September 23, 2024 - 11:30 am
New resources are now available to entrepreneurs in Northwest Michigan
20Fathoms introduces new programming; expands to Petoskey, Manistee, and Cadillac
Vernon LaLone is a scientist and entrepreneur who grew up in Elk Rapids but started his career far away from Northern Michigan, including a period spent working in London. Today, Vernon is back in the area where he is running his own startup company, Wave Lumina, which provides rapid testing technology to detect PFAS contamination.
This fall, 20Fathoms is significantly expanding their offerings and service area to help more entrepreneurs like Vernon achieve their dreams of launching a startup business in Northwest Michigan. The nonprofit startup incubator and resource center has been operating in the Traverse City area since 2018, but is now also serving Petoskey, Manistee, Cadillac, and all of Northwest Lower Michigan. All services are no-cost thanks to grant support.
“It’s an important time for Northwest Michigan and providing extra support for entrepreneurs is essential,” said Delaney Keating, Director of Entrepreneurship & Commercialization at 20Fathoms. “Alongside our collaborative partners throughout the area, we are able to not only provide additional resources today, but are designing even more to roll out in 2025.”
New funding, programs, and resources for entrepreneurs
- Small business grants: 20Fathoms and Venture North have teamed up to provide a total of $45,000 in small business grants to startups in Northwest Michigan. Application deadline: Oct. 6. Designed for innovative and scalable startups, these grants are highly competitive and will be awarded to 8-12 small businesses for an average of $4,500 each. Additional rounds of small business grants will be awarded in 2025.
- Startup bootcamps: These multi-day programs help entrepreneurs take great strides to turn their idea into a business. Surrounded by both supportive peers and startup experts, participants learn practical skills to achieve their goals, including goal setting, financial planning, and marketing. 20Fathoms is hosting two bootcamps in the next month – one specifically for Native American entrepreneurs, and the other is open to all aspiring entrepreneurs and early-stage founders in the region.
- Workshops: These monthly 1-2 hour events are interactive sessions where participants learn tips on a specific topic that they can put into action immediately. The next workshop is happening Oct. 1 and participants will learn how to create and deliver a compelling pitch deck.
- Startup Coaching: Entrepreneurs can meet with a 20Fathoms startup coach who will help them identify their priorities, next steps, and get unstuck. Meetings can be held in person or virtually and allow entrepreneurs an opportunity to talk through their challenges and get advice on how to achieve their next milestone.
- Pitch opportunity for women entrepreneurs: On Nov. 19, 20Fathoms will host a TCNewTech pitch competition exclusively featuring female-founded companies. Those interested in pitching must apply by Oct. 11. Those selected will compete for cash awards and startup support before a panel of judges and a supportive live audience.
- 1:1 consultations: For those who are not sure where to begin or what resources they need, 20Fathoms offers 1:1 consultations with our Client Engagement Manager. During these calls, entrepreneurs can share a little background about themselves and their business and then receive suggestions for resources that meet their unique needs.
“Without the support of 20Fathoms, I probably would not have started Wave Lumina in Traverse City,” said Vernon. “The technology aspect of 20Fathoms and the networking opportunities create an amazing complimentary startup ecosystem to other local startup support organizations here in Traverse City. It’s a dream come true for me – I never imagined I could do this up here in Traverse City.”
The expanded fall programs at 20Fathoms have been made possible in part with support from Honor Bank.
This project is being supported, in whole or in part, by federal award number [SLFRP0127] awarded to 20Fathoms by the U.S. Department of the Treasury.