DETROIT — Challenge Detroit, a national initiative focused on revitalizing Detroit by attracting young entrepreneurs to the city, said Thursday that Credit Acceptance Corp. chairman and founder, Donald A. Foss, has personally pledged $500,000 to the Challenge Detroit effort.
“Challenge Detroit is dedicated to fostering entrepreneurship and has a passion for revitalizing Detroit through this program. This initiative is very near and dear to my heart,” Foss said. “This pledge will help to support Challenge Detroit’s programming and operations as well as national initiatives and outreach.”
Challenge Detroit will select 30 innovative leaders from throughout the United States to live, work, play and give in Detroit. Participants will live in Detroit, supported by a $500-a-month housing stipend; receive a $30,000 salary to work at one of the top companies in the region; participate in monthly team challenges, in partnership with area non-profits, designed to positively impact the city and region; and experience the city through organized social and cultural events.
“The funding will help us kick off the program this fall and in particular, the two-year support will help to fund housing for the 30 chosen applicants,” said Deirdre Greene Groves, executive director of Challenge Detroit.
Detroit-area companies are participating in Challenge Detroit and will serve as host companies for the 30 participants. Companies participating include: ePrize LLC, Quicken Loans Inc., Valassis Media Solutions, Compuware Corp., Beaumont Hospitals, United Way, hiredMYway.com and Team Detroit.
Challenge Detroit is accepting applications through March 16 and the year in Detroit will begin in August 2012. Those interested in participating, should visit www.ChallengeDetroit.org for more information and to begin the application process.