Representatives from TechTown Detroit and Comerica Bank will host an open information session for entrepreneurs interested in applying to the Comerica Hatch Detroit Contest, a small business competition that awards $100,000 in startup capital and business support to one winning entrepreneur.
Since 2011, the contest has aimed to promote small business economic development in Detroit by providing funds and resources to help one lucky entrepreneur open a brick-and-mortar location in Detroit, Highland Park, or Hamtramck.
“This informational session will assist entrepreneurs, offer opportunities to ask questions and guide interested participants,” said Christianne Malone, Assistant Vice President for Economic Development at Wayne State University and Chief Program Officer of TechTown Detroit. “TechTown, through our programs like Hatch Detroit, walks alongside small business owners through their journey to launch a storefront location, and this valuable presentation can help those applicants gain a greater understanding of the entire process as well as how to build an overall business plan.”
This free informational session, presented in a question-and-answer format, allows entrepreneurs to ask their most pressing questions about the contest, eligibility and the application process.
The event takes place on Thursday, Jan.18, from 6 to 7:30 p.m. at TechTown Detroit (440 Burroughs St.) in Detroit. Participants can also join the session via Zoom. To register, sign up in advance at hatchdetroit.com/events.
The small business contest includes two rounds of public voting to determine the Top 10 and Top 4, allowing the community to vote for their favorite business to win the $100,000 grand prize from Comerica Bank as well as a business support package from TechTown Detroit and its partners.
The contest culminates Thursday, May 9 with the annual “Hatch Off” where the Top 4 entrepreneurs present their business plans in front of a panel of expert judges and live audience and the winner is announced.
Beyond the competition, Hatch Detroit provides funding, exposure and mentoring in support of its alumni entrepreneurs. Together, Hatch Detroit alumni have opened 50 businesses, employ more than 500 people and have invested more than $7 million in their businesses. Over the years, the Comerica Hatch Detroit Contest has helped launch some of Detroit’s most successful and well-known businesses, including 27th Letter Books (2019), Baobab Fare (2017), Meta Physica Massage (2016), Sister Pie (2014), and La Feria (2012).
Since Comerica and Hatch Detroit’s partnership began in 2012, Comerica Bank and the Comerica Charitable Foundation have contributed more than $1.1 million to Hatch Detroit in startup funding to support the winners of the annual neighborhood retail competition, as well as direct organizational support funding to Hatch Detroit.
For additional information on submitting a business proposal to the Comerica Hatch Detroit Contest or attending the Q&A informational session, please visit hatchdetroit.com.
Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating nearly 175 years to its Detroit founding in 1849. It is the largest bank employer in metro Detroit and has approximately 4,500 employees (FTE) statewide. With one of the largest banking center networks in Michigan, Comerica nurtures lifelong relationships with unwavering integrity and financial prudence. Comerica positively impacts the lives of Michigan residents by helping customers be successful, providing financial support that assists hundreds of charitable organizations, and actively participating in Detroit’s downtown revitalization.
TechTown Detroit, Wayne State University’s entrepreneurship hub, is a nonprofit business service organization that provides programs, education and resources for early- to growth-stage small businesses and tech entrepreneurs. By building bridges for entrepreneurs to succeed, TechTown is accelerating an inclusive economy for Detroit and Southeast Michigan. Since 2007, TechTown has supported more than 6,090 companies, which created 2,277 jobs and raised more than $406 million in startup and growth capital. For more information, visit techtowndetroit.org.
Hatch Detroit supports both existing and new retail initiatives in the cities of Detroit, Hamtramck and Highland Park. Hatch Detroit was founded in 2011 to give residents and aspiring entrepreneurs an opportunity to have a voice in neighborhood retail development and joined TechTown Detroit’s suite of entrepreneurial programs and services in 2022. Beyond the contest, Hatch Detroit provides funding, exposure and mentoring in support of its alumni entrepreneurs. With support from Hatch Detroit, 50 alumni have opened businesses. They employ over 500 people and have invested over $10 million in economic development. To learn more, visit hatchdetroit.com.
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