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DETROIT LAKES — Local residents planning to launch a new business, needing support for an innovative business concept or product, or even looking to expand an existing, local small business now have a platform for shaping their entrepreneurial dreams into reality.
“Pitch 412,” a new pitch competition that, according to a May 28 press release, was established “to empower local entrepreneurs and fuel business innovation in Detroit Lakes,” is being launched this month by local nonprofit Project 412, in partnership with ILT Academy, the Small Business Development Center (SBDC), and Minnesota State Community and Technical College-Detroit Lakes (M State-DL).
Offering $5,500 in shared cash prizes for the top three finishers, Pitch 412 is a stage for both emerging and seasoned entrepreneurs to shine.
“We anticipate a diverse range of innovative ideas and are thrilled to partner with ILT Academy and SBDC (Small Business Development Center) to nurture local talent and drive innovation,” said Sarah Hofmann, Ecosystem Builder for Project 412.
“Pitch 412 isn’t just a competition,” she added. “It’s a platform for entrepreneurs to showcase their creativity while receiving crucial support to bring their ideas to life.”
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Hofmann admitted that the format of “Pitch 412” has some surface similarities to the hit reality TV series “Shark Tank,” but with an all-local focus.
“It’s open to people who are planning to start a business in Detroit Lakes … or expand an existing, small business that is based here,” she explained.
At least one of the applicants must be 18 years of age or older, though other members of the team may be younger.
Applications for the competition must be submitted by noon on Friday, June 7, so the deadline is coming up fast, Hofman added.
The competition will culminate in a live pitch event at M State in Detroit Lakes on Monday, Aug. 14, with four finalists being invited to pitch their business concepts to a panel of judges, in front of a live audience. The finalists will be announced Wednesday, July 17.
Between the initial application deadline and the announcement of the finalists, participants will get access to online training sessions — which will be presented live, but recorded for those unable to attend on the scheduled date — along with a variety of resources for creating the two essential elements of a successful competition submission: A lean business plan as well as a short, but compelling video pitch. The video and business plan submissions will be used to determine the finalists.
At the final competition on Aug. 14, each of the 4 finalists will have 12 minutes to complete their pitch — a nod to the competition’s original creator, Project 412. Three cash prizes will be awarded that evening, Hofmann noted: $4,000 for first place, $1,000 for second place, and $500 for the audience choice award winner.
Though only four finalists will be chosen, all of the participants will receive the benefits of all the resources that Project 412 and its event partners have on tap, she added.
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“Regardless of if you win, you’ll kick start that business plan you’ve been dreaming of and get connected to essential resources,” she said. “Everyone also gets constructive feedback on their plans, regardless of if they are selected to be a finalist.”
Finalists do, however, get a few additional perks besides the cash prizes. “They get media exposure and mentorship opportunities,” Hofmann explained.
“My goal is to help these entrepreneurs get connected with what they need (to succeed),” she added, “as well as to grow business in Detroit Lakes.”
Interested participants can secure their spot in the competition by submitting their application to project412.mn.org/pitch412 , where more in-depth information is also available. Those who have additional questions may contact Sarah Hofmann at sarah@project412mn.org or call her at 218-844-42221, ext. 123.
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