Detroit Capital Hub: A Few Thoughts On Adapting to Rural Places Like Escanaba (Tomas is Thinking About How to Help Whippersnappers Launch Businesses)

This article came up the other day on an entreprenurial hub in Detroit, and as I read it, I started thinking about how its ideas might apply to places like Escanaba, Michigan—communities that are becoming emerging hotspots. For those unfamiliar with Escanaba, it is a vacation destination that truly experiences all four seasons. Right now, residents are navigating winter, which I’m sure has been a memorable experience over the past few days. Beyond frolicking in the snow there are also interesting things happening and learning how other places foster entrepreneurship is helpful. 

(Illusrative Only)
Tomas has run many
business, read books, and is
a successful angel investor. Jane 
wants a mentor to ask questions
about her new Widgets business
on ludington that attracts tourists
and serves her local community.
Many of her products are exported. 
She wants someone to bounce ideas
off. She knows Tomas
has the experience, kind of a crusty
 salty dog and he likes
giving back to these young 
whippersnappers.
He comes down to meet them
in a group once a month to 
talk shop. Incentivized by
free donuts and coffee!

There has been meaningful new investment in the Delta County area. Downtown has seen growth, the marina has expanded, and there has been industrial investment as well. Most importantly, the community itself is coming together to build something special. That matters because economics has both a social dimension and an economic one, with the economic side largely derived from social factors. Decision-making sits at the center of this relationship, as economics is fundamentally about how decisions are made.

One could even extend this discussion into neuroeconomics, which examines the cultural and emotional precursors to economic decisions. There are certain root assumptions that lead to purchase lines and that is similar to how psychographics can be used to attract customer (Yikes sorry I go down a path sometimes....😬) However, that level of analysis is not the point here. The real focus is on observing what is working in other places and asking whether similar approaches might make sense locally. 🤷

For example, in a hubs (keep in mind the hub and economic clustering this blog talks about), supporting entrepreneurship requires intentional outreach. That might include creating accessible web resources, forming local groups focused on entrepreneurship, and hosting discussions where local leaders—or even speakers from outside the region—share how they started their businesses. It also means helping entrepreneurs navigate red tape, identify financing options, and find appropriate spaces to operate.

Beyond startup support, long-term success depends on helping these businesses grow sustainably. This is where small and existing businesses can work together to improve outcomes for everyone by developing export-oriented markets. The more products and services that can be sold beyond the local area—especially through collaborative efforts or associations—the more revenue flows back into the community. Increased sales lead to higher tax revenue, which can then be reinvested locally, reinforcing a positive cycle of economic development.

A summary of the Detroit article that highlights some of the features. A few key points (I did this summary using AI because I was playing with information synthesis. Seems fairly useful.)

• Detroit Capital Hub is an online platform that connects Detroit entrepreneurs and small business owners with local CDFI lenders.
• It was developed by the City of Detroit and the Detroit Economic Growth Corporation to simplify access to capital.
• The Hub matches businesses with CDFIs offering loans ranging from about $1,000 to $250,000.
• Participating lenders collectively provide millions of dollars annually to support small business growth.
• The platform also helps entrepreneurs access technical assistance and business support resources.

Detroit Capital Hub connects entrepreneurs, small businesses with Detroit CFDI lenders