Applications now open for 12th
annual entrepreneurial contest
DETROIT,
Jan. 3,
2024 /PRNewswire/ -- Comerica Bank and TechTown
Detroit are gearing up for the return of the Comerica Hatch Detroit
Contest, a small business competition that awards $100,000 in startup funding from Comerica Bank to
one winning entrepreneur seeking to open a Detroit brick-and-mortar storefront. The
competition, first launched in 2011, bolsters small business
development in Detroit and will
take place over the next four months, announcing this year's
winning business in the spring.
Entrepreneurs with a retail concept looking to
open their first brick-and-mortar location in Detroit, Hamtramck or Highland Park can submit their business plans
via the Hatch Detroit website now
through Feb. 16 at noon.
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 will culminate on 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.
"As a Detroit-founded bank with 175 years of
commitment to Michigan
communities, Comerica is dedicated to supporting the development
and reinvigoration of the city's entrepreneurial growth," said
Meghan Storey, Comerica Bank Senior
Vice President and Michigan
Director of Small Business Banking. "A true amalgamation of the
American dream, the Comerica Hatch Detroit Contest go steps beyond
financial investment and directly supports these small business
owners by providing vital access to capital, technical guidance and
business counsel for them to thrive."
This year, Comerica Bank is celebrating 175 years
of serving its communities, making it Michigan's longest-serving bank. Comerica was
founded in 1849 in Detroit during
a time when all banks in the city were exclusive to the business
community. This was the motivation behind Comerica's decision to
gear its banking for the people and for those who wanted to secure
their personal and financial future. Since its inception, Comerica
has grown in Michigan and
throughout the country by focusing on the customer first and
offering personal, small business and commercial banking services,
as well as wealth management services.
Throughout its history, Comerica has partnered
with nonprofit and community organizations to improve financial
education, support critical community needs and provide colleagues
with volunteer opportunities.
"When it comes to serving entrepreneurs in our
community, TechTown has a proven track record of dedication and
success. We are proud to be doing our part in the cultivation and
reviving of Detroit's small
business development with initiatives like the Comerica Hatch
Detroit Contest," said Christianne
Malone, Assistant Vice President for Economic Development at
Wayne State University and Chief
Program Officer of TechTown Detroit. "As an established launching
pad for small businesses, Hatch Detroit continues to attract
community-minded entrepreneurs who are strengthening Detroit's small business economy, and we look
forward to continuing to help incubate the unbelievable
entrepreneurial spirit that lives in Detroit."
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).
Winner of the 2023 Comerica Hatch Detroit Contest
was Cathryn Coleman, founder and
owner of Detroit's premier
one-stop shop for balloons, decor, event planning and party
rentals, Bouncing Around the Motor City. Together, Hatch Detroit
alumni have opened 50 businesses, employ more than 500 people and
have invested more than $7 million in
their businesses.
"As a relationship-based bank, we are incredibly
passionate about our longstanding partnership with Hatch Detroit
that allows us to further assist local entrepreneurs in accessing
the capital and technical support required to get their dreams off
the ground," said Linda Nosegbe,
Comerica Bank Vice President and National Community Impact Manager.
"A value of ours is cultivating economic opportunity, and the
Comerica Hatch Detroit Contest has served as an amazingly effective
conduit for these budding entrepreneurs to find opportunity and
grow their business to the next level, contributing to the
revitalization of Detroit's small
business economy."
With this year's investment, Comerica Bank and
the Comerica Charitable Foundation will have committed more than
$1.1 million to Hatch Detroit in
direct funding since Comerica's partnership, along with additional
in-kind support that includes technical services. The program is
one of Detroit's most successful
small business incubators since it first began in 2011 with
Comerica partnering with Hatch beginning in 2012.
KEY COMERICA HATCH DETROIT DATES:
Jan. 3: Submissions begin
Jan. 18: Informational
session
Feb. 16: Submission period
ends
April 11: Top 10 announced
April 12-18: Top 10 public
voting period
April 22: Top 4 announced
May 1-9: Top 4 voting public
voting period and media tour
May 9: Winner announced at
Hatch Off
Comerica Bank, a subsidiary of Comerica
Incorporated, has served Michigan
longer than any other bank with a continuous presence dating over
174 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.
Comerica Incorporated (NYSE: CMA) is a financial services company
strategically aligned by three business segments: The Commercial
Bank, The Retail Bank, and Wealth Management. Follow on Facebook:
www.facebook.com/Comerica, X (formerly Twitter: @ComericaBank and
Instagram: @comerica_bank.
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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SOURCE Comerica Bank
