Wayne State Univ Research & Techno- Logy Park In The City Of Detroit

Organization Overview

Wayne State Univ Research & Techno- Logy Park In The City Of Detroit, operating under the name Techtown Techtown Detroit, is located in Detroit, MI. The organization was established in 2002. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Techtown Techtown Detroit employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Techtown Techtown Detroit is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Techtown Techtown Detroit generated $9.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.2% each year . All expenses for the organization totaled $5.8m during the year ending 12/2021. While expenses have increased by 13.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, Techtown Techtown Detroit has awarded 43 individual grants totaling $1,319,055. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TECHTOWN IS DETROIT'S ENTREPRENEURSHIP HUB. WE EMPOWER DETROIT-BASED STARTUPS AND LOCAL BUSINESSES BY PROVIDING RESOURCES, COLLABORATIVE WORKSPACE AND EDUCATION FOR ENTREPRENEURS THAT WILL FURTHER ACCELERATE INCLUSIVE ECONOMIC DEVELOPMENT ACROSS DETROIT. TECHTOWN IS A 501(C)(3) NONPROFIT AND IS LOCATED WITHIN THE WOODWARD TECHNOLOGY CORRIDOR SMARTZONE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

BUSINESS UNITS AND PROGRAMSTECHNOLOGY-BASED ENTREPRENEURSHIP PROGRAMMING - START STUDIO: IDEA-STAGE ACCELERATOR THAT VALIDATES EARLY-STAGE TECH STARTUPS THROUGH CUSTOMER DISCOVERY.-INCUBATOR: AN INTENSE AND DYNAMIC PROGRAM FOCUSED ON HELPING PROMISING TECH STARTUPS MAKE THE TRANSITION INTO PROFITABLE COMPANIES. VIA A COHORT MODEL, TECHTOWN WILL HELP FOUNDERS STRENGTHEN THEIR BUSINESSES IN THREE KEY AREAS: BUSINESS OPERATIONS, TECHNICAL OPERATIONS AND FUNDRAISING READINESS.-TECHNOLOGY COMMERCIALIZATION: TECHTOWN EVALUATED AND ROADMAPPED THE COMMERCIALIZATION POTENTIAL OF UNIVERSITY OR HEALTH CARE SYSTEM-DEVELOPED TECHNOLOGIES; HIGH POTENTIAL TECHNOLOGIES TRANSITION INTO TECHTOWN PROGRAMS.-TRACTION: TAKES THE BUSINESS MOVE FROM PRODUCT TO PURCHASE VIA A UNIQUE COMMUNITY OF ACCOUNTABILITY THAT HELPS STARTUPS MOVE FROM LAUNCHING THE FIRST VERSION OF THEIR PRODUCT TO GENERATING RECURRING REVENUE. -CAPITAL ACCESS PROGRAM: A SERIES OF TRAINING MODULES AND COHORT SUPPORT THAT HELPS ENTREPRENEURS UNDERSTAND THE TECH FUNDING LANDSCAPE AND ACCESS THE FUNDS NEEDED TO GET THEIR BUSINESS OFF THE GROUND.SMALL BUSINESS SERVICES-RETAIL BOOT CAMP: PREPARES SERIOUS ENTREPRENEURS WITH STRONG RETAIL CONCEPTS FOR THE SUCCESSFUL LAUNCH OF THEIR BRICK-AND-MORTAR BUSINESS IN A CORE DETROIT COMMERCIAL DISTRICT.-313 STRONG: COMBINES ECONOMIC DEVELOPMENT AND START-UP ACCELERATION STRATEGIES TO TRANSFORM DETROIT'S HISTORICALLY UNDERSERVED NEIGHBORHOODS INTO VIBRANT AND DENSE COMMUNITIES.SPACE - REAL ESTATE PROGRAMMING-OFFICE AND LAB SPACE: COMMERCIAL REAL ESTATE FOR INNOVATIVE DETROIT BUSINESSES.-CO-WORKING: CO-WORKING COMMUNITY OFFERING DETROIT ENTREPRENEURS AN AFFORDABLE, FLEXIBLE AND COLLABORATIVE WORK ENVIRONMENT.-MEETING AND EVENT SPACE: RECENTLY RENOVATED FIRST FLOOR INCLUDES EVENT SPACE WITH SEATING UP TO 180; MEETING, CONFERENCE AND TRAINING ROOMS; OPEN, GALLEY-STYLE KITCHEN WITH CAFE SEATING.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Michigan Community Resources
Co.act Program Facilitation
$105,467
Public Sector Consultants
Medhealth Project Support
$103,756
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$107,397
Related organizations$0
Government grants $1,408,987
All other contributions, gifts, grants, and similar amounts not included above$7,437,761
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$8,954,145
Total Program Service Revenue$67,299
Investment income $146
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events -$42,739
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $8,978,851

Grants Awarded

Over the last fiscal year, Wayne State Univ Research & Techno- Logy Park In The City Of Detroit has awarded $251,239 in support to 16 organizations.

Grant RecipientAmount

NATIONAL VETERAN BUSINESS DEVELOPMENT COUNCIL

Org PageRecipient Profile

Detroit, MI

PURPOSE: CDAD MINI GRANT

$42,000

DETROIT POLICE ATHLETIC LEAGUE (PAL)

Org PageRecipient Profile

Detroit, MI

PURPOSE: CDAD MINI GRANT

$24,000

FOODCORPS

PURPOSE: CDAD MINI GRANT

$20,000

AMERICAN INDIAN HEALTH & FAMILY SERVICES OF SOUTHEAST MICHIGAN (AIHFS)

Org PageRecipient Profile

Detroit, MI

PURPOSE: ACTIVATE FUND NONPROFIT FUNDAMENTALS GRANTEE

$20,000

Detroit, MI

PURPOSE: CDAD MINI GRANT

$20,000

SOUTHWEST ECONOMIC SOLUTIONS

Org PageRecipient Profile

Detroit, MI

PURPOSE: CDAD MINI GRANT

$20,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 19 grants that Wayne State Univ Research & Techno- Logy Park In The City Of Detroit has recieved totaling $4,312,651.

Awarding OrganizationAmount
Kresge Foundation

Troy, MI

PURPOSE: THIS GRANT PROVIDES PROJECT SUPPORT AND REGRANTING FUNDS TO CO.ACT DETROIT TO ACT AS THE GRANTMAKING INTERMEDIARY FOR KRESGE INNOVATIVE PROJECTS: DETROIT ROUND 7, TO BE LAUNCHED IN NOVEMBER 2021.

$1,600,000
William Davidson Foundation

Birmingham, MI

PURPOSE: TO SUPPORT ENTREPRENEURSHIP PROGRAMMING

$550,000
William Davidson Foundation

Birmingham, MI

PURPOSE: TO SUPPORT ENTREPRENEURSHIP PROGRAMMING

$550,000
The Morris Foundation

Fort Worth, TX

PURPOSE: BOOKNOOK VIRTUAL TRAINING

$250,000
Jp Morgan Chase Foundation

New York, NY

PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION

$250,000
Kresge Foundation

Troy, MI

PURPOSE: THIS GRANT PROVIDES SUPPORT TO CO.ACT DETROIT TO ACT AS THE GRANTMAKING INTERMEDIARY FOR KRESGE INNOVATIVE PROJECTS: DETROIT ROUND 7, TO BE LAUNCHED IN THE FALL OF 2021.

$212,500
View Grant Recipient Profile

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