Plum Health was invited to pitch at the March 1st DNewTech event. We were one of four small businesses to pitch our idea at the DNewTech event, which brought together roughly 35 people from the small business community in Downtown Detroit. There were some great ideas shared, which are outlined below.
First to take the stage was Sidney Coleman, Co-founder of Aradie, A Technology And Design Company, which began in late 2016. They aim to tackle the social media echo chamber. This can cause some real problems, including a loss of empathy, misinformation, and a loss of constructive debate. Their solution is Pective, a collaborative information platform that can allow people to contribute different perspectives on a specific topic.
Second was Sean Carroll, the Co-founder of Enbiologics, which is Advancing Healthier, Intuitive Burn And Wound Care. Sean talked about his product, HoneyCure, which reduces healing time and drug use like oral antibiotics. Currently, it's approved for veterinary medicine, but they are working on approval for human medical uses.
Then, I was able to give our pitch for Plum Health, which is Delivering Affordable, Accessible Health Care Services in Detroit. Mostly, I focus on telling the story of the business and why it's useful in this economy and in this environment. Throughout the pitch, I try to address the frequently asked questions
Finally, Doron York the Co-founder of SidePitch took the stage. He is connecting tech entrepreneurs and startups with investors and corporate ventures worldwide. They created a Venture Management System and entrepreneurs can start a "Pitchfolio". They have a unique offer until August 31st, where Michigan-based start-ups can pitch for free.
Erin Grant with the Detroit Development Fund, a private, non-profit fund, spoke before the event began. The Detroit Development Fund (DDF) provides small business loans in and around Detroit. They look to loan to small businesses that have been in business for the last 1 year and have generated $100,000 in revenue, but their parameters can be flexible on a case-by-case basis.
DDF have been funding small businesses since 2003 and they have 100 active loans currently. They seek to support small businesses and entrepreneurs. Their minimum loan amount is $50,000 and they can continue to loan up to $500,000 throughout the life of the business. Their goal is for business to become self-sufficient or to receive a more traditional loan.
Loan terms are typically 5 - 7 years and interest rates are roughly 7%. The key attributes of a business owner receiving the loan is their integrity and preparedness. The process of funding takes about 6 - 8 weeks, and there is a significant amount of vetting involved.
Thanks for reading!
- Paul Thomas, MD