'Bizdom U' Gives Motor City Entrepreneurs A Crash Course In Entrepreneurship
Written by Ken Gaebler
Bizdom U gives entrepreneurs an intensive, four-week training camp in small business ownership.
A program created by Dan Gilbert - founder of Quicken Loans and owner of the Cleveland Cavaliers - aims to give entrepreneurs in his home city of Detroit an in-depth, hands-on education in starting their own businesses, the New York Times reports.
According to the Times, Bizdom U is like a small business "boot camp," putting 15 participants through four months of work to understand the ins and outs of creating a company and learning how small business news can affect them as entrepreneurs.
Program participants are expected to work long hours - including nights and weekends - and receive laptops, Blackberrys and a $1,500-per-month stipend. They also receive close instruction from staff members and guest speakers such as Detroit Mayor Dave Bing.
The paper reports that the 37 current graduates of the program now operate 10 different companies in the Detroit area.
Bizdom U's website says that once entrepreneurs complete the program, they will have a chance to receive up to $100,000 in funding to start their businesses. In return, the program gets a 67-percent stake in the company. However, once the entrepreneur has repaid the initial investment, the ratio flops and the business owner gets the majority share.
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