What is the Rocket Pitch Competition?
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.
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) and Youth Pitch (students up to 18 years old).
How does it work?
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.