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Rocket Companies Inc (NYSE:RKT) co-founder and Chairman Dan Gilbert gave a keynote speech to the Detroit Economic Club (DEC) on Friday focusing on the city’s revitalization.
Bill Emerson, the president of Rocket Companies, introduced Gilbert, highlighting the former's philanthropic efforts in Detroit. Emerson stated Gilbert and his wife Jennifer put more than $1 billion into the city over the past three or four years.
Gilbert discussed how he began in the real estate industry, getting his real estate license when he was 19. Gilbert spoke about Rock Financial, a company he founded in 1985 and would take public in 1998 and then later sell to Intuit Inc (NASDAQ:INTU).
Gilbert then bought back his direct-to-consumer business from Intuit in 2002. Once that happened, the company began capturing significant market share from other major mortgage lenders.
Gilbert says Rocket Companies stands out from competitors through its unique culture.
"It's really a special culture and I think that's the No. 1 reason," Gilbert said, speaking of Rocket Companies' success compared to its peers in the industry.
Gilbert and Rocket Companies found success bringing mortgage services completely online in the 1990s and early 2000s. Gilbert explained that people may have been hesitant to buy things like couches and cars online without seeing them in person, but mortgages are just numbers, so he figured if anything could have success online, it would be that.
Gilbert and DEC Chair Sandy Pierce's conversation took a more solemn tone, talking about Gilbert's late son Nick, who died from neurofibromatosis, commonly referred to as NF, in 2023. Gilbert's foundation is investing in a medical center in Detroit to help others with NF.
Read Also: Dan Gilbert To Help Fund $400M State-Of-The-Art Detroit Medical Facility: ‘We Decided To Build Something Better’
The medical center, a collaboration with the Henry Ford hospital system, will also house a Shirley Ryan AbilityLab, which focuses on neuro rehabilitation for patients who have suffered strokes and accidents. Gilbert, who had a stroke in 2019, traveled to Chicago for rehabilitation.
Gilbert On Battling Michigan’s Talent Drain: Gilbert discussed bringing Rocket Companies’ headquarters from the suburbs to Detroit, explaining that he saw an opportunity to help rebuild Detroit's downtown to better recruit young talent from across the country. Gilbert discussed the tendency of Michigan students to leave the state after college for cities such as Chicago and New York City.
"It's all about talent and talent retention," Gilbert said. "We survey our young folks almost every month and ask them what they want and need in their city."
Gilbert highlighted one area downtown that Detroit still needs to improve: public transportation. Gilbert highlighted the QLine, a train that serves a 3.5-mile strip in downtown Detroit, but said that more work needs to be done to expand transportation services in the city.
Dan and Jennifer Gilbert. Benzinga file photo by Dustin Blitchok.
