This is what we had in mind.
A few years back my colleagues and I were asked by Chris Miller to shepherd a bill through the Michigan legislature that would create a crowdfunding platform for the state of Michigan. Chris is the executive director of Adrian’s Downtown Development Authority and an out-of-the-box thinker. Crowdfunding, he promised us, is the future of small business in Michigan. “An avenue to provide gap financing. An opportunity to leverage community engagement and civic pride for economic benefit.” It sounded interesting and matched our organizational desire to assist downtown businesses in our hardest hit communities. After doing some due diligence, we came to a conclusion- “What the heck? Let’s run it up the flagpole and see what happens.”
In 2014 the Michigan Invests Locally Exemption Act (MILE) became law. The act allows small investors to pool their resources for a business interest. Unlike the more traditional charitable style of crowdfunding, the MILE Act allows individuals to pool money for commercial uses. The first business to take advantage was a microbrewery in an historic downtown- two guys, an old building, a great business plan and a bunch of people who believed in them enough to invest in their dreams. One of them was even relocating from California to make his mark in our state. They were the perfect lead-off hitters for this grand experiment in micro business finance.
Not long after the Tecumseh Brewery success came interest from one of this country’s remarkable grass roots stories. The minor league Detroit City Futbol Club (DCFC) is the brain child of five who regular guys who love soccer, one of whom we worked with at the time. Their interest in soccer went beyond the product on the field. They were about community engagement, rebuilding neighborhoods and putting smiles on faces.
Their crazy brand of minor league soccer hit a nerve with the community and grew way faster than anybody imagined. After a couple of seasons leasing a Detroit high school field for their games, it was time to look for a new home. But where?
“The problem with Keyworth Stadium is that it is 80 years old and needed about $1 million of work.”
Keyworth Stadium is an historic WPA era facility with a storied history- perfect for DCFC. But, how could they pay the bills to renovate it? That’s where crowdfunding comes in. My former colleague, Sean Mann, knew of the MILE Act from his time with the League. So he and his partners embarked on a mission to raise at least $400,000, mostly from the incredible fan base that already adopted the team as its own. And, true to form, they came through. In a big way. Others who shared the DCFC vision joined in, too. The 90- day campaign wound up raising about three quarters of a million dollars.
Today, DCFC draws 7,000 fans to matches at Keyworth. They have opened a shop a few blocks away that sells team merchandise and tickets. Several charities get
support from the club and its fan base. Bars and restaurants are filled on game days. The neighborhood benefits. The soccer community loves it. The city is a better place to live.There are lots of smiles all around.
And… they are just getting started.
Like I said, this is what we had in mind.