Revamped Race for the Space returns to downtown Cedar Rapids

The application window has opened on a revamped contest offering incentivized downtown rent to a small for-profit business in Cedar Rapids.

The Race for the Space — a project of Downtown Cedar Rapids and Metro Economic Alliance — brings six months of free rent and a year of mentorship. The program is geared at downtown vitality and entrepreneurial growth.

“The Race for Space is a great way to support new businesses and get people to use the downtown area,” said Caleb Knutson, Downtown District Executive Director with Downtown CR. “Startups can be hard, so we are excited about giving businesses the best foot forward. We partner with the Senior Corps of Retired Executives (SCORE) to ensure longevity in a tough economy and provide connectivity and tools for long-term existence.”

Applications are open and due by 4 p.m. on June 30.

The owner must answer 12 questions as part of the application, including key benefits and features, the problem being solved, products or services, goals, expenses, and support. A review committee will review applications and invite finalists to an in-person pitch event. Teams have 15 minutes to pitch in person, followed by 10 minutes of questions by the judges. The winner will be announced at the event.

The program began in 2022 and included seed money and build out support. Started in 2022 by Knutson’s predecessor, the program is based on a similar one in Ithaca, NY, that provided the CR program with a strong foundation. In this year’s event, Knutson has added guest judges, an application matrix that is local, area, and statewide, and recognizable names and backgrounds who are known at networking events, and is seeking to provide more guardrails and support for a single winner.

“There are many public-private partnerships like ours around the country to address awareness of vacant downtown spaces,” Knutson said. “ Grow Downtown (St. Paul, MN) offers free six-month leases to small businesses in vacant storefronts to test their viability. Activate ATL (Atlanta, GA) provides grants and resources for pop-ups in underutilized downtown spaces. The Des Moines metro area has several business pitch competitions, and Marion County, IA (Knoxville/Pella) has one of the best competitions in the state.”

In addition to the six months of rent, the winner will receive entrepreneurial mentorship and monthly check-ins with a mentor and the Race for the Space Committee; marketing and promotional support; access to a downtown network of leaders, entrepreneurs, and customers, including a membership in the Economic Alliance. The winner is encouraged to attend EA events, business growth webinars, and provide proof of attendance to receive a monthly stipend.

Addie Eichhorn, a commercial Realtor, will be Master of Ceremonies at the Aug. 13 event. Judges include John Armon, Vice President, Commercial Relationship Manager with Bankers Trust in Cedar Rapids; Teresa Jensen, Business Banking Officer at CRBT; and Liesl Siebert, Program Manager at the University of Northern Iowa Institute for Decision Making.

“Race for the Space is about more than filling a storefront — it’s about investing in people with big ideas and helping them succeed downtown,” said Knutson. “We’re pleased to open the door to opportunity and support a new or emerging entrepreneur as they grow in the heart of our city.”