Pitch@WCC to award cash to entrepreneurs

Nicholas Ketchum
Deputy Editor

Economists like to use the saying “there’s no such thing as a free lunch,” which refers to the idea that everything has a cost—that nobody gets something for nothing.

However, Pitch@WCC counteracts the conventional wisdom by nearly doing just that: Winning entrants receive cash prizes to help them start, build, and grow their business—similar to the popular television show “Shark Tank.”

Now in its fourth year, the annual event is hosted by the Entrepreneurial Center. Participants will have several opportunities to improve their pitching skills along the way via workshops and one-on-one sessions with advisors from the Center.

Kristin Gapske, Entrepreneurship Center Director, said businesses will pitch in three categories: Start, Build, and Grow.

“‘Start’ is for people who just have an idea; not at all started. ‘Build’ means. . . suddenly you’re in business, and you’re trying to grow at that point. . . . ‘Grow’ means that someone is already in a growing business and is looking to step it up,” said Gapske.

In each category, two cash prize winners will be chosen: a runner-up and first-place. The amount varies, depending on the category and placement. The largest amount is awarded in the “Grow” category at $1500 for first place.

Additionally, the audience will vote for one participant to receive the “Audience Choice Award” cash prize of $500, regardless of that participant’s performance in the judged portion.

Conceivably, a business might win the $1500 first-place prize in the “Grow” category, as well as the $500 Audience Choice Award, for a total of $2000 in winnings—if they’re very lucky, or exceptional.

Participants are ranked by a panel of five judges, who decide winners and runner-ups. Although this year’s judges haven’t been selected yet, in previous years judges have included WCC faculty and local businesspeople. Judges base scoring from a rubric, which is provided by the Center.

“Because we’re giving cash prizes, we want people to really learn throughout the process. We require that everyone, a) applies, and b) comes to the planning session, where they’ll learn which markers to hit,” said Gapske.

During pitch practice, contestants will be able to get feedback from advisors; providing an opportunity to refine or further develop the pitch.

“[The process] is relatively light. Students are often burdened with family and jobs and businesses, so we try to not make it too tough. They’ll have to hit two [required] workshops, do a bit of homework, attend one other workshop, come to a pitch practice, and then come to the final pitch,” Gapske added.

Past winners have included apparel retailers, an emotional relief “rage room” promoter, a producer of “credit card shavers”, and a customized tutoring service, among many others.

Claire Abraham is a coordinator at the Center who has also assisted with previous years’ pitch events. She said they’ve seen a wide variety of concepts at past events.

“Ideas are across the board. We’ve had a couple with a technology focus,” said Abraham.

She remembers one particularly interesting concept from last year’s event.

“One team had an idea they called a ‘rage room’ where people can go and break stuff—for stress relief; they were in the ‘start’ category,” she said.

This year, Pitch@WCC will be held on May 9 at 6 p.m. in the Morris Lawrence Building. Applications for submission are due by Feb. 15 at midnight. You can find applications at tinyurl.com/pitch2019application.

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