‘Shark Tank’-like business challenge to launch in Bridgeport
BRIDGEPORT — Do you have an idea for a new business, but lack the expertise and the capital to get started?
A coalition of institutions is launching a competition to provide $500 to $5,000 grants to the top 10 entries in what is being dubbed “The Bridgeport Business Challenge”
Think of it as a tamer version of the “Shark Tank” reality show on ABC.
“It’s basically a competition for either start-up businesses that are brand new or existing businesses that want to expand in some kind of way,” said Lauren Coakley Vincent, who heads the Downtown Special Services District that markets and promotes that neighborhood.
The grants will come from a pot of $50,000. The district is one of 15 sponsors, including the Bridgeport City Council, which is contributing $25,000 worth of federal coronavirus relief aid for the initiative.
Mike Roer, of the nonprofit Entrepreneurship Foundation Inc. and operator of a downtown bookshop, is credited with the idea. The foundation has for several years hosted semi-annual business plan competitions for Connecticut college students and Roer suggested something similar for people looking to open a small business in the city.
“The purpose of the Bridgeport Business Challenge is to grow the local economy and provide new jobs through new or recent startups,” said Roer said in a statement. “Most new jobs are created by small companies.”
Bridgeport City Councilman Scott Burns, who is also involved in the effort, said, “Part of the thinking had to do with people had their routine job, and then it disappeared because of COVID and then, they’re like, ‘Let’s give it a shot and try something new.’”
Proposals are due Oct. 13 at Back-Offices.com/Bridgeport.
Before that, however, the coalition is sponsoring events to help applicants fine tune and present their ideas.
There will be a Sept. 14 information session at 6 pm. at the University of Bridgeport’s Cox Student Center, then a Sept. 29 training session on completing the application from 6 p.m. to 8 p.m. at MOCO — a co working space — on State Street.
Finalists will be notified Oct. 15 and then, Oct. 19, from 6 p.m until 8 p.m. will be able to participate in an online practice pitch session before doing the real thing Oct. 20, 6 p.m. to 8 p.m.
A panel of judges who will divvy up the $50,000.
“It’s intended to offer certainly the experience of applying and pitching in front of a room full of stakeholders and investors,” Vincent said. But, she added, the hope is to also help participants build connections to resources.
“It’s not a ton of money and people have to commit to it and go to the workshops and do the work,” Burns said. “But they’re going to get a lot of advice from some really good people”
Anyone with questions can email Roer at Roer@EntrepreneurshipFoundation.org or visit entrepreneurshipfoundation.org/bpt.