Frequently Asked Questions
MY BUSINESS ISN’T A TRADITIONAL “STOREFRONT” OPERATION. DO I QUALIFY FOR CHAIN REACTION?
Yes. We are looking for a variety of business types for this project. The most important characteristics of target businesses are the opportunity to scale and grow, the potential to create jobs and investment in the target neighborhood.
WHICH CLEVELAND NEIGHBORHOOD WILL BE SELECTED?
In 2022, all City of Cleveland neighborhoods will be engaged in Cleveland Chain Reaction to ensure our CDCs can work in collaboration with businesses to find the ideal location.
WHAT IF I DO NOT WANT TO OPEN MY BUSINESS IN THE CITY OF CLEVELAND?
Cleveland Chain Reaction was created to create jobs, investment and prosperity in Cleveland’s neighborhoods. Thus, we are asking that applicants already have business operations in the City of Cleveland or that they have an interest in locating their business in Cleveland.
HOW MUCH WILL BE INVESTED IN MY BUSINESS?
This year's program will be structured as a pitch competition with cash prizes being awarded to our winners. Our first place winner will receive $40K, our two second place winners will receive $20K each, and our three third place winners will receive $10K each.
WHAT KIND OF HELP AND SUPPORT WILL BE AVAILABLE TO ME THROUGH THIS PROJECT?
The producers of this project and our partners in the entrepreneurial ecosystem bring a broad network of resources of all kinds to the project. To the extent possible, our goal is to extend those networks and resources to the project participants in support of your efforts. Additionally, our 20-25 semi-finalists will all be paired with a mentor and will go through a Business Bootcamp designed to ensure your business is prepared to pitch. Your success is ours!
WILL I NEED TO PROVIDE EQUITY, ROYALTIES OR COMMISSIONS TO THE CHAIN REACTION PROJECT?
No. The producers of the project are supporting this work for its value to the community. There is no payment or compensation provided to them by the investors or the participating businesses.