The day is quickly approaching for local innovators to pitch their ideas for a chance to win cash prizes and business management consultations. 

The second annual Business Pitch Contest to be held at the St. James Hotel March 27 from 9:30 a.m. until 5:30 p.m. offers entrepreneurs the opportunity to express their ideas in hopes of taking home the first place prize of $2,500 along with business management consultations.

Ceyero Consulting and the Booker T. Washington Economic Summit at Tuskegee University are organizing the event.

“The goal of the event is to try to stimulate small business and entrepreneurship in the Black Belt region. What we’re trying to recreate is the … “Shark Tank” [show] that you see on TV,” said Mark Anthony Peterson, sponsor and organizer of the event. “It’s kind of what we call the Catfish Tank.”

As of Monday afternoon, Peterson said they had 14 teams across the Black Belt and as far away as Atlanta registered to pitch their ideas, but they are still accepting participants.

“[People] can still register both to attend and to participate in the Business Pitch Contest. If they want to pitch, they can still do so … as long as they notify me that they’re going to pitch, I can accept some registrations,” Peterson said.

“We are asking all the people who want to pitch to go to the registration site [www.tuskegee.edu/btwsummit/Selma], download the PowerPoint template then pull together an eight minute presentation about their business idea, their existing business or their concept.”

So far, Peterson said there has been a wide variety of ideas waiting to be pitched, including some from a pest control business, daycare centers, software technology ideas, movie theaters and even a prayer pillow idea.

“We have everything ranging from the religious to the high tech,” Peterson said.

Along with the contest, there will also be a financing panel and a guest speaker, Robert Armstrong.

Armstrong started the Selma Good Company by baking cookies in his parents’ kitchen. Now, G Mommas Cookies are distributed to more than 500 locations around the country.

“People can come out and learn a lot from the keynote speaker and the panel in addition to listening to the pitch participants,” Peterson said.

“We hope that this event turns into a full fledge summit that brings thousands of people to Selma to talk about the development of jobs and technology and startups in the Black Belt region and help make Selma the hub for that.”

Peterson said the contest is about giving the community support, win or lose, and he is looking forward the day of the event.

“We give small businesses, entrepreneurs [and] startups a chance to pitch their business concepts and ideas and give them support even if they don’t win,” Peterson said.