The day after the Cavaliers' exciting upset of the reigning champion Boston Celtics, Cavs owner Dan Gilbert celebrated by announcing a new commitment to his adopted city: He's bringing his Detroit-based Bizdom U program to Cleveland.

Bizdom U is a non-profit "boot camp" for entrepreneurs established by Gilbert in his native Detroit in 2007. Participants receive four to six months of intensive training in marketing, sales, finance and other fundamentals, all at no charge. During the training, the aspiring entrepreneurs develop a plan for a business; the only requirement is that the business must be located downtown.

Participants whose business plans are approved receive up to $100,000 in funding, an ownership stake that grows over time, and continued mentoring.

"Entrepreneurs are the key to invigorating a city because they are the engines that create jobs and significantly contribute to the prosperity of a city and region," Gilbert said in a statement. "Our program searches out people with a burning passion to be entrepreneurs and helps them turn their business dreams into commercial realities in urban areas that need the investment."

The Detroit Bizdom U has helped launch a pre-licensing training center, an electronic medical records company, a limited-edition footwear manufacturer and a marketing firm specializing in college campuses.

The Cleveland Bizdom U will launch in 2011.

Source: Bizdom U
Writer: Frank W. Lewis