The Issue: Social Entrepreneurs Lacking Capital
Social entrepreneurs recognize social problems and use entrepreneurial principles to organize and manage a venture that aims to create change, measuring its performance in positive returns to society. Many social entrepreneurs start their businesses with nothing but an idea. Early growth requires capital, though, and microloans often help give entrepreneurs their start.
The Campaign: Supporting Social Entrepreneurs' Endeavors
If 50 people donate $10, then TechTown can provide a grant to the winner of the Startup SOUP pitch competition, along with admission fees and five workshop vouchers for TechTown’s entrepreneurial training. Each additional $500 raised will provide a grant to another Startup SOUP winner.
Startup SOUP helps social entrepreneurs achieve their business ideas through microfunding. Entrepreneurs present their businesses to the crowd in five-minutes, then answer questions. Attendees then eat soup and vote for their favorite startup. The winner will receive a $500 grant along with workshop vouchers for entrepreneurial training through TechTown.
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TechTown works to revitalize Detroit’s entrepreneurial culture by funding business growth. It helps connect small businesses with talent, locations, capital, and potential customers. By incubating and accelerating new businesses, TechTown aims to stimulate the city’s overall economic outlook and fuel job creation among its residents. Partnering with Wayne State University, the organization also provides entrepreneurs with access to research and technology.