Entrepreneurs who present the best seven-minute pitch for a business idea could secure up to $5,000 in venture funding and support services.

That is what is on offer in the 8th Annual Rocket Pitch competition, being run by the Bermuda Economic Development Corporation (BEDC).

Judges will be looking for the best new business ideas, or business idea that has been launched within a year.

The competition is being run in conjunction with Global Entrepreneurship Week, which runs from November 16 to 22.

There are three industry categories. The first is PitchPINK, which is looking for new tourism/hospitality products or services.

PitchTECH aims to find new innovative technology or eBusiness ideas, while PitchTOWN for new business ideas focused on local customers.

Following the initial presentations the competition committee will invite the top entrepreneurs in each category to pitch publicly November 13.

The competition is sponsored by the Department of E-Commerce. Dr Marisa Stones, director of E-Commerce, said: “We believe the Global Entrepreneurship Week initiatives provide a wealth of opportunity to our community.

“Increasingly, businesses must innovate to set themselves apart from others in the marketplace and PitchTech provides the right platform to propose technology-based ideas.”

While Pat Phillip-Fairn, chief product and experiences development officer with the Bermuda Tourism Authority, said: “Having more Bermudians involved directly in tourism, and benefiting from their own home grown ideas that reflect what today’s visitor wants, is a top priority for the BTA. We look forward to seeing the new pitches for 2015.”

Lucrecia Ming, BEDC’s small business director, said: “This year participants will have the opportunity to work with coaches to refine their pitches.

“Based on feedback we received from previous years, it was determined that the access to coaching prior to the public presentation can assist the participant immeasurably and we are happy to be able to provide this layer of assistance.”

The entrepreneur chosen number one in each category by the panel of judges will receive a combination of venture funds and business start-up services valued at up to $5,000.

Michael Fahy, Minister of Home Affairs said: “The BEDC, for the last eight years, has used this competition to encourage and inspire the next local entrepreneurs to come forward and move from the idea stage to implementation. Over this time period the Rocket Pitch competition has aided in the development of 15 new businesses in Bermuda.”

Submissions are due by 5pm on November 5, and can be e-mailed to lming@bedc.bm.

To provide further support to participants, the BEDC has uploaded a tutorial to its website www.bedc.bm on how to put together a Rocket Pitch. The BEDC can also be contacted at 292-5570.