Overview
What is Wayne State University Research And Technology Park In The City Of Detroit?
Wayne State University Research and Technology Park in Detroit, also known as TechTown Detroit, is a vibrant nonprofit hub dedicated to fostering Detroit-based startups and small businesses. With a mission to accelerate inclusive economic development across the city, TechTown offers resources, collaborative workspaces, and education to entrepreneurs. Their extensive programs include a tech-focused business incubator, technology commercialization initiatives, and retail boot camps. TechTown's incubator assists promising tech startups in transitioning into profitable companies, while their capital access program provides entrepreneurs with essential funding knowledge. Additionally, they offer co-working spaces, meeting and event facilities, and commercial real estate options for innovative Detroit businesses. TechTown is a 501(C)(3) nonprofit located within the Woodward Technology Corridor SmartZone.
Official website here: www.techtowndetroit.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Stars)
Wayne State University Research and Technology Park has received a commendable Four-Star rating from Charity Navigator, reflecting a strong focus on accountability and financial health. With a score of 90% in Accountability & Finance, the organization demonstrates effective governance through its independent board, which consists of 96% independent members. Additionally, it has shown responsible financial management, evidenced by a low liabilities-to-assets ratio and a high program expense ratio, ensuring that the majority of its resources are directed towards its mission.
User feedback highlights the organization's positive reputation among partners and volunteers, with one review emphasizing a great mission and teamwork. This suggests that stakeholders within the community view the organization favorably and recognize its contributions to the local ecosystem. Such endorsements from individuals involved with the nonprofit can further strengthen its credibility and community ties.
However, there are noted limitations in some areas of governance, including the absence of a whistleblower policy and protocols for document retention. While these gaps do not significantly detract from the organization's overall performance, addressing them could enhance transparency and trust. Overall, Wayne State University Research and Technology Park showcases a solid financial foundation and effective organizational practices, with room for improvement in certain governance aspects.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Wayne State University Research And Technology Park In The City Of Detroit legitimate?
Wayne State University Research And Technology Park In The City Of Detroit is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wayne State University Research And Technology Park In The City Of Detroit submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $308,598
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,369,001
For more financial information, click here
Official website here: www.techtowndetroit.org
What is the mission statement of Wayne State University Research And Technology Park In The City Of Detroit?
The Wayne State University Research and Technology Park in Detroit functions as an entrepreneurship hub, dedicated to helping tech startups and small businesses develop, launch, and grow. By providing resources, collaborative workspace, and education, this nonprofit organization contributes to the inclusive economic development of the city and neighborhoods. The park offers technology-based entrepreneurship programming, including Start Studio for early-stage tech startups, an incubator for promising tech businesses, and technology commercialization services. Additionally, it provides small business services, co-working space, office and lab space, and meeting and event space. Overall, the mission is to strengthen businesses in key areas, facilitate access to capital, and transform historically underserved neighborhoods into vibrant communities.
Official website here: www.techtowndetroit.org
Who is the CEO of Wayne State University Research And Technology Park In The City Of Detroit?
Edward B Staebler is the President & Ceo of Wayne State University Research And Technology Park In The City Of Detroit. The CEO's salary of Wayne State University Research And Technology Park In The City Of Detroit is $144,920 and their total compensation is $226,039.
Official website here: www.techtowndetroit.org
What is the revenue of Wayne State University Research And Technology Park In The City Of Detroit?
Wayne State University Research And Technology Park In The City Of Detroit's revenue in 2022 was $15,845,749.
Official website here: www.techtowndetroit.org
Who are the executives of Wayne State University Research And Technology Park In The City Of Detroit and what are their salaries?
The average compensation at Wayne State University Research And Technology Park In The City Of Detroit during 2022 was $58,375. There are 63 employees and 64 volunteers at Wayne State University Research And Technology Park In The City Of Detroit.
Here are 36 key members and their salaries (Wayne State University Research And Technology Park In The City Of Detroit's CEO's salary is $144,920 and their total compensation is $226,039):
- Compensation: $144,920
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- Compensation: $17,586
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- Compensation: $76,986
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- Other: $21,263
- Compensation: $8,908
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- Other: $2,646
- Compensation: $141,047
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- Other: $8,158
- Compensation: $143,208
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- Other: $27,708
- Compensation: $127,534
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- Compensation: $121,934
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- Other: $18,125
- Compensation: $113,820
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- Other: $30,782
Official website here: www.techtowndetroit.org
Where can I find the form 990 for Wayne State University Research And Technology Park In The City Of Detroit?
