How It Works

Funding Awards

Quicken Loans Detroit Demo Day will commit over $1M of funding to seven companies through grants, interest-free loans, and equity-like investments. Funding opportunities for the seven winners of Detroit Demo Day are below:

Start

For companies introducing their product or service to market.

These grants are similar to a donation in that they do not need to be paid back. Below is the prize breakdown:

Grow

For more established businesses looking to expand locally.

These are Interest-Free Loans with a 5-year term, 18-month payment-free holiday, and no personal guarantee. Below is the prize breakdown:

Scale

For more established businesses looking to expand nationally.

This is a 5 year, interest-free convertible note that converts at a qualified financing round of $250k or more. There is no valuation cap or discount to the next round. Below is the prize breakdown:

 

Expectations of Winners

The 15 companies selected to pitch at Detroit Demo Day will be expected to attend events where they will be connected to other finalists and resources. They may also be asked to share their story through a variety of media opportunities. In addition, finalists are expected to:

Pre-Detroit Demo Day

  • Travel to and present at Detroit Demo Day on the designated day and times.

  • Develop and practice their pitch with the QLCIF Entrepreneurship team.

  • Stay throughout the pitch day to engage with other attendees.

Post-Detroit Demo Day

  • Utilize the funding in a pre-agreed upon manner and time frame.

  • Participate with one of our Technical Assistance partners.

  • Send quarterly reports on the status of the business and use of funds.

  • Attend quarterly roundtables for the first year after winning.