Gilbertville: A Billionaire's Drive To Rebuild The Motor City [Forbes]
Forbes has published an excellent cover article on Dan Gilbert in their Richest Americans issue. It really brings out not only his business genius but his ability to tie into the moment, understand the mood of the times and those who he needs to work for him. Some snippets that stood out for me follow.
Quote:
The irony is that none of this is part of some master plan. Gilbert never consciously decided on being Detroit’s savior. But six or seven years ago he noticed a worrying trend. Quicken Loans, then based in Detroit’s suburbs, was having trouble filling jobs. “For the first time in our history, we started losing job candidates from universities like U-M and Michigan State,” Gilbert says. “People would tell us, I love your company, but I want to go to Chicago or Boston or New York.”
That’s when he decided to move his workforce to downtown Detroit...
Quote:
Gilbert has to compete in two of the most cutthroat talent markets in the world: IT and finance.
That’s where Detroit comes in handy. Earning just $43,000 in the Motor City puts you on the same level for earning power as someone raking in $100,000 in New York and $142,000 in San Francisco, thanks largely to housing costs [[the former is some 1,200% more expensive, the latter twice that number).
Quote:
“Our business is nowhere near what it would have been if we were still spread around the suburbs,” says Gilbert. “On top of it, the creativity, the connectivity. Our people have never been as creative as they are now. There’s a buzz.
What a dynamo he has become. What a contrast to the Manny Moroun's of the world. It seems like ages ago that he bought the Qube and began his imprint, but it is only 4 years ago. And the buzzword 'Gilbertville' seems to be enshrined in the vernacular as well as an added word in my spell check.
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