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than $5 million in annual sales.
nies that we would launch in partner-
Further, the majority of net new job
ship with technologists, universities
and entrepreneurs," says Jeffrey. "We
growth in Michigan between 1998
bring business savvy and they bring
and 1999 (the most-recent period for
innovations."
which data is available) came from
And as their portfolio of companies
small business, with businesses with
grew, the Sloans began to develop
less than 100 employees creating more
small business resources,
than 35,000 new jobs during
including Digital Detroit and
that period.
Making
Startup Nation. Digital
"It's very gratifying, the
confections
Detroit, in partnership with
opportunity to create opportu-
is half the
the Detroit Regional
nities for the people who are
fin for
Chamber, is an organization
involved in [our] business,"
Rosen. •
that promotes southeastern
says Richard Sloan, 35, who
Michigan as a hub of techno-
started working with Jeffrey in
logical innovation with the
1989.
ultimate purpose being economic
"Jeff and I always wanted to have a
development.
business together," Richard says, "so
As a complement to Digital Detroit,
when I got a call from him during my
Startup Nation, through its Web site
sophomore year at the University of
and radio broadcasts on WJR-AM,
Colorado that he had a great idea for
"brings wisdom and a healthy dose of
an invention, I moved back to finish
inspiration to aspiring and existing
at U of M and help him market the
Battery Buddy," a patented device that small business operators," Jeffrey says.
"Part of the show includes someone
prevents dead batteries in cars and
pitching their idea live on air, as if
boats. It was licensed to Masco
they would be pitching it to investors,
Industries in 1990.
and we critique them," says Richard.
With the success of the Battery
"If you can't effectively communicate a
Buddy, Jeffrey and Richard spent the
great idea, you won't convince
next several years acting as agents to
other inventors, helping them get their investors."
products commercially licensed.
In 1995, the brothers formed Sloan
Avoiding Pitfalls -
Ventures to develop innovative tech-
To avoid startup problems, Richard
nology companies. "The idea was to
advises clients to develop a compre-
build equity in a portfolio of compa-