Bizdom U - FAQs

Q:What will entrepreneurs receive upon completion of the four month business development program?
A:
Upon completion of the program, entrepreneurs who develop a viable plan for a Detroit-based business will receive:
- The opportunity to present their plan and request funding up to $100,000.
- Incubation work space in state of the art facilities to be used for the launch of their business.
- Ownership in the business
- Ongoing training, consulting and mentorship.
- Guidance from other entrepreneurs and our family of companies.
Q:What must entrepreneurs do to complete the business development program?
A:
In order to complete our rigorous program, entrepreneurs must demonstrate:
- Attendance at all of the training and guided business research sessions.
- Completion of extensive research, projects and deliverables during and after hours.
- The ability to meet or exceed our performance expectations on the deliverables required at all four checkpoints: Business Description, Feasibility Analysis, Sales/Marketing Plan & Financial Projections, and Business Plan and Pitch.
Q:What if an entrepreneur fails to meet one of the requirements listed in #2 above?
A:
If at any point an entrepreneur fails to meet one of these requirements, he/she may be dismissed from the program based on the judgment of Bizdom U.
Q:Who is eligible?
A:
This is a serious program for serious adults who are serious about opening a Detroit-based business and can make a full-time commitment. The ideal candidate is an entrepreneur who has been trying to launch a business or is pursuing an idea for opening a business. Entrepreneurs should have at least a bachelor’s degree although it is not required. Bizdom U is a Michigan nonprofit corporation that admits participants without regard to race, color, religion, sex, national or ethnic origin, sexual orientation, citizenship, age, mental or physical disabilities, veteran/reserve National Guard or any other similar protected status.
Q:How many people are we looking to enroll in our next session?
A:
Bizdom U is currently planning to enroll fifteen entrepreneurs in its next session.
Q:What does Bizdom U pay for?
A:
Bizdom U does not charge tuition and provides a living stipend during the four month training and business development portion of the program. Bizdom U also covers the cost of training materials and technologies for entrepreneurs to use while attending the program.
Q:Are entrepreneurs responsible for paying their own insurance?
A:
Yes, entrepreneurs are responsible for maintaining their own insurance.
Q:What holidays does Bizdom U observe?
A:
Offices will close and there will be no training sessions on:
- New Years Day
- Martin Luther King, Jr. Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving And The Day After
- Winter Holiday
Q:What is Bizdom U's attendance policy?
A:
In accordance with the rigorous nature of the program and high standards to which entrepreneurs will be held, Bizdom U has a strict attendance policy. All are expected to attend all trainings, seminars, meetings, tutorial sessions, etc. without absence. In the event an entrepreneur feels his/her attendance will affect the health of others, he/she should refrain from attending the activity in question, and should call to report the absence.
Q:Does the business described in the entrepreneur’s plans need to be Detroit-based? What does Detroit-based mean?
A:
Yes, the business headquarters must have a Detroit address and the business must pay city taxes. It also means that Detroit residents will have equal access to the services and/or products as consumers.
Q:What if Bizdom U dismisses an entrepreneur from the program or he/she voluntarily drops out of the program? Can he/she get back in?
A:
He/she can reapply for any future available Bizdom U programs but there is no guarantee of readmission.
Q:Where is Bizdom U located?
A:
Bizdom U’s dedicated business development facility and staff offices reside in the cultural district of the city of Detroit.
Q:Is Bizdom U a nonprofit organization?
A:
Bizdom U is a Michigan nonprofit corporation and has tax exempt status under section 501(c)(3) of the Internal Revenue Code.
Q:Can any of the information about Bizdom U change?
A:
Yes, the information provided in these frequently asked questions and on all other Bizdom U materials, including the website, is likely to change. The information provided represents plans at this point in time.