Tecumseh Brewing Co. Owners
Public announcement made at crowdfunding event in Adrian on March 20.
MARCH 24, 2014 — ADRIAN, MICH. – A public announcement revealed Tecumseh Brewing Company, LLC. as Michigan’s first business to use the new Michigan Crowdfunding law (Michigan MILE- Michigan Invests Locally Exemption). The announcement followed the event “Imagining Crowdfunding’s Future in Lenawee” held March 20 at The Centre in Adrian. Speakers Amy Cortese, NY Times Best Selling Author of Locavesting and Kevin Hitchen, Founder and CEO of Localstake, a crowdfunding advising company, spoke on what this law means for Michigan entrepreneurs and investors alike.
Tecumseh Brewing Company (TBC) owners Kyle DeWitt and Tim Schmidt have spent over 3 years planning and funding their brewery since they first met as colleagues at the Blue Tractor in Ann Arbor. They have big plans for development, aiming to become a regional distributor and one of the five identifiable craft beer names in the state of Michigan within the next ten years.
TBC will be located in downtown Tecumseh and has, thus far, been funded through families and loans. The brewery has only $150,000 left in fundraising, and is looking at Michigan investors to bring them to their goal. Kyle DeWitt, a California native, chose to begin his business in Michigan rather than his home state and said, “I thought there was more opportunity out here for a young couple to start a business [and] buy a home.”
Both owners had researched the likelihood of success and agree that Tecumseh and Lenawee County offer little competition and a welcoming atmosphere for the growing craft brewery industry.
Amy Cortese reflected on Michigan’s crowdfunding endeavors in comparison to other states’. She encouraged entrepreneurs and investors alike stating, “I truly am excited about what you’re doing here and I don’t think it’s overstating it to say that this is a very historic time and Michigan is really leading the way with crowdfunding.”
Michigan is the leading state in the nation for intrastate investment crowdfunding thanks to the recent passage of the Michigan MILE – Michigan Invests Locally Exemption. The legislature overwhelmingly endorsed the legislation and Governor Snyder signed it into law on December 30, 2013. Lenawee County played a key role in the passage of this game-changing way to finance businesses and is now being recognized as the Birthplace of Michigan Crowdfunding.
Jim Van Doren, Lenawee Now’s Executive Director, stated that “Lenawee County has a long history of creating and supporting entrepreneurs and the opportunities this law creates will help us continue that tradition.”
Lenawee Now is a non-profit organization dedicated to economic and business expansion throughout Lenawee County. By attracting new businesses, helping to grow established businesses, and supporting entrepreneurial endeavors in Lenawee, Lenawee Now is creating an economically viable and vibrant region. In addition to business attraction, retention and start-up activities, Lenawee Now provides critical services to support business growth including access to funding sources and talent enhancement. Learn more at www.lenaweenow.org.
Contact:
Sarah Stanley
(734) 883-2118
Sarah@LenaweeNow.org
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