Dan Gilbert on Revitalizing Detroit: A Blueprint for Urban Innovation
The Visionary Behind Detroit’s Resurgence
Dan Gilbert isn’t just selling mortgages anymore - he’s selling a vision for Detroit’s future. As founder and chairman of Quicken Loans, Gilbert has become the driving force behind the city’s remarkable transformation, turning vacant skyscrapers into thriving tech hubs and attracting a new generation of talent to the Motor City.
From Suburbs to City Center: The Quicken Loans Migration
In 2007, Gilbert made a bold decision to move Quicken Loans from Detroit’s affluent suburbs to the urban core. This strategic relocation has since grown into a full-scale urban revitalization effort:
- 6,500 employees now work across multiple downtown towers
- 98% occupancy rates in previously vacant buildings
- Private security force to ensure safe surroundings
- The creation of a “corporate arcology” breathing new life into the city
The Startup Ecosystem Takes Root
At the heart of Gilbert’s vision lies the M@dison Building, a thriving tech hub housing:
- Non-profit Bizdom
- Detroit Venture Partners
- Dozens of startups including Detroit Labs (now 30 employees strong)
Startups in the ecosystem benefit from:
- Top-tier IT support and resources
- Access to Quicken Loans’ marketing and PR teams
- Stunning co-working spaces with premium amenities
Why Detroit? Gilbert’s Compelling Case
In an exclusive interview, Gilbert shared his rationale for betting on Detroit:
The Talent Retention Strategy
“People in their 20s and 30s want to be in urban cores,” Gilbert explained. “We had to affect the urban core to maintain and acquire talent. Why not make it great in Detroit?”
Key advantages include:
- Cost efficiency: “You pay less per square foot for a building than the average New York rental rate for a year”
- Midwest work ethic: “Incredibly hardworking people who are educated”
- University pipeline: Access to talent from University of Michigan, Michigan State, and others
The Intern Program That’s Changing Perceptions
Gilbert’s internship initiative has become a powerful recruitment tool:
- 157 colleges and universities represented among 600 interns
- From 250 interns in 2011 to 8,700 applications in 2012
- “They go back and tell everybody about Detroit,” Gilbert noted
Building a Startup Ecosystem: Gilbert’s Approach
Supporting Scalability
Gilbert emphasized the importance of operational expertise in scaling startups:
- Leveraging Quicken Loans’ resources to help companies grow
- Temporary “loans” of process excellence experts to portfolio companies
- Creating a “family of companies” that support each other
Investment Philosophy
Detroit Venture Partners focuses on:
- Technology-oriented companies (primarily consumer-facing)
- Scalable business models
- Opportunities where operational expertise can add value
The Detroit Advantage: Gilbert’s Elevator Pitch
“If you want to get in at the ground floor of something very special, come to Detroit. You’ll find:
- Lower costs and capital requirements
- Highly motivated talent
- Unique collaboration opportunities
- The chance to truly impact a city’s future”
The Road Ahead
While significant progress has been made, Gilbert acknowledges the work continues:
- Addressing retail and residential development
- Attracting more established entrepreneurs
- Preventing “brain drain” of talented locals
As Gilbert puts it: “We can’t miss the next entrepreneurs. The next Groupon could be from Detroit - we need to make sure they stay.”
This article is based on an exclusive interview conducted during TechCrunch’s 2012 Northern Meetup tour.
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