Northern Michigan is one of the most livable regions in the country — a place where people increasingly want to build a life, not just visit one. The question has always been whether the local economy could support that ambition year-round.
Founded in Traverse City in 2018, 20Fathoms was built to answer that question. As a nonprofit technology accelerator, it supports founders and tech professionals through co-working space, a startup incubator, mentorship, and programming designed to help entrepreneurs build companies worth staying in Northern Michigan to run. To date, more than 200 companies have been served, 350 jobs created or sustained, and $248.8 million in startup and growth capital raised in the region.
Eric Roberts, Executive Director of 20Fathoms, describes the mission plainly: “If we can help grow and sustain technology-based jobs — good family-sustaining jobs that are here year-round — then not only do we keep those tourism businesses busy in the wintertime, but we also can grow an economy that pays taxes in the local area and contributes to other nonprofits.”
What makes the 20Fathoms model work, Eric believes, is something harder to replicate than programming or capital access. “In rural, kind of we all win. There’s limited resources, but there’s also kind of an unlimited supply of friends or people who want you to be successful.”
Honor Bank has been a partner in that work since 2023. In Eric’s words: “We’re a nonprofit. We can’t do any of the services I’ve described without the support of the community, in particular Honor Bank.” To learn more about 20Fathoms and the entrepreneurs building the next chapter of northern Michigan’s economy, click through to view the full video.
