The Rocket Pitch competition aimed at helping budding entrepreneurs get their business ideas off the ground is being expanded this year with a sixth business category.

Winners and those who finish second will receive $3,000 and $1,000 respectively, which includes a start-up package of cash, and services to assist with the development of their business idea.

Submissions are now being taken for the 2020 Rocket Pitch competition, which will be held next month.

For the past twelve years, the contest has helped entrepreneurs to launch or expand more than 30 businesses. Last year’s competition was sponsored by the Bermuda Economic Development Corporation, the Bermuda Tourism Authority, the Department of ICT Policy and Innovation and the Ministry of Labour, Community Affairs and Sport.

The six business categories:

• Pitch Town – businesses ideas that contribute to Bermuda’s local economy;

• Pitch Pink – business ideas that are related or contribute to the tourism industry;

• Pitch Tech – business ideas that are related or contribute to the tech industry;

• Pitch Green – business ideas that have minimal negative impact on the global or local environment, community, society, or economy;

• Youth Pitch – business ideas formulated by those 18 years old and younger.

• Co-op Pitch – this is the new category added this year. It is for business ideas that follow a co-operative business model.

Jonathan Starling, BEDC economic and co-operative development officer, said: “It is our hope to engage entrepreneurs interested in the co-operative business model through the Rocket Pitch competition. It is a great opportunity for them to win start-up cash and receive valuable feedback on their co-operative business ideas.”

The Rocket Pitch competition was launched in 2008 as part of the inaugural Global Entrepreneurship Week, a weeklong celebration to inspire, mentor and engage the public around all things entrepreneurial.

This Island-wide business plan competition is a chance for emerging entrepreneurs to submit a plan to launch an enterprise providing products or services to both local and global challenges of any type.

The framework of the Rocket Pitch presentation gives each the presenter five minutes to tell a story to potential investors and then respond to questions. The main goal is to illustrate a business opportunity. A pitch needs to be clear and straightforward and not overly technical. Those that enter the competition and make it to the finals receive a cash award that ranges from $1,000 to $3,000.

Entrepreneurs are asked to visit https://www.gew.bm to download a pitch kit for the category they would like to enter. They are asked to amend the pitch kit to fit their business idea and then submit it to info@bedc.bm before the November 2 deadline.

BEDC will host in-house preliminary judging rounds for each category where the competition will be narrowed down. The top two pitches per category will advance to pitch their ideas in front of a panel of judges and a live audience in the Rocket Pitch finals on November 18.

Kelsea Williams, Communication and Development Officer at BEDC, said: “The Rocket Pitch competition is an excellent opportunity for entrepreneurs. It is an opportunity to validate your business idea and win cash while you do it. The experience is both fun and rewarding and I would encourage everyone to sign up.”