Entrepreneurs have until Aug. 1 to submit retail business ideas for Comerica Hatch Detroit contest
An Aug. 1 deadline is approaching for entrepreneurs with an idea for a Detroit-based retail business to compete for $50,000 in funding.
The contest organizer, Comerica Hatch Detroit, will reduce the hundreds of applications submitted to 25. Those 25 will be submitted to businesspeople, who will reduce that to 10.
Then, the public votes to see who receives the money.
"We're putting the best of the best out there," said Vittoria Katanski, executive director of Hatch Detroit.
The competition awards $50,000 to an idea for a Detroit retail business and provides the winner and semifinalists support from Hatch staff.
This year's applications are up about 30 percent from the same time last year, Katanski said. Last year's applications totaled in the hundreds.
Bakeries, bike shops, apparel stores and restaurants are some of the more common ideas that have been submitted, Katanski said.
"What we'd like to see is adding to the momentum of what is already going on in certain areas," she said.
Midtown, for instance, is growing.
Comerica Bank is funding the second year of Hatch Detroit. The contest began accepting applications June 1.
Last year's winner was Hugh, a home-furnishings shop with a classic bachelor-pad style. Joe Posch, who came up with the idea, plans to open a permanent location in Midtown this fall.
Posch gained experience in the market with two previous "pop-up" stores.
Nonprofit Hatch Detroit was founded by Ted Balowski, an account executive at CareTech Solutions Inc., and Nick Gorga, a lawyer at Honigman Miller Schwartz and Cohn LLP.
To submit a business plan, applicants must provide a summary that describes their idea and its potential impact on Detroit, as well as background for each team member. For complete submission guidelines and contest rules, visit hatchdetroit.com.