Bloomington launches 'Shark Tank'-style entrepreneur competition

• More accurately, it's a spinoff of Hatch Detroit, another civic-oriented pitch contest that started more than a decade ago.

The latest: Bloomington and Minneapolis Regional Chamber started accepting pitches Wednesday. The application deadline is May 3.

Between the lines: Starting a business is costly. It's possible to string together financial help from the government, but entrepreneurs from many underrepresented groups struggle especially to access startup capital.

How it works: "Strong applications will propose a brick-and-mortar storefront presence in the city of Bloomington," the contest's website says — anything from a donut shop to a gym.

• Any U.S. citizen can apply.
• Franchisees and food truck owners are ineligible, but contest organizers will accept applications from existing businesses looking to expand.

What's next: A committee of city leaders and chamber appointees will review the applications and then hold several rounds of voting to winnow the field.

• The public will also get a chance to participate in later rounds using "vote-by-text software."
• The winner will be crowned in September.