It is one thing for entrepreneurs to come up with a good idea which could become a profitable business, however it is another for a startup business to be both profitable as well as emphasize helping the community. One recent Pure Michigan Social Entrepreneurship Challenge focused on startup ideas with this emphasis. The winners of the challenge were awarded a total of $93,000 in venture capital in order to help initiate business planning and formation.
Several of the winners of the challenge came from Green Garage, which is an incubator for small businesses. The incubator was designed to help companies known as triple bottom line businesses. These types of companies emphasize economic, ecological and social impacts of their business activities. Many entrepreneurs whose aim is to improve their communities are attracted to Green Garage and the business environment it provides.
One startup which won $20,000 at the recent challenge was Fresh Corner Cafe, which plans to use the funds to expand. This small business aims to provide healthy food options to small corner stores located in underserved urban areas. The company, which has been in business for three years, won first place in the Emerging Company category in the entrepreneurship challenge. One owner of the small business acknowledged Green Garage as a significant contributor to the company's success during the challenge.
Obtaining venture capital is essential especially when a business is attempting to expand, such as in this case, or when it is in its initial business formation phase. However, it is also important that the company makes sure its business planning complies with all applicable rules and regulations in Michigan. This will help to avoid future legal problems resulting from non-compliance.
Source: Southeast Michigan Startup, " Green Garage startups excel at Social Entrepreneurship Challenge ," Jon Zemke, June 28, 2013