NEIdeas makes final push to solicit applicants for $100K prize before June 25 deadline

The New Economy Initiative is making one final push to attract applicants to NEIdeas, a competition that will award two Detroit-, Hamtramck-, or Highland Park-based businesses $100,000 each in prize money. The winners will also receive a suite of business services.

Now in its second year, NEIdeas aims to provide longstanding businesses in inner city neighborhoods capital to help them grow and create more jobs. Last year's winners include everything from an urban farm to a cleaning company to a pallet maker. The competition is industry agnostic with the only requirements being that the company is poised to grow.

"We're looking for the best opportunities that are innovative and can lead to accelerated growth," says Jim Boyle, senior program officer for New Economy Initiative. "We don't pretend to know people's businesses."

The deadline for the competition's $10,000 challenge has already passed, but applications for the $100,000 challenge are still open until June 25. Businesses based in Detroit, Hamtramck, or Highland Park grossing $750,000 to $5 million are eligible to apply. The NEIdeas competition received 80 applications for the $100,000 Challenge last year, and has already collected a few dozen so far. But the New Economy Initiative is still looking for more applicants to help broaden its impact on the local inner city economy.

"The more companies that apply, the more we can circle back with after the competition and offer further assistance," Boyle says.

For more information on applying, click here.

Source: Jim Boyle, senior program officer for New Economy Initiative
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.