Over the years, many Tecumseh businesses have spawned other successful ventures and incubated entrepreneurs. This entrepreneurial spirit is evident in the filled storefronts in downtown Tecumseh and in our diverse manufacturing base. Successful businesses choose to locate in Tecumseh due to the proactive business climate and the high quality of place, a strong component of our economic development efforts.
Success Story: Tecumseh Brewing Company
Michigan’s First Investment Crowdfunding Campaign, Tecumseh Brewing Co., a Success May 2, 2014
The Tecumseh Brewing Company was the first in Michigan to raise funds under MILE, also known as PA264 of 2013, which uses an investment model of crowdfunding rather than a rewards based model like Kickstarter. Now expanding to an additional 6,000 sq. ft. production facility in Tecumseh, Tecumseh Brewing Company has far exceeded projections and continues to grow.
Tecumseh Brewing Company cofounders Kyle DeWitt and Tim Schmidt were less than half way through their 90 day campaign when they hit their maximum raise amount. Under Michigan law, businesses must set a minimum and maximum amount they will raise, based on the business plan and their individual financial package. Tecumseh Brewing set a minimum of $150,000 and a maximum of $175,000. “We are thankful for all of the support that everyone has shown over the past couple months. We can’t wait to open so that we can show everyone our appreciation by brewing great beer and becoming part of the craft beer culture in Michigan” DeWitt said in announcing they had achieved their goal.
The investment crowdfunding bill was introduced in September 2013 by Representative Nancy Jenkins from Lenawee County, and sailed through the Michigan House and Senate with a single no vote, and in just four months was introduced, debated, approved, and signed by Governor Snyder. The law made Michigan only the fourth state to have an investment crowdfunding mechanism, and only the second state to accomplish this legislatively. Since passage of the bill two more states, Maine and Indiana, have passed investment crowdfunding laws, with Indiana modeling their law after Michigan’s.
Success Story: Comstar Automotive USA
India-based Comstar chose Tecumseh, Michigan, to be the home for its first North American facility. It is not only a manufacturing facility, it is also Comstar's North American Headquarters. The company bought an existing building in Tecumseh's industrial park and created 15 jobs to get started. The first products to be made here are the engine starters for Ford Motor's diesel truck line.
The noteworthy aspect of this success story is that this is a 15-person facility that is a tier 1 Ford supplier. It speaks volumes to this company's ability that Ford allows such a small facility to be a prime supplier Ford's most profitable vehicle line, the F-350 diesel truck.
"We took possession of the building on the first of March and had a lot of prep to do in a short time frame. Everyone in city management and the community were wonderfully supportive of us meeting our launch goal of late April." - Comstar consultant, Timothy Brunetz.