Savory Fund has a million dollars burning a hole in its pocket, so it's decided its gonna give away $1 million. Kinda.
Specifically, Savory Fund is the "hot-as-a-pistol" $200 million Food & Beverage focused investment arm of Cottonwood Heights, Utah-based venture capital firm, Mercato Partners,
And yesterday Savory quietly announced on LinkedIn what it calls "Million Dollar Restaurant Launch."
To be clear, the winner gets a straight-up, $1 million cash equity investment for the purpose of helping the selected entrepreneur/restauranteur to take her/his concept, flesh it out, and get it off the ground.
In simplest terms, we're talking about
- Design,
- Development,
- Site selection,
- Construction,
- Branding,
and more.
In other words, Savory will leverage its 60+ industry veterans to vet applications to determine which one it believes has the best chance of transforming a mere idea into Restaurant Rock 'n Roll.
Anyone interested in learning more should visit the Million Dollar Restaurant Launch website here.
Turns out that entries are open until December 15, 2021, but are limited to only one entry per person.
Twelve finalists will be selected/announced on January 18, 2022, for in-person interviews in Salt Lake City, with costs for travel and accommodations covered by Savory.
And the winner and winning concept will be announced on Corporate Tax Day (March 15, 2022).
Savory Fund's Managing Director, Andrew K. Smith, provides a fun overview of the company's plans for Million Dollar Restaurant Launch in the intro video below.
Sounds to me like this could be really crazy.
