scale: For businesses that are more established and are looking to expand nationally.
- Youth: For entrepreneurs aged 8-18 looking to start or scale their business.
Applicants must be a for-profit business with a product or service that has shown substantial traction or 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.
If applicants are seeking support or guidance, TechTown Detroit will be providing technical assistance, while Junior Achievement of Southeastern Michigan will be offering their award-winning youth entrepreneurship education to all participants in the youth category.
15 businesses will win funding from the 2021 Rocket Mortgage Detroit Demo Day. Winners will be selected by a panel of diverse and accomplished national entrepreneurs and judged on the same criteria as their online applications.
5th Annual Rocket Mortgage Detroit Demo Day Timeline:
- Tuesday, June 1, 2021 – Friday, June 18 at 11:59PM EDT
- Applications are submitted online through the application link at DetroitDemoDay.com
- Mid-June – Early August
- All applications will be reviewed, considered and narrowed to 15 finalists by the Rocket Mortgage Detroit Demo Day Team, community partners and Detroit-based business leaders
- Finalists announced in August
Rocket Mortgage Detroit Demo Day
- Finalist videos posted in September
- “People’s Choice” voting occurs
- Winners announced and winner videos posted in late September
About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation’s largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. Rocket Mortgage closed $320 billion dollars of mortgage volume across all 50 states in 2020. In late 2015, it introduced the first fully digital, completely online mortgage experience. Currently, 99% of all home loans originated by the company utilize Rocket Mortgage technology.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. Today, Rocket Mortgage and Rocket Companies employ 24,000 full-time team members nationwide. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Rocket Mortgage ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past seven straight years, 2014 – 2020.
Rocket Companies, Rocket Mortgage’s parent company, ranked #5 on Fortune’s list of the “100 Best Companies to Work For” in 2021 and has placed in the top third of the list for 18 consecutive years.
For more information and company news visit QuickenLoans.com/PressRoom.