Bloomington launches retail startup-pitch competition

Entrepreneurs dreaming of opening a storefront in Bloomington now have another incentive.

Last week, the city of Bloomington, Minnesota, and the Minneapolis Regional Chamber announced the launch of Hatch Bloomington, a retail pitch competition with a $100,000 prize that aims to assist aspiring or veteran entrepreneurs in launching a brick-and-mortar store in Bloomington. The city of Bloomington and the Minneapolis Regional Chamber are raising $50,000 each for the grand prize.

Applicants can be in any phase of business development, from ideation to expansion. For-profit and nonprofit businesses are welcome to apply, though the competition is not accepting applications from franchises or food trucks.

“Whether it's an innovative concept store, a unique boutique or a visionary retail experience, Hatch Bloomington aims to discover and support the next generation of retail pioneers who will contribute to the vibrant tapestry of our region’s commercial landscape,” said Jonathan Weinhagen, president & CEO of the Minneapolis Regional Chamber in a press release.

After reviewing applications, a team of judges from the local business community will narrow the field to 10 finalists. There will be four rounds of voting with two rounds open to the community. Community members will be invited to participate in the process by casting a vote, via vote-by-text software, to narrow the field to three standout finalists over the summer. The final voting round will be in late August with the winner announced io Sept. 7.

A contestant application portal will be created in late March, where applicants can fill out a profile. The application period opens April 3 and runs through May 3. The application process includes:

Required:

Optional

The competition is based on Hatch Detroit which was founded in 2011 by Nick Gorga and has helped more than 50 businesses open storefronts in the Detroit area.