Budding retailers can refine business plans and assemble other materials for the Hatch Detroit contest's third year, Amy Haimerl reports in Crain's.
On June 3, Detroit-based nonprofit Hatch Detroit will begin accepting entries from aspiring entrepreneurs who want to open a retail location in the city. The winner will walk away with $50,000 plus consulting services to help start a business.
"Even a yoga studio is retail for us because goods are exchanged," said Vittoria Katanski, executive director of Hatch Detroit. "The coolest part about Detroit is that we need everything."
Entrants need a detailed proposal, business plan, budget and community support. When 10 finalists are picked, the public votes via social media and at gathering laces such as Eastern Market. "The final four favorites then are grilled about their businesses by a panel of Hatch Detroit experts before they announce a winner," Haimerl writes.
Last year's winner, La Feria Tapas, plans to open this summer on Cass Avenue. The three partners also got support from Invest Detroit and the Detroit Development Fund.
The 2011 winner, a men's lifestyle boutique called Hugh, opened a permanent site on Cass last November.
Requirements and rules are posted at this site, where submissions will be accepted from June 3 to July 13.
