The Regional Economic Development Center (REDC) in Raymond is launching the Granite State Growth Competition, a state-wide business pitch competition with a grand prize of $25,000 to help the winning business grow. According to a statement from REDC, the competition will support New Hampshire’s entrepreneurial ecosystem and increase the visibility and skills of young businesses. Applications are due by March 6 at midnight.
“The Granite State Growth Competition will showcase the innovative and inventive young, small businesses across the state,” says Laurel Adams, president of REDC. “In addition to giving the winner funds and momentum, we hope this competition shows that New Hampshire is a great place to start and grow a business, encouraging those who might be thinking about building a business to dive in and use the available resources.”
REDC has spent the past 25 years helping the Southern NH economy and local businesses grow. Its programming has assisted people across the state, most recently with the launch of its New Americans Loan Fund, the state’s first microloan fund designed specifically to help first-generation immigrants start and grow businesses, the statement reads.
Companies across the state are eligible to apply. Businesses must be for-profit, registered in NH, have been in existence for fewer than three years (as of March 6, 2019) and generated less than $300,000 in revenue in 2018. REDC clients are eligible to participate, as the organization will not participate in judging the competition.
“We’re looking forward to seeing the wide variety of businesses that will enter the competition,” says William Davis, chair of REDC. “This pitch competition can help a business in so many ways–not just with the winning funds, but by giving them exposure, connecting them with key services, other entrepreneurs, and other sources of funding to help them work towards sustainable growth and profitability.”
REDC will also host a “How to Pitch” workshop on March 15 at its office in Raymond. The workshop is required for competition contestants and open to any members of the community who would like to learn more about pitching business plans. REDC Business Advisor Chris Duffy will lead the workshop, discussing the competition and judging criteria. Small Business Development Center experts and other pitch program organizers will detail the elements of a good pitch. Participants will also learn from a local entrepreneur who has successfully pitched its business.