Startup South Portland puts small businesses in local ‘Shark Tank’
Small businesses in South Portland, Cape Elizabeth, Scarborough and Westbrook will get some time in the spotlight as well as a chance at money and investors in Startup South Portland, a weekly pitch competition that begins Sept. 13.
As of last week, six competitors had signed up, the South Portland-Cape Elizabeth Sentry reported.
The competition is sponsored by South Portland’s economic development office and Opticliff Law, of Portland.
The 6 p.m. Sept. 13 kickoff will be at South Portland City Council Chambers. Semifinals will be the next week and the final round Sept. 27, with those rounds to be at venues in the area. Organizers said it may last longer if there is enough interest.
The cash prizes are provided by People’s United Bank, though the city website didn’t specify the prize amounts.
Competitors are expected to make five-minute pitches to a panel of business and economic development leaders. To be eligible, competitors must be preparing to launch a new business or operating a small business with less than $100,000 in annual revenue (whether incorporated or not) and based in one of the four communities (business location or primary residence), according to the website.
Pitches will be taped and broadcast on public-access TV and available online via Vimeo and are also open to the public.
Adam Nyhan, an attorney at Opticliff, told the Sentry that competitors of Startup South Portland will benefit even if they don’t win money or lure an investor. “Nationwide and here in Maine, a lot of people are doing these pitch competitions. It is an easy way to get people out of the house and meeting each other,” he said.
The competition is modeled on the TV show “Shark Tank,” but “not as snarky,” Nyhan told the Sentry. He said that businesses that take part will be able to participate free of charge in Maine Center for Entrepreneurial Development’s Mentor Network program.
Scarborough Economic Development Corporation Executive Director Karen Martin told the Sentry that participating in pitch competitions helps businesses earn extra revenue, but also helps the businesses “perfect the way they talk about their business,” a crucial skill to have when meeting with bankers, investors and clients.
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