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Why sneakerheads are leaving eBay for Detroit startup StockX
Buying a pair of new rare sneakers is harder than reselling them on StockX. To buy new, the Yeezy or Jordan gods have to smile upon you, giving you that winning raffle ticket at a local store or letting you beat the bots online. To resell, all you have to do is go to the StockX website and set a price. You don't take photos or haggle with potential buyers. Instead, you look at what price the shoes are selling for and list your pair at whatever amount you think someone will pay for them. Like a stock exchange, buyer and seller identities are kept from one another. StockX acts as a middleman, only releasing payment once it verifies that goods are authentic. It's this simplicity that has helped the company earn so many loyal users. StockX was founded in 2015 after Quicken Loans founder and CEO Dan Gilbert bought Campless -- an online repository for sneaker sales data -- from Josh Luber. As part of the purchase, Luber moved from his native Philadelphia to the Detroit metro area, taking up the mantle of StockX CEO and working from Gilbert's One Campus Martius building downtown. In a little under three years, the company has become the go-to source for buying rare high-end shoes and streetwear.
Michigan's manufacturing past is fueling its tech future
Michigan's struggles have played out on the world's stage. Just after the turn of the century began what's referred to as the state's lost decade; the economy faltered, oil prices skyrocketed and the housing market crashed. Nearly a million jobs left the state between 2000 and 2013, many of them in manufacturing and the automotive industry. For a state of just under 10 million people, the impact was devastating: Unemployment was higher than the national average by more than four percent. Bailouts for Chrysler and General Motors were followed by Detroit's record-setting municipal bankruptcy, but through grit and determination, Michigan started clawing its way back from the brink. Now multimillion-dollar investments in the city from tech titans like Amazon, Facebook and LG make headlines with startling frequency, and a host of tech startups have begun to fill the gaps left by plant closures.
