REV Birmingham prepares for The Big Pitch

The nonprofit group REV Birmingham has received more than 60 proposals for its third annual Big Pitch business-plan competition, which carries a total of $25,000 in prize money.

After the Sept. 6 entry deadline, REV had received 61 applications, according to Deon Gordon, the organization’s director of business growth.

Finalists in The Big Pitch will be selected Sept. 23, with the public competition taking place Nov. 12.

At the competition, the 10 start-up finalists will compete before a live audience and a panel of judges — “Shark Tank-style,” according to a REV news release — for a chance to win cash, professional services and a chance at an investment in one or more companies.

The judges — a group of experienced entrepreneurs — keep several key concerns in mind as they hear pitches, look at plans and evaluate the level of preparedness of the contestants, according to Bryna Reid, REV communications manager.

“Does their business model give opportunities to scale and get big?” she said. “What about a financial plan? Do (they) have a real grasp on the target market? Has their business owner really done their due diligence and done their research as to whether it can be successful here?”

Judges also look for businesses that can sustain themselves and make a positive economic impact within the city limits of Birmingham, according to Reid.

“Will they put this money to good use, and benefiting Birmingham in some way?” she said.

“Business will increase foot traffic and add to the vibrancy to the commercial districts in Birmingham,” she said, referring to the neighborhoods.

The Big Pitch process is more complex than just the large public event with the TV-show vibe, according to Reid, who said participants are paired with mentors, learn more about business and finance and also attend intense workshops with a wide variety of service providers, including bankers, investors, designers and other creatives.

“It is meant to be beyond the actual pitch day but to try to take them through their business plan and their business model,” Reid said.

Big Pitch contestants receive extra points on their applications if they have taken advantage of REV’s BIZ 1.0 Startup Essentials workshop or the CO.STARTERS business development program at Create Birmingham, she said.

Applications to The Big Pitch can come from individuals or groups. The 2015 winners of the $15,000 first prize were the owners of East 59 Vintage & Café, a popular spot in East Lake.

They are creating an events center not far from East 59 in a commercial structure just north of First Avenue North on Oporto-Madrid Boulevard. The space should be open by late this year, according to Reid.

“The families that started East 59 have helped make East Lake a place that people visit and have fun in again, and they are continuing in that mission,” Reid said. “(The events center) provides another resource for people to meet and have fun and visit East Lake.”

For more information about The Big Pitch, which has PNC bank as presenting sponsor, go to www.bigpitchbham.com. For more information about REV Birmingham, go to www.revbirmingham.org.