What does a budding entrepreneur do when they have a great idea, but no capital to get their idea started?  They enter the BEDC Rocket Pitch Competition.

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 is simple, the presenter has five minutes to tell a story to potential investors and then respond to questions. The main goal of a Rocket Pitch is to illustrate a business opportunity. A pitch needs to be clear and straightforward and not overly technical.  Those that enter the Competition receive a cash award that has ranged from $1,500 – $5,000.

Over the past eleven years, the Rocket Pitch Competition has helped entrepreneurs to launch or expand over twenty businesses.    Last year, the competition was sponsored by, the BEDC, The Bermuda Tourism Authority and the Department of ICT Policy & Innovation and Youth Entrepreneurship Initiative of Bermuda who together provided funding for entrepreneurs in five business categories: Pitch Town (local focus), Pitch Pink (Tourism focus), Pitch Tech (technology focus) Pitch Green (green industry focus – entrants in this category will automatically be entered into the Global Competition the Future Agro Challenge) and Youth Pitch (students up to 18 years old)

 

In addition to cash funding, winners receive up to $1,000 in support services donated by industry partners that ranged from marketing, legal, accounting, PR to general advice and guidance to help their businesses get started.  Last year’s prize sponsors included: Cox Hallett Wilkinson, Quantifi Accounting Services, Deep Blue Communications, SocialLee Consulting, BEDC, Media Maven, Performance Solutions, and Mediaville.

 

The Rocket Pitch has become an annual event that people look forward to every year and it continues to create opportunities for new ideas to be realized.  This cooperative effort is made possible through public and private partnerships that lay the foundation for new entrepreneurs.

To enter the competition, download the Pitch Kit (power point slides) below in your selected category and email your completed slides to [email protected] by 9am on November 5, 2018.