News

Magic Johnson Joins Detroit Venture Capital Company

A big name from the basketball and business world is returning to his home state with an appetite to grow new ideas. WDET’s Rob St. Mary reports.

(click the audio link above to hear the story)

Lansing native Ervin “Magic” Johnson is now the fourth member of Detroit Venture Partners – a venture capital company also featuring Dan Gilbert of Quicken Loans and the Cleveland Cavaliers. Johnson says the effort is to seed new business, hire locals and stem the Michigan brain drain of young college educated people leaving the state.

“The vetting process will be tough but at the same time we’ll be looking for the brightest in young talent in the state… and we’re going to keep them right here… and with this technology based venture that we have young people we be wanting to come and join us and be part of this great partnership that we have formed.”

Detroit Venture Partners plans to invest in social media, mobile apps, software and other digital business. The members of the group say they are working towards making their company an internationally respected venture firm like those in New York, Boston or Silicon Valley. Among goals of the Detroit Venture Partners backers are to bring 45-hundred jobs and one-billion dollars’ worth of business to Michigan by 2021.

For more information: http://www.detroitventurepartners.com/