30 New Businesses Will Share NEIdeas Challenge Prize

DETROIT (WWJ) - They range from coffee roasters to lawn care services and barber shops.

Monday evening, 30 existing small businesses will be receiving $10,000 each as part of the New Economy Initiative ideas challenge.

G and C Style Barber Shop in Detroit is one winner for the idea of adding a repair service for barber clippers and sharpening tools, in addition to adding a shoe grooming service.

NEI launched NEIdeas in May 2014 to celebrate existing businesses in Detroit, Hamtramck and Highland Park and reward those with the best ideas for business growth -- the selected businesses will attend a private event.

"Small businesses and entrepreneurs have been crucial to our city for many decades – from paying taxes, to hiring local employees and being anchors for their neighborhoods," said David O. Egner, NEI Executive Director. "We were overwhelmed with the response from applicants in this first NEIdeas challenge and we look forward to casting a bright spotlight on the first 30 men, women and family-owned small businesses taking home $10,000 for their business growth ideas."

The jury process for the NEIdeas $100K Challenge will be complete this November when NEI will award a total of $200,000 to two businesses grossing between $1-5 million, for a total of $500,000 awarded between both NEIdeas Challenges.

"Growing small businesses in Detroit is central to our administration's strategy for building our economic base and creating employment opportunities for Detroiters," said Mayor Mike Duggan. "We appreciate the New Economy Initiative for being such a great partner in Detroit's revitalization."

About The New Economy Initiative 

Since 2009, NEI has awarded $85.3 million in grants, while exposing more than 63,000 individuals to entrepreneurial services, and helping to create more than 1,200 new companies and 10,300 new jobs in the Southeast Michigan economy. In addition, more than $578 million was leveraged into the entrepreneurial ecosystem through not only entrepreneurs themselves, but also through the grantees and service providers. Visit neweconomyinitiative.org