SALISBURY, MD---The first round of a five-year, $1 million program to create new jobs begins Friday, October 25, at Salisbury University as seven entrepreneurs vie for a portion of $200,000 in business funding.
Earlier this year, the Philip E. and Carole R. Ratcliffe Foundation announced the $1 million gift to SU’s Franklin P. Perdue School of Business (the largest in the foundation’s history, according to Perdue School Dean Bob Wood) to establish The Philip E. and Carole R. Ratcliffe Foundation Shore Hatchery. Its goal: to fund entrepreneurs and have new businesses opening within six months, with the potential of employing five or more within a year.
Each year for the next five years, up to $200,000 will be available for those applying for grants through the Shore Hatchery program. Shore Hatchery board of directors members select recipients based on multi-round presentations.
The seven applicants for the first round of grants compete in a Shark Tank/Gull Cage round on Friday morning, October 25, delivering elevator pitches to the judges. Those moving on the business case round, scheduled to begin at 1 p.m. in Perdue Hall’s Bennett Family Auditorium, give more thorough presentations. Winners are expected to be announced after 3 p.m.
Admission to the afternoon presentations is free and the public is invited. For more information call 410-543-6316 or visit the Perdue School website at www.salisbury.edu/perdue.