North Forty News reports that the U.S. Small Business Administration has launched the Freedom 250 Patriot Pitch Competition, a nationwide initiative designed to recognize innovative small businesses ahead of the nation’s 250th anniversary. The competition features a $1 million prize pool funded by Clover Network, Inc. and is intended to highlight entrepreneurship, business growth and economic impact across the country.
The SBA said eligible businesses must have operated for at least three years, generate a minimum of $100,000 in annual revenue and have previously used one or more SBA capital products. Businesses must also be fully owned by U.S. citizens or lawful permanent residents and demonstrate innovation through technology, modernization or new business strategies.
Selected semifinalists will receive national exposure and the opportunity to compete live in Washington, D.C., where finalists will present their businesses before judges for a share of the prize pool. The SBA said the competition is designed to celebrate the role small businesses play in driving economic growth while encouraging continued innovation in communities nationwide.
The top 10 semifinalists are expected to be announced during the Great American State Fair this summer, with five finalists advancing to the final championship event in Washington.