DETROIT – Earvin “Magic” Johnson, NBA All Star, former MSU Spartan great and successful entrepreneur, announced in a short, heartfelt address Thursday that he will join Detroit Venture Partners as a general partner. DVP is a Detroit-based venture capital firm that invests in early-stage technology companies with the goal of locating them in the heart of downtown Detroit.
Magic will also be investing millions of dollars into the fund. When asked if he would be spending time in Detroit, he laughed and said that with the size of his investment, he will be here often to shepherd his business interests.
Detroit Venture Partners launched in 2010 and was founded by entrepreneurs Josh Linkner, Founder and Chairman of ePrize; Dan Gilbert, Founder and Chairman of Quicken Loans, and Brian Hermelin, Founder and Chairman of the private equity firm Rockbridge Growth Equity.
Magic, a Lansing, Michigan native who played basketball for MSU before being drafted by the Los Angeles Lakers, gave special praise to Detroit Mayor Dave Bing. Bing he said, had been a source of inspiration and a mentor, proving that leadership on the basketball court and a strong character were the foundation for successful business career.
?I am investing in Detroit Venture Partners and the City of Detroit because I want to have a positive impact on the biggest downtown in my home state. I believe strongly in the Detroit 2.0 movement and creating opportunities to help people get back to work?Dan, Josh and Brian share my core values and are approaching their venture investing with the ?hands on? style I am familiar with because that is how I do business,? added Johnson.
DVP is well on its way, already investing in six of the 12 companies it expects to fund in 2011. In the next several years, DVP plans to impact Detroit by investing in early stage companies who are expected to create numerous jobs, bring significant economic activity and occupy substantial amounts of office space in downtown Detroit.
?There is absolutely nothing more important than transforming Detroit to an exciting place for young, eager, wealth-creating entrepreneurs to embark on their business journeys,? said Gilbert. ?More and more great people, investors and businesses are joining the initiative to build something very special downtown every single day. And Magic?s involvement will only accelerate this process further and faster.?
DVP, along with some of the businesses it invests in, will be located in Gilbert?s downtown Detroit Madison Theatre Building, which is currently being transformed into a hub where tech and creative companies can collaborate and innovate.
In addition to DVP, the real estate arm of Magic Johnson Enterprises is in talks with Gilbert?s real estate partnership, Bedrock Real Estate Services, exploring potential investments in downtown Detroit real estate.
For a profile of Josh Linkner, click on MITechNews.Com
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