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NEW PHILADELPHIA -- Small businesses are being invited to participate in the second-annual Shark Tub pitch competition, an event that organizers said could provide vital aid to burgeoning entrepreneurs in Jefferson County and East-Central Ohio.
Inspired by the reality television show "Shark Tank," the Shark Tub competition will pit small businesses five years old or younger against each other for a chance to win part of an available $7,500 in cash prizes, as well as professional advising opportunities.
The competition itself will take place April 2 from 6 p.m. to 8 p.m. at the Buckeye Career Center, 545 University Drive NE, New Philadelphia. Small businesses can learn more about the event and register for free by visiting www.tuscedc.com/sharktub.
To participate, companies must be registered as a business through the Ohio Secretary of State's office, though they do not need to be in operation yet. Those registered businesses will spend the competition's first hour at their own tables, where they'll describe their businesses to members of the public, for whom entry is free.
Individuals from the public can pay $5 to receive $500 in prop money, which they can "invest" by placing it into competing businesses' baskets, showing support for their ideas. There is no limit to how much prop money a supporter can purchase.
In the competition's second hour, the top two businesses with the most prop money earned will move on to the next round, along with a third business, picked by the competition's planning team, that didn't earn much "investment" but has a unique idea. The three companies will each receive five minutes to pitch their ideas to "sharks," or the competition's judges -- sponsors of the event.
Judges will rank the three and award $5,000 to first place, $2,000 to second place and $500 to third place. The top winners will also receive professional advising time from several accountants, lawyers and social media advisers.
The competition's main sponsors are HV Coil LLC, The Community Bank, the Zanesville-Muskingum County Port Authority and AquaBlue Inc. On the event's planning committee are the Tuscarawas County Economic Development Corp., the Ohio University Small Business Development Centers, the Community Bank, the Ohio Mid-Eastern Governments Association, the Jefferson County Port Authority, the Zanesville-Muskingum County Port Authority and the Coshocton Port Authority.
John Kelly, director of business development for the TCEDC, said participating businesses have typically come from about five counties in "East-Central Ohio," from where economic development leaders have been helping to coordinate the event: Jefferson, Carroll, Tuscarawas, Coshocton, Guernsey and Muskingum. However, he added that businesses from surrounding counties are welcome to register.
With a week still left to go, this year's competition has already seen registration surpass last year's, Kelly said. Businesses can be from any field, with last year drawing a "wide variety" of unique visions -- software developers, an apothecary store, a wellness center and a 3D printing business, to name a few.
As to why Shark Tub was created, Kelly said, "I wanted first to support the small business, to help them get on a path to success. ... We want to help strengthen our economy and give people an opportunity. If they've got a dream business they've been chewing on for a long time, this might get them a foot up to help make that a reality."
Questions about the competition can be directed to Kelly at (330) 432-3855 or jkelly@tuscedc.com.
The Jefferson County Port Authority financially sponsored Shark Tub last year and renewed its support this year, more than doubling its financial commitment and again participating on the event's planning committee.
The port authority's executive director, Robert Naylor, said Shark Tub will offer entrepreneurs a chance to win cash to help their fledgling businesses pay for capital expenses or investments, giving them an initial leg up that is not available through grants.
Naylor added the professional advising opportunities will provide entrepreneurs with insider perspectives on how to make a business succeed, and having a table to present one's business to the public will mean plenty of good exposure.
"Who knows, in networking, what doors may open," Naylor said.
The port authority has reached out to the Jefferson County Chamber of Commerce and the local business development service Paramount Pursuits to be present at the competition, with hope of helping it grow and bringing similar ventures closer to home, Naylor said.
"This is something that we're hoping will inspire entrepreneurs in Jefferson County and ... drive small business growth," Naylor said.