Entrepreneurs will have their chance to shine and do their bit for the local and global economy at the same time thanks to a competition launched by the Bermuda Small Business Development Corporation (BSBDC).

The Rocket Pitch competition, which is being held in conjunction with the Ministry of Energy, Telecommunications and E-Commerce and the Youth Entrepreneurship Initiative of Bermuda and sponsored by the Bank of Bermuda, is being run as part of the Global Entrepreneurship Week (from November 17 to November 23) and is open to all entrepreneurs under the age of 35.

Participants will have five minutes to present a 'Rocket Pitch' about their business idea that solves a local or global challenge of any kind.

First, second and third place winners will be chosen and will receive a portion of the $5,000 prize money.

"The framework of the Rocket Pitch presentation is simple", said Jamilah Lodge, business development officer for the BSBDC. The presenter has five minutes to tell a story to potential investors, or other interested parties, and will need to be prepared to respond to questions from their audience.

"The challenge is to frame the business idea and message clearly and consistently within the five-minute timeframe.

"This is an excellent opportunity for individuals who may have been mulling over a business idea or considering entry into the entrepreneurial sector."

The deadline for submissions is 5 p.m. on November 17 and they may be handed in to the BSBDC at Sofia House on Church Street or via email to jlodge@gov.bm.

The BSBDC has uploaded a tutorial to its website on how to put together a Rocket Pitch, with five key tips on pitching style also available.

"This is one of the many ways that we are nurturing small business and the overall entrepreneurial spirit in Bermuda", said BSBDC general manager Michelle Khaldun. "I really encourage anyone who thinks they have a great idea to present it within this competition.

"Not only is it an opportunity for the participants to gain experience in pitching their business ideas, we are also fostering a networking opportunity that could ultimately lead to the realisation of the actual pitch."