Detroit City Wire

TechTown Detroit and Comerica Bank have announced the return of the Comerica Hatch Detroit Contest by TechTown. This small business competition offers $100,000 in startup funding and support services to an entrepreneur planning to open a brick-and-mortar storefront in Detroit, Hamtramck, or Highland Park. The contest, initiated in 2011, aims to foster small business growth in these areas over four months, culminating with the announcement of the winner in June.

Applications for the contest opened on March 3 and will close on April 4. Entrepreneurs with retail concepts seeking their first physical location in the designated areas are encouraged to apply via HatchDetroit.com.

"Detroit’s small business community is built on the strength of its entrepreneurs," said Christianne Malone, Assistant Vice President for Economic Development at Wayne State University and Chief Program Officer of TechTown Detroit. "We strive to inspire and cultivate Detroit’s small business development through top-notch entrepreneurial resources, financial support, and valuable partnerships."

Information sessions for potential applicants are scheduled for the week of March 17. The contest involves two rounds of public voting to determine the Top 10 and Top 4 entrepreneurs, enabling community involvement in selecting their preferred businesses.

The event concludes on June 11 with the annual Hatch Off, where finalists present their plans to judges and a live audience. The winner receives a $100,000 prize package that includes additional support from TechTown Detroit.

Comerica Bank has increased its financial commitment alongside Comerica Charitable Foundation this year to $200,000—a $50,000 increase from previous years—to enhance their impact on Detroit's small business economy.

"Comerica Bank was founded in Detroit more than 175 years ago," stated Meghan Storey, Comerica Bank Senior Vice President and Michigan Director of Small Business Banking. "We remain dedicated to supporting the city’s entrepreneurship and the development of small businesses that make up the lifeblood of this community."

Comerica also provides technical services during the contest. Since 2019, they have offered a $100,000 grand prize for winners and will continue this tradition while adding further financial contributions this year.

"Working closely with small businesses," Storey added, "we see extraordinary entrepreneurs rich in ideas and passion who have dedicated their lives to launching and growing a business but remain in need of resources and mentorship."

Including current contributions and grants, Comerica Bank along with Comerica Charitable Foundation have invested over $1.3 million into Hatch Detroit since supporting it from 2012.

Last year marked TechTown's two decades as a crucial incubator for local businesses. In 2022, Hatch Detroit became part of TechTown's entrepreneurial initiatives aimed at revitalizing neighborhoods through new retail ventures.

Hatch Detroit alumni have successfully launched storefronts across various neighborhoods such as Craig’s Coffee (Midtown) and Sepia Coffee Project (Highland Park). These businesses are part of over fifty enterprises established by past participants employing more than five hundred people collectively investing over seven million dollars locally.

Key dates for this year's contest include:

- March 3: Application opening

- Week of March 17: Information sessions

- April 4: Application deadline

- April 14: Notification for Top 25 contestants

- May 15: Announcement of Top 10 contestants

- May 16-23: Public voting for Top 10

- May 27: Announcement of Top 4 finalists

- June 2-11: Public voting for Top Four

- June11 : Winner declared at Hatch Off