27th Letter Books, Detroit, Mich., is one of 10 semifinalists in this year's Comerica Hatch Detroit Contest, which was created in 2011, during the recession, and "has not only survived, but thrived," Model D reported. At $100,000, the grand prize is the largest ever for the initiative. Patricia Alexander, Comerica Bank v-p of business banking and Hatch Detroit board member, said the timing was right to "double down, citing the rising cost of doing business.
Bookstore co-owners Drew and Erin Pineda launched their business in June after being inspired by their travels. "Out of that came this idea of opening a bookstore, creating a space for community... and finding a way to help connect people through stories because there is such a magic to sharing our personal stories with each other, interacting with books and being in a community," Erin Pineda said.
After talking to other entrepreneurs, they were encouraged to apply for Hatch Detroit. As a fairly new business, "we were completely surprised and so thankful and grateful for the opportunity and to be in community with these other great businesses. It was really cool to see a lot of people excited about the city and about entrepreneurship," Pineda said.
Public voting began September 28 and runs until October 3. Four finalists will battle it out at the annual Hatch Off event on October 17 at The Beacon at One Woodward in downtown Detroit.