Detroit entrepreneurs make a case for their bankrupt city

(CNNMoney)
There’s a divide in Detroit: While the city deals with bankruptcy, its entrepreneurs swear it’s a great place to be.

The message they’ve been pushing is that Detroit is a different city now, and even bankruptcy won’t change that.

“The truth is, the bankruptcy doesn’t affect us,” said Jake Cohen, a partner at Detroit Venture Partners, a $50 million fund that invests in local tech startups.

“The entrepreneurial community has grown because young people have decided to stay and build their companies here,” Cohen said.

Entrepreneurs point to several pro-business initiatives. In 2007, Michigan eliminated its 4.95% tax on small businesses, and it has started phasing out its property tax.

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