Selection Process & Application

Timeline

  • Applications are accepted and reviewed on a rolling basis.

Eligibility

  • Maker business - You design and/or produce the products that you sell.

  • An existing for-profit business generating a minimum of $2,000/month in sales or $24,000/year*

  • Willing to live on-site at the Makerhoods residences in Newark

  • Able to commit to working full-time on your business**

  • One business per applicant

  • Legally incorporated business with all applicable licensing and permits

  • Must have business insurance

  • Majority business owner must be 21-years or older as of the application due date

  • Business owner is a legal resident or citizen of the U.S. 

  • Preferred Applicant:

    • Current or former Newark resident

    • Household income at 50-80% AMI

    • Business owner from traditionally underrepresented demographics

**Revenue exceptions may be made for certain businesses. If you have any questions, please contact us at info@makerhoods.com.

**Or has a plan to meet Live/Work expectations (see below under the Expectations section).

We strongly encourage all eligible individuals to apply regardless of race, color, religion, national origin, ethnicity, gender identity, marital status, familial status, sexual orientation, occupation, income status, or disability.

Evaluation

Makerhoods selection committee will review complete applications through the lens of five main criteria:

  • Entrepreneurial mindset. We are looking for Makers who have an entrepreneurial mindset, as defined as being self-starting, future-thinking, able to overcome barriers, determined, and have good follow-through.

  • Business model. The business should have the potential to provide the business owner with a living wage (and beyond). The business owner should have a vision to get there. 

  • Traction. We are looking for Makers who have been generating sales (online, at markets, informally, etc.), who can demonstrate proof of business concept and market demand. They should have a consistent monthly revenue of $2,000/month or $24,000/year.

  • Potential for impact. We are looking for Makers in which Makerhoods will have a significant positive impact on the Maker and/or their family.

  • Community-oriented. We are looking for Makers eager to develop as business owners and grow their businesses within a like-minded entrepreneurial community.

Application

The application asks questions and requires documents typical to a business plan, as well as additional questions to get to know you and your business. Successful applicants will move on for an in-person interview. Below are the open-ended questions and documents we will be asking.

Questions:

  1. Please submit a 1-2 minute video explaining why you would like to be a tenant in Newark Makerhoods, your business vision, and how being a resident of Newark Makerhoods would positively impact your business.

  2. Please describe your business, mission, and the need you are addressing. (300-word limit)

  3. Who are your competitors and how are you different from them? What makes your business unique? (300-word limit)

  4. What is your target market or who is your target customer? (300-word limit)

  5. How do you promote your business? (300-word limit)

  6. How does your business make money? In other words, what is your business model? How much do you charge for your products, how much does it cost you, and what activities are required to produce your product? (300-word limit)

Documents:

  1. Proof of business - Federal EIN and NJ State registration

  2. Proof of insurance - Certificate of insurance

  3. Prior revenue and projected revenue - Tax statements, P&L statement