Getting around the spread-out city of Detroit requires either a car or using some kind of public transit. Not everyone has a car (and if you have a car, it’s expensive to own–car insurance rates are exceptionally high in Detroit). An alternative to car transportation is public transit, but the public transit system in Detroit is inefficient.
Transportation in Detroit is a $7 billion dollar market in Detroit, and a $2.8 trillion dollar market nationwide. As of 2012, Detroit dwellers spent $7 billion on transportation, 5% of which ($393 million) was spent on some kind of public transportation. By making public transportation more efficient, there is potential to grow that $393 million into a far greater amount. Additionally, once this strategy is executed, the same solution can be applied to other cities and countries.
The existing public transit offerings in Detroit are the DDOT and the SMART, and both have issues with reliability and funding, just to name a few. Instead of replacing the public city offerings, we want to open the doors for people driven solutions, and drive innovation from the ground up.
Offer / Winning Team Receives
– $250,000 to form a new company and implement the solution
– Participation in a demo day event to showcase your company (hello publicity!)
– 6 months of mentorship and guidance from startup-expert IdeaMarket as you and your team navigate establishing a new company
– Opportunity to contribute to the thriving ecosystem in Detroit!