Wayne State University Research And Technology Park In The City Of Detroit's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.techtowndetroit.org
Learn more at the official website: www.techtowndetroit.org
Mission Statement of Wayne State University Research And Technology Park In The City Of Detroit
Wayne State University Research and Technology Park, also known as TechTown, is Detroit's hub for entrepreneurship and business growth. This 501(c)(3) nonprofit organization is dedicated to empowering Detroit-based startups and small businesses by providing crucial resources, collaborative workspace, and education. TechTown, located within the Woodward Technology Corridor SmartZone, aims to further accelerate inclusive economic development across Detroit.
The mission of TechTown is to help tech startups and small businesses develop, launch, and grow. By opening doors to opportunity, TechTown strengthens the city, neighborhoods, and economy. The organization offers a range of programs for technology-based entrepreneurship, including an idea-stage accelerator, an incubator, technology commercialization, traction, and capital access. These programs are designed to help founders strengthen their businesses in key areas, such as business operations, technical operations, and fundraising readiness.
TechTown's technology commercialization program evaluates and roadmaps the commercialization potential of university or healthcare system-developed technologies. High potential technologies transition into TechTown programs, where they receive the support and resources needed to succeed. The organization's traction program takes businesses from product to purchase by utilizing a unique community of accountability. The capital access program offers training modules and cohort support to help entrepreneurs understand the tech funding landscape and access the necessary funds to get their business off the ground.
In addition to technology-based entrepreneurship, TechTown offers services for small businesses. The retail boot camp prepares serious entrepreneurs with strong retail concepts for the successful launch of their brick-and-mortar business. The 313 Strong program combines economic development and startup acceleration strategies to transform historically underserved neighborhoods into vibrant and dense communities.
TechTown also provides various forms of real estate programming, including office and lab space, co-working, and meeting and event space. These offerings provide Detroit entrepreneurs with affordable, flexible, and collaborative work environments, as well as opportunities for networking and business growth.
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Impact
October, 2024
Wayne State University Research and Technology Park, specifically through its TechTown initiative, plays a crucial role in fostering entrepreneurship and economic development in Detroit. As the city's entrepreneurship hub, TechTown empowers local startups and small businesses by providing essential resources, collaborative workspaces, and educational programs designed to accelerate business growth.
One of its key offerings, the Start Studio, supports early-stage tech startups by validating their ideas through customer discovery processes. The Incubator program then helps these startups transition into profitable entities by focusing on improving business operations, technical capabilities, and fundraising preparedness.
Additionally, TechTown assists in technology commercialization, helping evaluate and roadmap the potential of innovations developed within universities or healthcare systems. This ensures that high-potential technologies are effectively integrated into the business community. The Traction program further aids startups by guiding them from product development to generating recurring revenue.
It also emphasizes small business services, such as the Retail Boot Camp, which prepares entrepreneurs for successful launches in core Detroit districts, and the 313 Strong initiative that aims to revitalize historically underserved neighborhoods through economic development and startup acceleration strategies.
TechTown's real estate programming offers office and lab spaces, co-working environments, and well-equipped meeting facilities, promoting a vibrant entrepreneurial ecosystem. By opening doors to opportunities, TechTown not only strengthens individual businesses but also contributes significantly to the overall health of Detroit's economy and its communities.
This information is meant to be a general summary of Wayne State University Research And Technology Park In The City Of Detroit. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $14,865
- Program Service Revenue: $180,190
- Gross Receipts: $15,941,632
Assets and Liabilities:
- Total Assets: $31,848,008
- Total Liabilities: $1,972,809
- Net Assets: $29,875,199
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
WORKSHOP INCOME
Revenue
$120,702
ADMINISTRATIVE INCOME
Revenue
$59,488
Organization Details
Founding Year
2000
Phone
(313) 887-1639Principal Officer
Edward B Staebler
Main Address
440 BURROUGHS, DETROIT, MI, 48202
Website
www.techtowndetroit.orgNTEE Category
Code: S30 - Community improvement
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