SBA launches $1 Million celebrity-judged pitch contest in Washington

The Small Business Administration disclosed plans for a televised “Million Dollar Pitch Competition” to be held in Washington, D.C., on Sept. 18, featuring five startups competing for a total of $1 million in growth capital. Kelly Loeffler, the SBA Administrator, described the event as a tribute to the country’s 250-year legacy of free enterprise. The panel of judges will consist of rapper Nicki Minaj, private-equity magnate Grant Cardone, Airbnb co-founder and U.S. Chief Design Officer Joe Gebbia, while actor Dean Cain will serve as host.

The selected finalists are Compotech, Inc. (defense technology, Brewer, ME), Winton Machine (metalworking equipment, Suwanee, GA), Plas-Tech Tooling (plastic molds, Garner, IA), Red River (pressure vessels, Gillette, WY) and VetPowered LLC (machinery, San Diego, CA). Award amounts are $400,000 for first place, $250,000 for second, $150,000 for third, $125,000 for fourth and $75,000 for fifth. The competition mirrors the format of the former “Apprentice” reality series that aired during the Trump administration.