Milford’s Economic Development Department, The Milford Bank, the Milford Regional Chamber of Commerce and a host of local businesses are collaborating on a course to assist entrepreneurs in launching their ideas and working through the “next steps” in progressing the initial stages of their respective businesses.
The course, dubbed StartUp Milford, will be offered over a 10-week period, with each week dedicated to a different educational component ranging from developing business plans, legally setting up corporate entities to securing financing and marketing. The course will wrap up with an opportunity to pitch your idea or product to a panel of “investors” acting as judges.
The public pitch will be held at Tribus Beer Co. on June 3 with local brewery entrepreneur Sean O’Neill acting as an investor and judge. Other judges include Thomas Bach, president of OEM Sources, LLC; Jim Betzig, CEO at TrinityPoint Wealth; Carol McInnis, founder of McInnis Companies; Elena Fusco, owner of Bin100; and Tina DeNapoles, cofounder of Tranquility Mind & Body Wellness Spa.
“We have an ecosystem of entrepreneurship in Milford,” said Community and Economic Development Director Julie Nash. “This program is a unique opportunity for folks to perfect their ideas and take advantage of the tutelage from our talented community.”
At the end of the course, each participant will be eligible for a small business, low-interest loan of up to $5,000 from The Milford Bank to support the new business, subject to bank guidelines.
“Almost 150 years ago, The Milford Bank was established to serve the financial needs of the communities we serve,” said Susan Shields, president and CEO of The Milford Bank. “That commitment has not changed. What better way to honor that commitment than co-launching a program designed to develop tomorrow’s business leaders? It is part of our mission to partner with local businesses to help them succeed. We’re proud that our local focus allows us to support local people and businesses realize their goals and that ultimately leads to a stronger community.”
StartUp Milford will accept up to 20 applicants. These participants will graduate from the program on “Pitch Night” and the winner will be announced that evening. The pitch winner will receive a $500 reimbursable grant for business-related startup costs from The Milford Bank, a $500 grant from TBNG Consulting, a $500 grant from TrinityPoint Wealth, free consultation services from each class presenter for one year, and a free full membership to the Milford Regional Chamber of Commerce for one year.
“The Chamber is excited to be a partner in StartUp Milford; studies consistently link entrepreneurship with job creation and GDP growth. StartUp Milford is a great program for those with an idea and a passion that they want to turn into a viable business,” said Pam Staneski, the chamber’s executive director.
Applications are available on the City of Milford website under the Economic and Community Development page. Follow the link on the right to StartUp Milford. The application is in Google Form and is due by 11:59 p.m. on Sunday, March 15. Reach out to Julie Nash at jnash@milfordct.gov or Cassandra Schull at cschull@milfordct.gov or call 203-783-3230 with questions.
Classes will be held at the depot behind The Milford Bank at 33 Broad St. from 6 p.m. to 8 p.m. on Wednesdays from April 1 to June 3. Applicants must commit to and attend all classes to be eligible.