The final four of this year's Hatch Detroit competition are set to be named on Wednesday.
Voting to determine the four finalists for the second-annual competition finished yesterday. The contestants are competing for $50,000 in seed capital to open a retail location for their business in Detroit. This year's semi-finalists include some familiar names that have been growing their businesses from their homes and hope to leverage the Hatch cash to build a home for their budding businesses.
"There is a lot more experience in this group than what we had last year," says Ted Balowski, co-founder of Hatch Detroit
. "A lot of them have worked through Eastern Market
or the Rust Belt Market
(in downtown Ferndale). They have worked very hard to build up their following."
Balowski and Nick Gorga launched Hatch Detroit last year as a vehicle to champion, support and grow locally owned retail businesses. The nonprofit accomplishes this through funding its $50,000 contest, education, exposure, and mentoring. The bottom line is providing a stimulus that helps revitalize the Motor City and inspires others in the community to create change.
This year's winner will be revealed on Sept. 27. Last year's winner, Joe Posch of HUGH
, is close to opening his contemporary mens fashions store in Midtown. "He is going into the Auburn building
, which still being built," Balowski says.
Source: Ted Balowski, co-founder of Hatch Detroit
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.