The deadline for The Creative Coast’s three-minute business-pitch competition is looming and if previous submissions are any indication, Savannah’s entrepreneurs are brimming with bright ideas — from a children’s soap dispenser to kilt manufacturer to pet Gatorade to 10-finger keyboards.
FastPitch, now in its fifth year, gives aspiring entrepreneurs a chance to get their ideas rolling and compete for prize money and in-kind services such as legal advice and business coaching.
“The main thing is the coaching, the experience and the chance to take your idea to the next level,” said Bea Wray, director of The Creative Coast.
To enter, a person must fill out a one-page application and submit it online through www.thecreativecoast.org. Although not limited to just the Savannah area, applicants must be able to attend all the mandatory meetings, including the final presentations on March 7.
Charisse Bennett, Creative Coast’s program director, said they will select 25 to 30 promising ideas and prepare applicants to deliver a three-minute pitch in front of a panel of judges and audience of business and community leaders and investors.
This year’s competition will take place at the Coastal Georgia Center on Fahm street, which Bennett said will encourage more people from the business community to attend.
Radford Harrell, chairman of the board for The Creative Coast and president of talent brokerage firm TalentSoup, has been involved with FastPitch since its inception and spends much of his spare time supporting startups and local entrepreneurs in Savannah.
“It’s really all over the map,” Harrell said of previous submissions. “My advice is: Take the leap. For every entrepreneur and early-stage business, the process itself is hugely valuable.”
Harrell said the panel of judges is not just looking for new ideas but businesses in their infancy looking to grow.
“The panel that reviews the application is looking for traction,” said Harrell. “They’re looking for new products and new customers or some pivot in the business idea.”
Bennett said prize money for this year hasn’t been finalized, but sponsorships are still available. A big part of this year’s prize will include consulting services with local attorneys, accountants and business professionals.
The three categories for applicants are 1) student entrepreneurs, 2) existing entrepreneurs and 3) early-stage entrepreneurs.
“It’s definitely geared toward people who aren’t far along with their business development,” said Bennett, who participated in FastPitch herself four years ago. “It forces them to think a little harder about their idea and whether it’s feasible or not.”
From pitch to prototype
Last year’s overall grand prize winner was Tarah Roe, 32, who was awarded $6,000 for a product idea aimed at convincing toddlers to wash their hands. Called scRIBBIT, the portable frog-shaped soap and water dispenser allows moms and dads to more easily maintain their children’s hand hygiene.
“I was solving a need I had with my son, trying to get him to wash his hands,” said Roe, whose son, Layton, was about 12 months at the time she came up with the idea.
Roe started sketching out ideas for the product in December 2012 and had never heard of FastPitch until her husband discovered it online. Roe entered and was soon working on crafting her pitch with the help and coaching of the Creative Coast’s trove of business experts.
“I had to apply for two patents, I had to get a trademark and business name approved. FastPitch basically helps you facilitate your idea and gives you the tools to take it to the next step,” said Roe.
The prototype for scRIBBIT is now in the redesign and development phase, and she’s currently looking into 3-D printing resources and more investment. Her biggest advice to those applying?
“Have a very good timeline and work plan, set your goals and work your FastPitch network,” said Roe. “Have the idea and have the plan in place for what steps you’re going to take next.”
Wray said FastPitch will also give applicants a new opportunity to launch online fundraising campaigns through such platforms as Kickstarter and Indiegogo.
“With our social media reach and the growth of crowdfunding, we’re going to encourage those who make their three-minute pitch to turn it into their crowdfunding video,” said Wray.
About 90 percent of applications are usually submitted on the last day, but for those still wavering, Wray said the time to act is now.
“The barrier to entry is so low it’s silly not to jump in,” said Wray. “It’s three minutes to get hours’ worth of consulting. You have nothing to lose and tons to gain.”
Deadline for applications: January 27 at 5 p.m.
Notice of Acceptance: January 30
Competition Day: March 7, from 8 a.m.-4 p.m.
For more information on sponsorship or submitting to FastPitch, visit www.thecreativecoast.org or contact Charisse Bennett at Charisse@thecreativecoast.org