DETROIT (WWJ) – NBA Hall-of-Famer Earvin “Magic” Johnson is partnering with Quicken Loans Chairman Dan Gilbert to bring jobs to Detroit by way of a venture capital firm.
Johnson has joined Detroit Venture Partners, a firm located in downtown Detroit, that givers startup companies both money and guidance.
“We’re here to say, look, if you have a great idea or a great small company, we’re here to invest in you. Then, we want you to hire people also from the state,” the Michigan-native Johnson told reporters, Thursday.
“This is really unique,” said Johnson. “Normally, they give you the check and tell you good luck … And what we’re saying is no, we’re gonna write a check and give you expertise on how to run your business and how to make it more successful,” he said.
According to Johnson, Gilbert has already been doing a wonderful job, “and I’m hoping I can add just a little magic,” he said.
WWJ’s Florence Walton reports, so far, DVP has invested in six digital media companies since the company’s launch last year by Gilbert and ePrize founder Josh Linkner. Companies can receive up to $3 million in venture capital.