FAQs:

Thinking about applying to be a BincTank entrepreneur? The application period is now open; here are some things you will need for the application.

• Create a mission statement for your business if you don’t already have one.
• Be prepared to describe your business and your intended customers.
• Identify partners or organizations (e.g. local chamber of commerce or merchant’s association) that will support your intentions.
• Be prepared to record a short video of yourself. We want to meet you, and it’s enough to place a phone camera across the table from you and start talking. It’s an opportunity to give us your elevator pitch or to talk about something not covered in the application that you want us to know.

If you’re chosen as a BincTank entrepreneur you will be asked to commit to the following time commitments:

• Weekly participation in Professional Bookselling School March 4 to May 6, 2025, three to five hours per week.
• One-hour virtual welcome and introduction Jan. 21 and in-person orientation March 7-9, 2025 in a location TBD. BincTank will pay for and arrange travel, lodging, and meals.
• A mentorship program, webinars, guest speakers, and panels after the core curriculum ends. This will require less time than the core curriculum.

What is BincTank?

BincTank is Binc’s business incubator pilot program to support new BIPOC-owned retail bookselling businesses that are physically located in their community. It provides entrepreneurs from historically underrepresented communities access to capital; creates and strengthens peer-to-peer networks; provides industry-focused education; matches mentors and subject matter experts to participants; and makes available other business guidance, research and a resource library.

How many entrepreneurs will be able to participate in BincTank?

The first BincTank cohort had 12 entrepreneurs; the second cohort will welcome 10-12 entrepreneurs.

Who is BincTank For?

BincTank is for BIPOC-identified entrepreneurs. The ideal candidate intends to open their store in a community of color that is not already being served by a bookstore. They will also be mission-driven and feel compelled to open a bookstore as a way of solving some problem or inequity in their community.

I think I might be a good candidate. Am I eligible to apply?

• Yes, if you are a new BIPOC-owned retail bookselling business that is physically located in their community. New bookstores means stores that have not yet opened, or opened on or after July 1st, 2024.
• ‘Bookselling business’ means a significant portion of the revenue is from books. This could mean bookmobiles, pop-up stores or brick-and-mortar storefronts. We’re interested in supporting any bookselling model that operates within and in service to a community.
• We are also interested in supporting businesses moving from one model or stage to the next; for example, a pop-up that intends to open a bricks & mortar location. Online-only stores are not eligible unless they plan to move to a model that brings a physical presence to their community.
• Relocating a store, physically expanding a store, adding a coffee shop. These are situations that would not be eligible.

What can I expect to receive if I’m chosen to participate?

Participants will be enrolled in weekly Professional Bookselling School classes March through May and have access to additional resources provided by Bookstore Training Group of Paz & Associates. In addition to a rigorous education curriculum, the cohort will have a mentorship program and access to subject matter experts and GrowthWheel, a visual toolbox for decision making and action planning for startup and growth companies. Based on the needs of participants there will be additional webinars, panels and guest speakers.

When can I apply?

Applications for the second cohort of BincTank will be accepted Oct. 13-Nov. 3, 2024.

When will I find out if I’ve been accepted?

Entrepreneurs will be notified before the end of 2024.

I’m ready to apply! What do I need to do before I start the process?

• Create a mission statement for your business if you don’t already have one.
  • Be prepared to describe your business and your intended customers.
  • Identify partners or organizations (e.g. local chamber of commerce or merchant’s association) that will support your intentions.
  • Be prepared to record a short video of yourself. We want to meet you, and it’s enough to place a phone camera across the table from you and start talking. It’s an opportunity to give us your elevator pitch or to talk about something not covered in the application that you want us to know.

I’m still not sure. What if I have questions?

Reach out to BincTank Program Manager Ken White with questions.

Why is BincTank focused on new bookstores?

The needs of an existing bookstore owner and someone recently opening a bookstore are different. At this time, Binc does not have the resources to do both. There are resources available for existing bookstore owners (more than six months), including the regional organizations, ABA and other bookstore owners, and Binc is happy to make connections and referrals.

Why is the bookstore business incubator program needed?

Binc believes that every community deserves their bookstore. Bookstores are vital educational and cultural institutions for the communities that they serve. This program will help remove known barriers for entrepreneurs from historically underrepresented communities with limited access to capital, business networks, guidance, and support. Research finds that minority entrepreneurs are three times more likely to have a loan application denied and only 58% of Black business owners sought professional services due to expense, inaccessibility, and mistrust, compared to 70% of white business owners.

What about Binc’s current work supporting book and comic people?

Binc’s core program will not change. Binc will continue to provide household-stabilizing emergency financial grants to bookstore and comic shop employees and owners to help with a wide range of life crises. The scholarship and mental health wellness programs will also continue.

What about other underserved markets?

Historically, the book industry lacks racial diversity. While we believe every community deserves their bookstore, social movements such as Black Lives Matter reinforced this was the most critical area to begin this work. A three-year pilot program, BincTank plans to evaluate results and then determine how to proceed.

How much will the program cost?

Participation is covered for selected applicants. Binc continues to raise funding for this BIPOC entrepreneur-focused program. To donate or for more information contact Pam French or Kathy Bartson.

Who oversees the program?

Ken White is responsible for the implementation and day-to-day management of the program. Ken has been a member of Binc’s board of directors, as well as the board of the American Booksellers Association and other organizations both within and outside the book industry. He has managed bookstores large and small; specialty (LGBTQ) and general; for-profit and nonprofit; and he has lived experience as a QTPOC (Queer or Trans Person of Color) identified bookseller.

Mentors and Subject Matter Expert FAQs

What is the Mentor and Subject Matter Expert (SME) component of BincTank?

The Mentor and SME component of BincTank aims to connect experienced individuals with the entrepreneurs in the cohort to provide guidance, advice, and networking opportunities to help them succeed.

What is the difference between a mentor and a SME?

Mentors focus on one-to-one relationships and professional development, providing guidance and support to help someone grow their business and individual competencies. SMEs are experts in a specific area and provide specialized knowledge and expertise on a particular topic.

What are the requirements to become a mentor or SME?

Prospective mentors and SMEs must fill out an intake form, possess strong communication skills, commit time and effort, and demonstrate professionalism and integrity. Mentors should have significant experience or expertise in the bookselling industry while SMEs would have expertise in their field (accounting, human resources, legal). People of Color and allies are encouraged to participate. Additional requirements may apply.

Will mentors and SMEs be compensated?

Yes, mentors and SMEs will be offered a stipend.

How can I get involved in BincTank’s mentor and SME program?

If you meet the requirements and are interested in becoming a mentor or SME, fill out the intake form and submit it for consideration. We are looking for passionate and mission-driven individuals who are experienced, knowledgeable, and driven to help others succeed.

Interested in applying? Submit your application today.