Earvin “Magic” Johnson keeps it moving. For years he has maintained a solid foothold in the business sector and Thursday morning it was announced that the former Los Angeles Laker and hall of famer joined Detroit Venture Partners, a venture capitalist firm co-founded by Cleveland Cavaliers owner Dan Gilbert. DVP focuses on investing in tech startups in Detroit, Michigan.
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Magic, a Lansing, Michigan native who played basketball for Michigan State University before being drafted by the Los Angeles Lakers, said:
“I am investing in Detroit Venture Partners and the City of Detroit because I want to have a positive impact on the biggest downtown in my home state. I believe strongly in the Detroit 2.0 movement and creating opportunities to help people get back to work.
“Dan, Josh and Brian share my core values and are approaching their venture investing with the ‘hands on’ style I am familiar with because that is how I do business,” added Johnson.
DVP is well on its way, already investing in six of the 12 companies it expects to fund in 2011. In the next several years, DVP plans to impact Detroit by investing in early stage companies who are expected to create numerous jobs, bring significant economic activity and occupy substantial amounts of office space in downtown Detroit.
Kudos to Mr.Johnson, Mr. Gilbert and their business partners for investing in the future of Detroit. The city has suffered greatly since the economy dipped and the auto industry experienced substantial setbacks. It would be wonderful if a new tech market could emerge from the Midwest.
Photo via PR Photos
