The Bermuda Economic Development Corporation’s annual Rocket Pitch competition has helped entrepreneurs to launch or expand more than 40 businesses over the past 13 years.

Now the corporation is looking for another group of entrepreneurs, with a call for submissions for the 14th edition of its annual competition.

The organisation said that the event is ideal for budding entrepreneurs who have great ideas but no capital to start their business.

Big sponsors this year include the BEDC, the Bermuda Tourism Authority, the Economic Development Department, Horizon Communications and Bacardi Ltd.

Together they have provided funding for entrepreneurs in seven business categories:

• Pitch Town — business ideas that contribute to Bermuda's local economy;

• Pitch Pink — business ideas that relate or contribute to the tourism industry;

• Pitch Tech — business ideas that relate or contribute to the tech industry;

• Pitch Green — business ideas that have a minimal negative impact on the global or local environment, community, society or economy;

• Youth Pitch — business ideas formulated by those 18 and younger;

• Pitch Co-op — business ideas that follow a co-operative business model;

• Pitch Food & Bev — business ideas that relate or contribute to the food and beverage industry. Entrants must be at least 18 years old.

The BEDC said that Rocket Pitch presenters have five minutes to tell a story to a panel of judges and then respond to questions.

The main goal of a Rocket Pitch is to illustrate a business opportunity.

A pitch needs to be clear and straightforward, and not too technical.

The BEDC will host in-house preliminary judging rounds for each category to select the top two pitches.

The finalists will participate in a pitch boot camp on November 1 at the Ignite Innovation Hub, where they will have a chance to refine their pitches and get assistance and feedback from experts who will help to develop their presentations for the competition night.

The top two pitches in each category will advance to pitch their ideas to a live panel of judges during the Rocket Pitch Finals on November 9 and the public will be able to view the competition virtually.

The first and second-place winners will receive $5,000 and $2,000, respectively, and valuable start-up services to develop their business idea.

Entrants are encouraged to download a pitch kit at www.gew.bm to get started.

The BEDC said that a pitch kit is a guide that will help applicants to create their pitch and ensure that they provide all the necessary information.

Once complete, pitch kits should be submitted at www.gew.bm or emailed to info@bedc.bm.

The submission deadline is October 24 by 11.59 pm.

For details, email info@bedc.bm