Downtown Cedar Rapids, in partnership with the Cedar Rapids Metro Economic Alliance, has officially launched the latest version of “Race for the Space,” a competitive opportunity designed to help a new or growing entrepreneur establish their business in the core of downtown.
The winning business will receive six months of provided rent, entrepreneurial expert support, and connections to local business mentors, resources, and promotion.
Applications open May 8 and close June 30 at 4 p.m.
Interested entrepreneurs can learn more and apply at raceforthespaceCR.org.
KETO Kitchen won the inaugural “Race for the Space” in 2022.
“’Race for the Space’ is about more than filling a storefront – it’s about investing in people with big ideas and helping them succeed downtown,” said Downtown Executive Director Caleb Knutson. “We’re excited to open the door to opportunity and support a new or emerging entrepreneur as they grow in the heart of our city.”
“Race for the Space” is open to any for-profit business (new or early-stage) willing to locate in downtown Cedar Rapids.
Entrepreneurs must be at least 18 years old and may reside anywhere in the U.S. Multi-level marketing companies are not eligible.
Complete rules and eligibility details are available on the website at raceforthespaceCR.org.
The competition includes two phases: the application phase, after which finalists will be notified by July 11 and must confirm participation by July 16, and the Live Pitch Night Aug. 13, at which finalists will present their business ideas live.
A panel of judges will select the winner, announced that evening. More details on the event will become available soon.
In addition to launching their business downtown, the winning entrepreneur agrees to:
- Attend monthly business education classes or workshops
- Meet with an assigned mentor each month
- Provide basic financial reports and regular updates
According to a release, the goal of “Race for the Space” is to set the winning business up for long-term success with the right space, connections, and support.
Race for the Space is a project of Downtown Cedar Rapids and the Cedar Rapids Metro Economic Alliance, focused on downtown vitality and entrepreneurial growth.
