Event offers ’60 Seconds’ to pitch biz plan

According to the Global Entrepreneurship Monitor, startups rose nearly 60% nationally from 2010 to 2011 (from 8-12%). In early January, Price Waterhouse revealed a 22% increase in venture capitalist funds over the same period, rising to $28.4 billion.

Now Centuria Ventures, Innovate Arkansas, and Connect Arkansas, hope to take this enthusiasm and apply it to the Fort Smith region.

With “Gone in 60 Seconds,” the companies will hold 60-second elevator pitches for aspiring entrepreneurs. The event will take place Feb. 27, 2012, but event coordinator Brandon Cox of Propak Corporation said applicants should deliver their application packages by Jan. 31.

“We want to get those in as soon as we can. If you don’t think you can make it by the deadline, give us a call as soon as possible, and we’ll work with you. The goal is to have the final 15 picked by mid-February,” Cox said.

The best 15 applications will have the opportunity to pitch in front of investors at the event. The grand prize winner will receive $1,000 in startup funding, while second place will receive $300 and third place, $200.

In addition to the startup funding, the top three prize winners will work with Innovate Arkansas, “literally one of the premier business plan startup organizations,” Cox says, “and they will teach you how to tell if your business plan could or should get funded.”

The Innovate Arkansas hands-on training will last 45 days, and will work around the entrepreneur’s schedule.

“You can do it in Fort Smith, Northwest Arkansas, or online. If you have a primary job, you can do it after hours. It’s just very accommodating for individuals,” Cox explained.

Following the additional support, Cox said, there will be one more event, where the top three prize winners from “Gone in 60 Seconds” will present a full 10-15 minute pitch to interested investors.

Cox encourages entrepreneurs from all walks of life to apply for February’s event, stating there are “no limitations,” age or otherwise, on the applicants, and no entry fees.

“If you’re an entrepreneur, this is your chance. Go apply whether you think it’s a good idea or not. Even if you don’t plan to pitch, it’s a good networking event. And while only three top prizes will be awarded, you may finish fourth at the event, but still get funded. It’s kind of a mashup of Shark Tank and American Idol as far as that goes,” Cox said.

Participating investors, represented thus far by groups, such as the Natural State Angel Association, Innovate Arkansas, and Arkansas Capital, will choose the winners via simple yes/no voting. “Everyone we’ve talked to is very interested in supporting the event. When you get those kinds of people (NSAA, IA, AC) behind you, you get the word out to a lot of investors,” Cox said.

The most “yes” votes will receive the grand prize. Investors present as well as those watching via live stream from Connect Arkansas will submit votes.

When asked what investors look for in winning presentations, Cox said, “They’re looking for a business that is scalable, something in the end that can grow pretty fast—fast as you can pump capital into it. They’re also looking at the actual product, something that creates a solution for a specific problem.”

Cox continued: “They want to know that the market size is large enough. Obviously, the bigger the market, the better the opportunity. But they’re looking at the competition, too. If it’s a niche market, with not a lot of competition, it’s going to get a lot of people excited.”

Last but not least, Cox said, investors are looking at the entrepreneur.

“Every investor has a different philosophy. Many would take a mediocre product and a great entrepreneur over the opposite,” he said.

Two markets, Cox said, currently doing well include technology, which is “so wide open with apps, mobile platforms, and so many different scenarios.” He also advises that health care is promising, “growing 4 or 5 percent every single year,” but he also advises participants not to be intimidated if their idea doesn’t fit one of these categories.

“Service providers could do very well at this event. So could restaurants. As long as it’s a strong idea, it has a great chance to succeed,” Cox said.

The event is free to investors, entrepreneurs, and attendees, and will be sponsored by Blazin’ Burrito, Merrill Lynch, @Urban, the University of Arkansas at Fort Smith, Northwest Arkansas Community College, and Startup Junkies.