New Michigan Media and Issue Media Group to Spotlight Impact of Ethnic, Minority and Immigrant Communities on Regional Revitalization
Foreign-born and minority residents are key to the region's long-term revitalization
DETROIT, June 2, 2011
DETROIT, June 2, 2011 /PRNewswire/ — New Michigan Media and Issue Media Group today announced a groundbreaking partnership to highlight the contributions of Southeast Michigan's ethnic, minority and immigrant entrepreneurs and how their contributions impact regional economic revitalization.
The two southeast Michigan media organizations, which are dedicated to transforming the entrepreneurship narrative in the region, will engage ethnic and minority publications throughout southeast Michigan and their audiences to help reconstruct and broaden the conversation and focus on entrepreneurship in metro Detroit. The Ethnic and Minority Media Partnership, funded by the New Economy Initiative for Southeast Michigan will uncover, report and publicize the hard work and economic contributions of the large number of ethnic, minority and immigrant entrepreneurs in the region.
Foreign-born entrepreneurs, scientists and inventors have been vital to establishing America as a world leader in business, technology and innovation. Over one decade, immigrant-founded ventures created 450,000 jobs and represented a market capitalization of roughly $500 billion.
Compared to the rest of the United States, the metro Detroit immigrant community is the third most productive of the nation's 25 largest metropolitan areas. Southeast Michigan immigrant entrepreneurs:
- Are more than three times as likely to start a new business
- Are nearly four times as likely to file an international patent. Michigan ranks eighth out of all 50 states in filing these types of patents
- Were six times as likely to start a high-tech firm from 1995-2005, placing the state third compared to all 50 states
- Generated more than $1.5 billion in annual business income in the state of Michigan
Minority businesses are an increasingly important force in national, state and regional economies:
- Minority firms as a whole have seen their revenue rise by about 10 percent annually over the past 30 years. They have created 23 percent more jobs, and have enjoyed an overall growth rate three times higher than that of traditional businesses.
- Strong minority-owned businesses contribute to the stability and well-being of America's urban centers.
- As minority populations continue to grow as a proportion of overall U.S. population, creating entrepreneurial opportunities and a culture of entrepreneurship in minority communities will become a more significant factor in the overall regional economy.
- Southeast Michigan's extremely sophisticated minority automobile supply chain is an important regional asset, due to the longstanding commitment of Michigan's automobile industry to minority businesses. Many of these mature businesses are successfully retooling to pursue diverse opportunities in aerospace, alternative energy, medical devices, military, and homeland security.
- Detroit's robust culture of entrepreneurship includes many small businesses supported by TechTown at Wayne State University, the region's most ethnically and racially diverse business incubator. Female entrepreneurs and entrepreneurs of color make up the majority of these startups, ranging from neighborhood businesses to high-tech ventures.
"Southeast Michigan's ethnic, minority and foreign-born entrepreneurs are key to the region's long term revitalization and future economic growth, and ignite the overall entrepreneurial spirit of the region," said New Economy Initiative Executive Director David Egner. "The Ethnic and Minority Media Partnership is the ideal platform to showcase southeast Michigan's ethnic, immigrant and minority communities as catalysts for economic renewal and growth. They are creators of new technologies and products which are sold around the world, and can serve as champions to encourage other ethnic groups and immigrants to plant their entrepreneurial seeds and grow their fresh ideas in a region with a strong business development support system and access to resources."
A component of the partnership includes the launch of an infrastructure and content syndication system via Issue Media Group's Southeast Michigan StartUp website to promote the broad distribution of entrepreneurship stories that cross traditional divides of race, nationality, regional geography and industry.
The website has been expanded to include microsites from New Michigan Media's five largest ethnic publications– The Arab American News, The Jewish News, The Michigan Korean Weekly, The Latino Press, and The Michigan Chronicle, which feature stories about southeast Michigan entrepreneurs and entrepreneurial successes from each of the ethnic, minority and immigrant communities with the overall goal to educate and encourage ethnic, minority and immigrant entrepreneurs to start and grow their businesses in the region.
"New Michigan Media is committed to building bridges among successful ethnic, minority and immigrant communities with the intention of creating new opportunities and greater visibility," said New Michigan Media Founder Hayg Oshagan. "Our collaborative efforts with Issue Media Group – a media organization dedicated to covering emerging companies and the new economy – will enable us to grow awareness of ethnic, minority and immigrant entrepreneurial successes in the region and begin to change the narrative about southeast Michigan on the local, national and international level."
The partnership will reach beyond the website content and form relationships with mainstream media as well as international publications to expand the news to different audiences. These partnerships will include the sharing of content in order to generate awareness of ethnic, minority and immigrant communities in southeast Michigan.
"Southeast Michigan, from its businesses to its people, is an international region, uniquely positioned on the busiest international border crossing in North America," said Sandy K. Baruah, president and chief executive officer of the Detroit Regional Chamber. "The economic benefits immigrant entrepreneurs bring to a region will advance Michigan's competitiveness in both the domestic and global marketplace, while diversifying industry and spurring innovation. This initiative aligns with the Governor's efforts to engage skilled, talented people to re-invent Michigan."
About New Michigan Media
New Michigan Media is a network of ethnic and minority media across the state of Michigan, organized in 2006 by Hayg Oshagan, founder of New Michigan Media, and Professor at Wayne State University. The New Michigan Media network includes 100+ ethnic and minority media outlets in Michigan, which represent hundreds of thousands of minority readers, viewers and listeners in the Michigan media market. New Michigan Media is the connection between these outlets, and through conferences, workshops, events, directory and website, seeks to draw this important network together.
About Issue Media Group
Issue Media Group publishes on line magazines devoted to documenting the transformation of cities and economies in 19 regions across the US and Canada. Publications feature a variety of content consisting of timely news and resources related to lifestyle, cities and economies. In each market, The Detroit-based media company promotes local assets and growth while working with community stakeholders in a coordinated effort to attract new talent, inspire business investment and spur creative thought.
About The New Economy Initiative
The New Economy Initiative for Southeast Michigan is an innovative philanthropic effort to accelerate the transition of metro Detroit to an innovation-based economy that expands opportunity for all. Ten national, regional and local foundations have committed $100 million to this unprecedented eight-year initiative, including the Community Foundation for Southeast Michigan (Detroit, Michigan), the Max M. and Marjorie S. Fisher Foundation (Southfield, Michigan), the Ford Foundation (New York, New York), the Hudson-Webber Foundation (Detroit, Michigan), the W.K. Kellogg Foundation (Battle Creek, Michigan), the John S. and James L. Knight Foundation (Miami, Florida), The Kresge Foundation (Troy, Michigan), the McGregor Fund (Detroit, Michigan), the Charles Stewart Mott Foundation (Flint, Michigan), and the Skillman Foundation (Detroit, Michigan). The participating foundations are leading the implementation and governance of the Initiative. The Community Foundation for Southeast Michigan, which initiated the collaborative, is serving as its administrative home. For more information, please visit http://neweconomyinitiative.cfsem.org/.
SOURCE The New Economy Initiative for Southeast Michigan