A $10,000 prize can mean a world of difference for the right entrepreneurial dream, said Davin Gordon.
“There’s not a ton of opportunities for small businesses to not only pitch their business and go through that process, but actually have an opportunity to win some money,” he said.
Entering its fourth year on the startup scene, the AltCap Your Biz competition offers startups the chance to pitch their business and win money with no strings attached, Gordon, AltCap’s business development officer, explained.
“I think it’s so important because it gives [opportunity to] those small to mid-size companies that don’t really stand a chance [in funding competitions against more advanced startups],” he said.
Interested in applying? Submit an online application and two-minute pitch video that answers six business questions by 5 p.m. Oct. 3, Gordon said with urgency. AltCap –– a community development financial institution focused on aiding underserved populations –– enforces a strict deadline for applications.
“That’s the only way you can kind of weed out those that are serious about this,” Gordon said of the deadline.
Applicants accepted into the competition’s top 10 will submit detailed business proposals to AltCap judges. From there, finalists will be chosen to make an in-person pitch.
The winning entrepreneur(s) will be announced Nov. 14, as part of Global Entrepreneurship Week programming.
Although certain restrictions apply, startups don’t have to be high-growth or tech ventures to throw their hat into the ring. Small businesses of all kinds are encouraged to apply, Gordon said.
“This gives some of these small folks an opportunity to directly apply [the prize money] to their business right away,” he said.
Past winners of the AltCap Your Biz competition include; BareFood’n Happy, Maker Village, and Hostel KC.
A second-place $5,000 prize and third-place $2,500 also are awarded.
“I’ve kept this very mission-driven and we’re very community-oriented. That’s a huge component for us … How is this going to contribute to our local community and to the ecosystem here in Kansas City?” Gordon said.
The winner of the 2018 AltCap Your Biz competition will also receive help finding office/retail space and consulting services to help develop their brand.
Click here to apply for the AltCap Your Biz competition.