Winners will receive cash prizes to start their businesses; gain access to angel investors
FRANKFORT, Ky. (Aug. 19, 2014) – Aspiring entrepreneurs in Northern Kentucky will have the opportunity to make their dreams of starting a business come true.
Entrepreneurs will participate in a business pitch competition in Covington. Similar to the hit TV show “Shark Tank,” participants will have minutes to present their business idea to a group of potential angel investors, individuals who provide capital for startup companies. Winners will receive cash prizes and the opportunity to present their plans to the entire Kentucky Angel Investors Network (Kentucky Angels) in Frankfort.
“This is a great opportunity for entrepreneurs to network with potential investors,” said Mandy Lambert, commissioner of business development at the Kentucky Cabinet for Economic Development. “Kentucky has a strong entrepreneurial spirit, and we want to expose more people to investment opportunities throughout the state.”
The competition is Thursday, Aug. 28, at UpTech, located at 112 West Pike Street, from 5 to 6:30 p.m.
The event is one of eight statewide pitch competitions hosted by the cabinet, the Kentucky Innovation Network and Kentucky Angels. Competitions have already taken place in Louisville, Murray, Elizabethtown, Pikeville, Richmond and Ashland with an additional event scheduled for later this year in Lexington.
“We welcome everyone that has an interest to learn more about our new Kentucky Angel Network and to see some of the up-and-coming early stage companies that will soon be pitching to angel investors,” said Casey Barach, director of the Kentucky Innovation Network Office in Covington. “Angel investing is a large part of our efforts to build the entrepreneur ecosystem in Northern Kentucky.”
Winners of the previous competitions are singing the praises of the events. “This [the competition] isn’t a publicity stunt, like others we’ve been to in other states,” said Lula Luu, owner of Fin Gourmet in Paducah and winner of the pitch competition in Murray. “Kentucky cares about promoting entrepreneurship. All this was very impressive because Kentucky is not just talking about supporting small startups, they’re doing it.”
Last year, the cabinet successfully launched the Kentucky Angels Network. Kentucky Angels brings new ventures and accredited investors together via monthly online meetings, providing investors access to form deals and partnerships with entrepreneurs statewide. Membership is open to those accredited investors in and outside the state who are passionate about investing in Kentucky companies. To learn more about Kentucky Angels, visit www.kyangels.net.