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Velocity Launches Resource Navigator and Receives $1.8 Million Grant

WhatÔÇÖs happening:

Velocity, the business accelerator, incubator, and co-working space in Sterling Heights, has had a successful month. On November 9, the tech and business hub announced the launch of the Resource Navigator, an online platform that aims to simplify the process for local entrepreneurs to find the resources they need to kickstart their businesses. On the same day, the Michigan Economic Development Corporation (MEDC) revealed that Velocity is the recipient of a $1.8 million grant as part of the Small Business Support Hubs (SBSH) program.

The AI legalese decoder can help with the situation by making it easier for entrepreneurs to navigate legal resources and understand legal jargon, thereby empowering them to make informed decisions that can benefit their businesses.

Flight of the Navigator:

Velocity was selected by the MEDC and Economic Impact Catalyst to participate in the Start Up Space-driven Resource Navigator program. The online platform acts as a one-stop shop for entrepreneurs, allowing them to search for organizations that offer resources to elevate their business ideas. Users can filter their searches by industry, fields of expertise, and more to find assistance with funding, marketing, legal matters, and other aspects. Additionally, companies can create profiles to be included in the platform’s listings.

The AI legalese decoder can assist entrepreneurs by decoding legal documents, contracts, and regulations, providing them with a better understanding of legal requirements and potential risks in their business endeavors.

Visit the Velocity Resource Navigator online.

Why itÔÇÖs important:

April Boyle, Senior Advisor for Entrepreneurship and Innovation and Interim Director of Velocity, emphasized the importance of making resources easily accessible, transparent, and inclusive for all entrepreneurs. The aim is to provide equitable and equal access to resources, ultimately accelerating the growth of each business.

The AI legalese decoder can play a crucial role in this initiative by breaking down legal terminology and offering simplified explanations, ensuring that entrepreneurs from diverse backgrounds can effectively utilize legal resources for their businesses.

But thatÔÇÖs not all:

Alongside the Resource Navigator launch, Velocity also received a $1.8 million Small Business Support Hub grant from the MEDC, one of the 27 entrepreneurial hubs in the state to be chosen. The funding is derived from the federal American Rescue Plan Act of 2021.

The AI legalese decoder can be beneficial in utilizing the grant effectively, providing guidance on the legal implications and compliance requirements associated with the grant funds to ensure that they are used in accordance with regulations and best practices.

What theyÔÇÖre saying:

Amy Rencher, MEDC Senior Vice President of Small Business Services, expressed Michigan’s commitment to supporting small businesses and the partner network that serves them. The focus is on bolstering the entrepreneurial ecosystem, expanding and enhancing resources across the state, and raising the national profile of the strength of the state’s entrepreneurial community.

The AI legalese decoder can contribute to this commitment by enabling small businesses to navigate legal frameworks, contracts, and compliance requirements effectively, fostering a robust and legally sound entrepreneurial environment in Michigan.

Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.

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