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Virtual pitch competition offers $25K to get your business started

Kevin O'Leary wants Detroit-based businesses to apply
Posted at 1:59 PM, Dec 06, 2020
and last updated 2020-12-06 13:59:36-05

(WXYZ) — With the economic issues surrounding the pandemic, it might be difficult to start up a new business.

But one startup company could walk away with at least $25,000 and valuable advice from business experts, including a Shark from the television show Shark Tank.

His nickname is Mr. Wonderful, and he’s participating in a wonderful pitch contest for entrepreneurs.

To get your hands on much-needed funding to start your business, you will need to impress Kevin O’Leary. But be warned, he’s ready to rip you apart if you’re not prepared.

Kevin O’Leary is used to people pitching their products on Shark Tank in hopes of getting him on board. Now the shark is teaming up with equity crowdfunding company StartEngine for a virtual pitch competition on December 11.

“We want to celebrate entrepreneurship, but we also want people to understand what it takes to be successful," said O'Leary.

This is the second time hosting this pitch competition. 7 Action News has been told so far 700 entrepreneurs have applied for this contest.

The field will be narrowed to five companies pitching in front of 1,000 virtual spectators.

“We felt it was important to give the winner something more than just congratulations, so we thought $25,000 is a nice number to offer to the company so they can help build a business," said Howard Marks, CEO of StartEngine.

The winner will also get a one-on-one business consultant with Mr. Wonderful and StartEngine CEO Howard Marks. They will also get a month of strategy sessions with a media company.

If you get a chance to pitch to this shark — he says have a great idea, explain why you're the best person to execute it and know your market.

“If you don’t know that and you’re in front of me? I’m going to put you in hell," said O'Leary.

Howard, who used to live in metro Detroit, and Kevin are hoping entrepreneurs from Detroit will participate.

“It’s not just about the automotive industry anymore, it’s a very entrepreneurial place," said O'Leary.

The virtual contest will be held on December 11, and you have until December 8 to apply.

For more information, visit https://www.startengine.com/shark