Fifth Third Bank offering pitch competition to receive up to $10,000
Got an idea for a new business but need some much-needed capital to help make it a reality?
Through its 53 Ideas Business Pitch Competition, Fifth Third Bank is giving aspiring entrepreneurs the chance to win up to $10,000. They have until May 31 to submit a 53-second video about their idea to 53ideas.com.
Stanly Community College is one of 11 promotional partners for the competition, which is open to any resident 16 and older within the 10-county Charlotte Metro region.
“We offer it to our students to just let them know about it,” said Reese Linnell, director of the community college’s Small Business Center, noting that two people have already inquired about the competition. “It’s a great opportunity for the community.”
People can submit more than one idea, but each should be unique.
The competition consists of several rounds culminating in a first place prize of $10,000. There are also prizes of $5,000 and $2,500 for second and third place, respectively.
When making the 53-second video, Fifth Third Bank encourages applicants to clearly define the problem and how the idea solves it; identify target customers and the impact the solution will make; and share what is unique about the solution.
On June 11, the 53 finalists will be announced. They will each receive $50 and have an opportunity to receive training and coaching to prepare for the next round. There are many online training events in June that people can sign up for.
The finalists will then virtually pitch their ideas the following week before judges to vie for a spot in the top 10. If their idea is selected as one of the top 10, they will receive $250 and compete in the final round for a chance at the top prizes.
For more information about the competition, visit 53ideas.com.