DETROIT – Do you have an idea for opening a retail business within in the city of Detroit?

Hatch Detroit is still accepting applications for its 2012 retail business through the final dead line of Aug. 1.

The company says this year's competition will continue to work toward building a strong community and creating vibrant and dynamic retail businesses in Detroit.

How to win

Those submitting applications will need to provide a summary that describes their business idea and its potential impact on the city, as well as background for each team member.

Once all the applications are submitted, Hatch will narrow down the pool to 10 applicants and the public will vote on a $50,000 winner.

The winner will also receive a package of services including legal, marketing and advertising and IT support.

Finalists will also be exposed to potential investors, collaborators and the community at large.

Nick Gorga, the co-founder of Hatch Detroit, says he and his team are excited to kick off the second year of the competition.

"The ideas are endless and the opportunity for participants is even bigger this year with the help of Comerica Bank and the generous support they've contributed to fund the next winner," said Gorga. "Being a part of the contest helps inspire entrepreneurs to pursue opening a retail business in Detroit with community support."

In addition to the competition, Hatch Detroit plans to support retail businesses in several Detroit neighborhoods with grassroots improvement projects during the next six months.

Where to apply

All applications must be submitted online before Aug. 1.

For complete submission guidelines and contest rules, click here.