1:40The Hatch Bloomington program, likened to the popular television show “Shark Tank,” invites entrepreneurs nationwide to pitch their business ideas with the condition that they establish their ventures in Bloomington. The program aims to revitalize local economic corridors and has previously garnered community engagement, evidenced by 10,000 unique public votes in the last competition cycle. The program is modeled after the successful Hatch Detroit initiative, which has supported small businesses in Detroit since 2011.

During the meeting, the program’s objectives were outlined, focusing on supporting existing small businesses, enhancing Bloomington’s appeal to entrepreneurs, and fostering partnerships among organizations that aid small businesses. The application portal for the current year is set to open on March 31st, with a winner expected to be announced by September 12th. The funding provided is intended to cover essential business startup expenses, such as legal services, permits, and rent.

17:22A discussion ensued about the program’s budgetary needs, particularly a request for $100,000 in funding, following the financial withdrawal of a previous partner, the Minneapolis Regional Chamber. The commission explored the rationale behind this amount, comparing it to similar programs in other cities, like Detroit, which also mandates a physical presence for participants. The emphasis was placed on the program as an investment in Bloomington’s economic development, supported by data from the previous year, which showed nearly 400,000 unique social media impressions and 92 published articles, contributing to an estimated earned media value of $650,000.

1:40Another discussion point was the necessity of a robust support structure for participants. The program includes workshops and boot camps to prepare entrepreneurs for the competition and the realities of running a business, such as navigating city regulations and securing financing. The program’s timeline and application process were discussed, with city staff evaluating initial submissions before narrowing the field to the top 25 candidates, who would then present their ideas to a panel of judges.

32:15The commission stressed the importance of adaptability and preparation for applicants, noting that the application process had been revised to better equip contestants for evaluation. While the program awards only one business, there is hope that multiple businesses from the top contenders will successfully launch in Bloomington. The commission highlighted plans for an alumni network to sustain connections with the local small business community beyond the program’s duration.

Further, inquiries were made regarding the progress of last year’s top contestants, revealing that some had pivoted their business ideas or secured additional support to refine their concepts. The commission underscored the significance of providing a structured framework, including assistance with the city’s permitting and licensing processes, a challenge noted in other cities.

1:40Financial discussions culminated in a motion to approve budget adjustments, with the commission agreeing to allocate between $50,000 and $90,000 for the Hatch program. Some members advocated for the full $100,000 to emphasize the program’s potential impact, while expressing optimism that additional funding could be secured through discussions with potential partners and donors.

32:15The commission also considered the legal status of the Hatch Bloomington name, noting that it currently operates under the city’s auspices without a trademark. The meeting concluded with gratitude expressed for the work on the Hatch program and anticipation for its kickoff event, with opportunities for commission members to engage further by joining the judging panel to support local entrepreneurship initiatives.