Two Opportunities for $50,000 for New Business in Michigan

By Amanda Lewan on July 6th, 2015 / Comments

It’s not all the time you can apply for a big financial boost. Now, there are two summer contests looking to award $50,000 to entrepreneurs opening shop in Michigan.

The well loved Comerica Hatch Detroit contest, which awards $50,000 for one retail business to open up shop in Detroit, has just a few weeks left for applications. Comerica’s Hatch Detroit, with presenting sponsor Opportunity Detroit this year, has an open call for business plan submissions until 11:59 on July 24th. Previous winners have opened a retail location in different neighborhoods of the city, such as last year’s Sister Pie in West Village Detroit. You’ll want to have strong plan to make it to the top ten round, where social media voting begins to take the lead to help choose the winner.

Now, a second competition has opened up on the west side of the state inspired by the success of Hatch Detroit. Called the Momentum Business Plan Competitionthe goal is to demonstrate that small towns like Ludington can also be a prime environments for small businesses to grow and thrive.  This new contest will award one entrepreneur $50,000 to start (or relocate) an early-stage business in West Michigan’s Mason County.

“This is an incredible opportunity for one entrepreneur to earn significant capital to bring an early-stage business idea to life,” said John Wilson, chairman of the Momentum board, CEO of Western Land Services, and chairman of the Pennies from Heaven Foundation that is funding the $50,000 contest award. “In addition to providing financial resources, the program offers invaluable mentoring to expedite the startup phase and increase the likelihood of success – all in the business-friendly environment of Mason County.”

Hosted by the Ludington & Scottville Chamber of Commerce, the Momentum Business Plan Competition is open to any eligible for-profit or non-profit venture with a viable business idea, plan or invention; or an existing organization or company with less than $100,000 in sales or revenue annually. To apply submit a business plan to momentumstartup.org before July 31, 2015

With the Momentum Business Plan Competition, all finalists will be chosen to pitch their ideas before a panel of judges and public audience on Thursday, Aug. 20, 6 – 8 p.m. at West Shore Community College.  Similar to “The Voice”, contestants will receive a coach to help them prepare for each stage of competition, and the finalists will have business mentors from the Ludington & Scottville Area Chapter of SCORE (a national nonprofit dedicated to helping small businesses and entrepreneurs) to help them prepare for Presentation Night. If you don’t win it sure sounds like you’ll get great practice perfecting your plan and pitch.

Learn more about Hatch Detroit

Learn more about Momentum Business Plan Competition

About the Author

Amanda Lewan

Amanda Lewan

Editor @michipreneur. Co-founder Bamboo Detroit. Follow me @Amanda_Jenn. I love telling the story of entrepreneurs and innovators.