Skip to main content

Food biz incubator Mess Hall kicks off with entrepreneur competition

D.C.’s newest culinary incubator project is looking to drum up interest with a new business accelerator competition.

Mess Hall, which I wrote about in May, is a 10,000-square foot shared commercial kitchen in Brookland that will include an event space, offices and other tools to help get culinary businesses off the ground. But first, founder Al Goldberg is putting together a contest called Launch Pad to reward one worthy entrepreneur.

Mess Hall is accepting applications for contestants and will select four finalists to make pitches to a panel of judges at an event in late September. The winner of Launch Pad will receive a six-month, all-access membership to Mess Hall, as well as mentoring opportunities, branding and distribution consultations as well as tax, web design and other advice.

They will also receive the opportunity to raise up to $500,000 in funds through EquityEats, a new D.C.-based crowdfunding model geared toward restaurant and bar businesses that will reward backers with stock in the new venture, rather than the free T-shirts or exclusive event rewards that are typical of crowdfunding sites such as Kickstarter or Indiegogo.

Equity crowdfunding is a new concept made easier by the JOBS Act of 2012, which for the first time allows non-accredited investors — those worth less than $1 million or with household income of less than $200,000 — to buy stock in the offerings. But the Securities and Exchange Commission is still writing the rules that will govern equity crowdfunding. Even without the rulemaking, EquityEats intends to work with the Launch Pad winner on funding, as there are existing exemptions that can be filed with the SEC to allow a certain amount of investment from nonaccredited investors.

EquityEats CEO Johann Moonesinghe will be among the judges in the Launch Pad contest. After all, EquityEats also has a vested interest in seeing the winning concept succeed, given that the winning business could be among the first funded by its equity crowdfunding model.

Of course, there are no guarantees that EquityEats can raise $500,000 for the winner, but the crowdfunder plans to “tap into all the resources we have” to help make it successful, said Steve Lucas, the company’s vice president for strategy and communications. In addition, Moonesinghe himself plans to invest personally in the business chosen through Launch Pad.

The two concepts — one a budding incubator of local food businesses and one a mechanism for funding the same — are a natural fit for one another. The plan to team up on the contest actually came together in a matter of weeks, after Goldberg was introduced to EquityEats at a business networking event in June.

“Mess Hall is so in line with what wanted to do anyway,” Lucas said. “It was the first time we really thought about our position in the food and beverage business ecosystem.”

If the name has a familiar ring to it, that’s because a similar contest of the same name was held by the Ballston Business Improvement District earlier this year. The BID’s LaunchPad also in the past conducted a contest for tech ventures.

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story