KANSAS CITY, Mo. — Applications are now open for the “AltCap Your Biz: Pitch Competition,” offering a $20,000 grand prize for the best business idea.
AltCap is a Kansas City-based community development financial institution, focused on providing capital to entrepreneurs who are overlooked by traditional financial institutions.
The competition is open to entrepreneurs or owners of an existing business with annual revenue of $250,000 or less or entrepreneurs with a business idea ready to start operation within six months of the competition.
Dr. Brandy Archie applied to the competition in 2019, hoping to use the money to grow her business, AccessAble Living. She helps people find solutions to make their homes more accessible using equipment instead of costly and time-consuming renovations.
Archie said she applied to the contest because she thought she might have a better chance of winning a local competition.
She ended up winning the grand prize, which was $10,000 at the time.
“It allowed us to have more inventory on hand so that we can serve people quicker,” she said.
This year, the prize money is doubled: $20,000 for first place, $10,000 for second place and $5,000 for third place. The fan-favorite, chosen on social media, will win $2,500.
To apply, applicants will need to submit a two-minute pitch video answering six key questions:
1. What is your business?
2. What sets you apart from your competitors?
3. Who is your target customer?
4. How do you and your business impact your community?
5. How will you use the competition award money to take your business to the next level?
6. What challenges have you overcome in starting your enterprise?
A committee of judges will then choose the top 10 finalists. Those finalists will have to submit a full business proposal and present it in front of a panel at Global Entrepreneurship Week in November.
All of the guidelines and the application can be found here.
Archie has some advice for those looking to apply.
“They’re looking for somebody who’s here to have a big mission to make a change in our community or make our community better. So just exhibit your passion,” she said.
Watch her winning pitch video here.
The deadline to submit the pitch video is Oct. 5.