Gretchen Swanson is the Director of Strategic Partnerships & Talent at 20Fathoms, which is Northwest Michigan’s hub for technology, innovation, and entrepreneurships, and she enthusiastically spoke about rural economic development.
Gretchen Swanson is the Director of Strategic Partnerships & Talent at 20Fathoms, which is Northwest Michigan’s hub for technology, innovation, and entrepreneurships. 20Fathoms was founded in 2018 as a nonprofit mission to diversify the region’s economy to be more resilient, and by supporting startups and entrepreneurs to create more year-round higher wage employment.
Locally in Benzie County, 20Fathoms is working with Grow Benzie in providing startup services, workshops, and bootcamps, and a curriculum is offered on financials.
Primarily, 20Fathoms tries to focus on founders in the region with innovative, scalable businesses, ones that have the potential to grow larger. 20Fathoms works with partners such as Small Business Consulting Corporation, Venture North Funding, Traverse Connect, and Northern Lakes Economic Alliance. 20Fathoms provides knowledge and confidence, along with access to capital.
20Fathoms is funded by federal and state grants, donations, and membership dues. The grant from the Economic Development Administration has a goal to launch 21 new companies in the region, and there have been 15 launched to date. In Benzie County alone, 25 local businesses have received some of the various grant monies. 20Fathoms works with the Gateway Representative Program to welcome technology-based startups to the local ecosystem, assisting the startup companies with their applications for federal funding and programs, and Michigan Strategic Fund entrepreneurial programs such as the Business Accelerator Fund, First Capital Fund, and the Preseed Fund.
Every community needs these foundational things for economic development: a great mainstream; buy local; small business development center; where to meet, for example, local coffeeshops or the library that has WiFi access. Mentoring is also a key component.