It is time for Bermuda’s budding entrepreneurs to step up to the plate for the Rocket Pitch Competition. There are only a couple of days left to deliver an application to the Bermuda Economic Development Corporation.

Kelsea Williams, the communication and development officer for the BEDC is the organiser of the event, which includes several categories, including some still waiting for corporate sponsorship.

There is a section for business ideas that are related or contribute to the tourism industry in Bermuda; business ideas that have minimal negative impact on the global or local environment, community, society, or economy; and business ideas that are related or contribute to the food and beverage industry in Bermuda.

There is a section for business ideas that contribute to Bermuda's local economy; business ideas formulated by young people up to 18 years old; and business ideas that are related or contribute to the tech industry in Bermuda.

Every year, the corporation receives 25 to 30 initial submissions and success stories have led to real businesses.

Thousands of dollars are on the line and the deadline for entry is midnight Sunday (11.59pm). Those with new ideas and existing business owners can enter, by downloading a Pitch Kit from the BEDC and submitting it online.

The submissions are reviewed and entrepreneurs are asked to take part in the preliminary rounds at the BEDC Offices from October 25 to 27, pitching their ideas in a closed door preliminary process in a bid to make it to the Rocket Pitch Finals.

Finalists participate in the Rocket Pitch Bootcamp to refine their presentations. The BEDC said the presentations needed to be clear and straightforward and not overly technical. Those who enter the competition and make it to the finals receive start-up cash awards that have ranged from $1,000 to $5,000.

The BEDC last year awarded $42,000 to 12 local winners of the competition, including six winning contestants, who received $5,000 each for their business pitch, and six second-place winners, who finished with $2,000 each.

The competition began 15 years ago as part of the first Global Entrepreneurship Week, joining a global community to engage, celebrate and mentor the entrepreneurial spirit.

And since then, the cash and the concept, has helped entrepreneurs launch or expand dozens of businesses.

The Rocket Pitch Bootcamp, which is for the finalists, is scheduled for November 2, with the competition finals on November 16. The finalists will have five minutes to pitch their idea in front of a panel of judges made up of industry experts and potential investors.

Winners are chosen and awards presented.