Having a business idea or product that resonates with potential investors is key to raising capital. With the success of the hit ABC series Shark Tank, more entrepreneurs are seeking creative ways to pitch their business for seed money.
The Final Pitch is the latest entry in world of reality TV catering to the cash-seeking entrepreneur. It is a one-hour pitch competition for startups that is slated to air this fall. Produced by Inez Kelley of Kelley Media Marketing, Final Pitch, with its Shark Tank-esque appeal, seeks entrepreneurs with early stage ideas and concepts to compete for the chance to win $10,000, along with a host of professional business support services.
“We’re now living in an ‘idea’ economy where success is defined by the ability to turn ideas into value faster than your competition†acknowledges HP CEO, Meg Whitman. Shows like Shark Tank and the Final Pitch are filling a void in capital access among new and emerging businesses.
[Related: $1.7 Billion Raised: Data Shows Pitch Competitions Are Worthwhile]
Washington, D.C. area-based Honey Bun Cake Factory was the winner for cycle one, which took place back in February of this year. The black-owned business was founded in 2012 by husband and wife team, Anthony and Tisha McFarland. The business owners managed to capture a cake recipe that was originated by the families of North Carolina and developed it into several flavors.
With cycle one completed, produces are in preparation for Final Pitch cycle two. Currently, only startups located within the Washington D.C., Maryland and Virginia are area will be accepted. Selected from an open application process, producers are looking for startups with a high-potential for industry disruption. These early-stage entrepreneurs should be prepared to demonstrate the ability to effectively monetize and shape their respective industry’s evolutionary process, thus making a successful transition into the American corporate mainstream. Concurrently considered, is how this impact will enhance the consumer’s overall experience.
Making these determinations are the Final Pitch judges, which essentially is a panel made up of local business people, including Charles Scott, president of the Financial Crisis Prevention Center; Ethel Mitchell, an attorney and radio show host; Winslow Sergeant, chairman of MYQVO; and, Cynthia Harrison, director of small business development for Operation Hope. In addition, Quincy Carr, creator of The Quality Comedy Series, will serve as moderator and host.
Applications from entrepreneurs will be accepted through August 28.