Update, 6 p.m.: Stik is the first winner in Steve Case's four-city bus tour to spotlight business innovation, Kristin Bull of Crain's Detroit Business reports in tweets late Tuesday afternoon.
She paraphrases Case. the co-founder and past chairman of America Online, as saying he chose the Detroit-based venture for a $100,000 venture capital investment after it and nine others made Madison Building presentations.
The four-year-old firm, which offers reviews-based marketing support for professionals and businesses, moved from San Francisco to 1528 Woodward in October 2012. It was founded in 2010 by Nathan Labenz, its CEO, and Jay Gierak, the president, after they graduated from Harvard University. Their website describes the service
Stik is pioneering customer-reviews-based marketing, helping local businesses reach new customers with the authentic voice of their happiest past clients. Stik's unique social infrastructure enables true "word-of-mouth" marketing, broadcasting customer reviews to the reviewers' friends and family via online advertising, search and social channels.
Labenz explained two years ago why Detroit was picked over runner-up Austin as the company's new base. "We had the sense that there was a growing groundswell of momentum and activity in Detroit," he told David Muller of MLive, "and the Madison Building seemed to be at the heart of that."
Case's decision gives the young firm added credibility and visibility, but it's not a gift. By putting his personal money where his faith is, the prominent entrepreneur now has an equity share in the founders' creation.
-- Updated by Alan Stamm
Original article:
America Online co-founder Steve Case (standing) shares encouraging observations as he starts a four-city tour Tuesday in Detroit.
“Sixty years ago, Detroit was Silicon Valley,” the former AOL chairman tells Forbes magazine. “It was the hottest innovation region of the world. But it lost some of its entrepreneurial mojo in a world that was quickly globalizing.”
Now, he says, there’s room for the next generation of innovation, particularly in downtown Detroit. “It feels like it’s at a point, with some additional attention and investment, it has the potential to rise again,” he adds in an interview with Joann Muller.
Case brought is Rise of the Rest tour to this city before continuing by bus to Pittsburgh, Cincinnati and Nashville. At a presentation outside the Grand Circus training institute on Woodward, he appeared with (from left above) Dan Gilbert, Mike Duggan and Rick Snyder.
Here's a fresh tweet:
What do you think downtown #Detroit looks like? The answer: it's getting better all the time. #RiseOfRest http://t.co/ZFY1cqGrAV
— Steve Case (@SteveCase) June 24, 2014
His goal is to shine a light on innovation in overlooked cities and help promote business, Muller writes at Forbes.
He's meeting with innovators and entrepreneurs and taking part in a start-up business pitch competition at the Madison Bulding. He’ll invest $100,000 in the winning company in each city.
Case is chairman and chief executive of Revolution, a Washington, D.C.-based investment firm.
Muller writes:
In Detroit, he’s looking at the city’s momentum in high-tech innovation, particularly in the downtown area, where business leaders like Quicken Loans founder Dan Gilbert and E-Prize founder Josh Linkner have been investing in start-ups.
Earlier at Deadline Detroit:
Which Detroit Startup Will Get A $100,000 Boost From Steve Case?, June 8
