Pitch Competition Scheduled for Aspiring Entrepreneurs

Imagine having 10 minutes to pitch your business idea to a group of investors who could make your dream come true. Sound like a reality show? It is reality, in Richmond and throughout Kentucky.

Gov. Steve Beshear has announced the state will host eight regional pitch competitions this summer. One will be held in Richmond on Friday, June 20, from 11 a.m. to 1:30 p.m. at the Central Bank Community Room, 350 W. Main St.

The competition is sponsored by the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development, along with the Kentucky Angels Network and the Kentucky Innovation Network. Eastern Kentucky University is home to a Kentucky Innovation Network Center.

Similar to the hit television show “Shark Tank,” the competitions will feature Kentucky entrepreneurs presenting their business ideas to a group of local “angel investors,” individuals who provide capital for startup companies. Winners will receive cash prizes and the opportunity to present their business plans to the entire Kentucky Angel Investors Network (Kentucky Angels) in Frankfort.

“The next great idea can come from anyone,” Beshear said. “As a state, we need to support these visionaries and provide them the tools to turn their vision into a reality, including the financial means to get started. I look forward to seeing more small businesses and new jobs come to life as a result of these competitions.”

Similar events will take place in Ashland, Pikeville, Murray, Elizabethtown, Covington, Lexington and Louisville.

“Small businesses are job creators and the backbone of Kentucky’s economy,” said Mandy Lambert, acting commissioner of business development at the Kentucky Cabinet for Economic Development. “This is a great opportunity for entrepreneurs to network with potential investors and get their businesses off the ground. We want to expose more people to investment opportunities right here in the Commonwealth.”

For more information on the competition, visit kyinnovation.com.

Published on May 29, 2014