Objective: The objective of the competition is three-fold. 1. We want to support young entrepreneurs in starting and growing a business by providing funds that can move them forward. 2. Provide them exposure to potential partners and peers that can help them continue their business in the future. 3. Help young people learn to present a strong message in front of a panel or audience. This skill will help them in many aspects of their lives from business ownership, to employment, to school. It will also prepare them to act when opportunity arises. We never know when the time will come that the person or resource that can change the dynamic of their business is staring them right in the face. Whitney M. Young Jr, civil rights leader and former President and CEO of the National Urban League said, “It is better to be prepared for an opportunity and not have one than to have an opportunity and not be prepared.”
Prizes: Each winner will receive a cash prize up to $500. 6 winners will be selected based on their pitch at the Arise 100X Young Entrepreneur conference on October 26th and 1 winner will be selected based on the strength of their written business plan. Competitors are not required to submit a written plan but can do so in hopes of winning the business plan prize.
Judging: Pitches will be evaluated on
Quality of the presentation (including dress and grooming)
Clear statement of the problem being solved and the value offered by your business
Clear description of target market and marketing strategy
Plan for how the prize money will be used
All decisions made by the panel of judges are final. The odds of winning the Competition depend on the total number of eligible entries received.
Format & Rules:
Each competitor will have a maximum of 3 minutes to present to a panel of 3 judges.
The pitch will be followed by 5 minutes of feedback and Q&A from the judges.
The pitch can only be delivered by the young entrepreneur (no help from parents or other adults).
Audio/Video materials may be used (e.g. PowerPoint, recordings, videos, etc.) but must be sent to the us prior to October 24th so they can be loaded and ready to go for the competition. No changes will be accepted after this date.
Competitors are allowed to bring demos, visuals, and samples but any time spent setting up will come out of the 5 minute allotment for the pitch.
All pitch competitors must check-in at the registration table by 9:00 a.m. the morning of the Pitch Competition.
All competitors must be younger than 18 years old.
Young Entrepreneurs who wish to participate in the pitch competition but will not be able to physically attend the event may participate via videoconference. Please indicate this intent immediately after registration so we can plan accordingly.
Suggested Pitch Content: Be sure your remarks include and/or answer the following:
Your name and name of business
How long have you been in operation?
Describe your product(s) and/or service(s)
What problem does your business solve?
Who is your target market?
What is the size of that market – in terms of number of people/organizations and annual spending?
How do/will you market/sell your product/service to your target audience?
How many customers have you already acquired (existing businesses)?
What is your annual revenue?
In two years, what do you expect your annual revenue to be?
Who are your competitors?
What makes your business different from similar businesses?
How much money do you need to start/expand your business?
What will you do with money you win?
