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Tammy Gerken News-Herald Correspondent
Local small business owners and aspiring entrepreneurs now have a chance to win funding and professional training for their business endeavors.
Western Piedmont Community College’s Small Business Center will host its first-ever business pitch competition called “Elevate Bark: Innovation Expedition” on Tuesday, June 11, according to the event flyer. According to the event flyer, it is a service provided by the North Carolina community. A university system in every county in the state that offers free classes, consulting, and resources to small business owners and those considering starting a business.
“‘Elevate Bark: Innovation Expedition’ is a platform for entrepreneurs and business owners to present their innovative ideas to a panel of judges for a chance to win the grand prize,” said the small and medium-sized enterprises hosting the event. said Lily Laramie, Director of the Enterprise Center. Event. “My inspiration came from ‘Hatch This’ in Asheville. I attended it while attending UNC Asheville and it really sparked my interest in entrepreneurship. Many entrepreneurs I think aspirants don’t pursue that dream because they don’t know how or just don’t think it’s possible. Here’s my response to that.”
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The contest is divided into two categories. The New Ideas section is aimed at entrepreneurs who are in the early stages of starting a business or are still in the planning stages. The “Existing Business Section” is intended for those who have operated a small business with five or fewer employees in Burke County for at least one year and are considering expansion.
There are two divisions, but only one division will receive funding. SBC is still seeking grant sponsors, but has already received a total of $2,500 in support. Laramie encouraged businesses, agencies and individuals to consider supporting the contest with donations or sponsorships.
“I would say to anyone interested in sponsoring an event: ‘If you had started a business, how would a grant have changed your life?'” Laramie said. “With that in mind, think about how your sponsorship can change the lives of new business owners right here in Burke County!”
To make a donation or establish a sponsorship, contact the Western Piedmont Foundation, which manages event funding, by visiting wpcc.edu/foundation or calling 828-448-3123. Sponsorships must be pledged by Friday, March 1st.
Those wishing to participate in the pitch contest must reside in Burke County, own a business in Burke County, or intend to start a business in Burke County. Contestants must submit an application to her SBC, including a business plan, proposal materials, and relevant financial information. The application deadline is Friday, May 24th, and there is no participation fee. A panel of judges will review the entries and select finalists who will advance to the contest. The review committee is comprised of lending professionals, small business owners, and current SBC customers, Mr. Laramie.
“When we search for finalists, we look for their drive and passion,” Laramie said. “More than any business skills, they determine the success or failure of a new business. We also look at their willingness to improve their skills and knowledge, and to ask for help when they need it.”
Finalists will be announced by Friday 31st May. Those selected to advance to the competition will be required to attend a 3-day free pitch workshop to learn how to hone their presentation and pitching skills. The workshop will be held June 7-9 in his SBC conference room at the Foothills Higher Education Center at 2128 S. Sterling St. in Morganton. Sessions run daily from 9am to 5pm.
“The curriculum is direct from ‘Hatch This,’ but with some modifications to better serve Burke County,” Laramie said. “The focus is on developing a business plan and developing yourself as a business owner. You will also learn business fundamentals such as financial planning and marketing.”
Once participants are ready to present, they will each have five minutes to pitch their idea or business to the judges at the June 11 event, and an additional five minutes to answer the judges’ questions. The judges will be given predefined criteria to select the winner of the contest.
Criteria for the New Ideas Section are based on:
• Creativity and originality of ideas.
• Market research and potential demand
• Feasibility and business model
• Potential economic impact
• Presentation quality and communication skills.
The criteria for “existing business units” are based on the following:
• Business growth potential
• Innovation and adaptability
• Potential economic impact
• Financial stability and performance
• Presentation quality and communication skills.
The winner of the competition will be announced on Thursday, June 20th, with time and location to be announced at a later date.
In addition to receiving a grant, award winners will benefit from ongoing mandatory support from the SBC. The winner will be required to take an SBC course to strengthen the aspects of entrepreneurship that require development as identified by the jury and will be obliged to provide a detailed report on the use of the grant. Laramie will also conduct a one-year follow-up session with the winner and her to evaluate business progress and success.
Mr. Laramie encouraged local entrepreneurs and small business owners to consider entering the contest and putting their entrepreneurial aspirations to the test of success.
“I think anyone with the right drive and passion for their idea, regardless of their experience, can succeed with help,” she said. “We hope all contestants leave the event with a new understanding of entrepreneurship and the understanding that there is a community out there to help them realize their business dreams.”
To learn more about the pitch contest or to submit an application, visit wpcc.edu/sbc or contact WPCC’s Small Business Center at 828-448-6719.
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