The American Chamber of Commerce & Industry Guyana (AmCham Guyana) is organising a “Shark Tank”-style pitch event for young entrepreneurs, who could win up to $1,000,000 in funding and capital investment.
In a press release, AmCham Guyana explained that the inaugural business pitch competition would see 10 entrepreneurs being chosen from a pool of applicants between the ages of 21 and 35 to participate in the event.
“The event gives local entrepreneurs the opportunity to present their idea, product or service to a panel of esteemed judges for investment consideration,” the release said, while noting that AmCham has collaborated with the United States Embassy in Georgetown on the initiative.
“The competition aims to provide a platform to introduce and foster a culture of innovation in business, strengthen capacity of young entrepreneurs, and to reinforce AmCham and the U.S Embassy’s commitment to helping innovative youth to increase their competitiveness and turn their ideas into commercial products and/or services,” the release added, while noting that winners will receive a wide range of support, including funding, leadership coaching, networking opportunities, and developmental resources.
To participate in the competition, applicants are required to complete an application and submit a 30 to 60-second video of their business pitch, no later than August 6, 2022.
Application forms and information for video entries can be accessed on the AmCham Guyana website.
A selection committee will review submissions and 10 applicants will be selected to move to the next round of the competition. All finalists will present their business ideas to a live audience, while judges will offer feedback, and select first, second, and third place winners, who will receive US$5,000, US$2,000 and US$1,000, respectively.
The release noted that submissions can be made either by Guyanese individuals or teams, with the maximum number of team members for a single pitch limited to 5 persons and each individual or team being restricted to one idea or concept. In addition, all finalists must be available to present their business pitch in person, and applicants must demonstrate an ability to progress the proposed plan to completion, showing how the prize can accelerate any step along the path to market.
The release noted that businesses with existing professional venture investment are not eligible and neither are non-profit organisations.
More details about the competition and applications can be accessed at https://amcham.gy/ shark-tank-competition/
