Chamber kicks off Shark Tank competition
CRANBERRY TWP — Next into the tank is a local chamber of commerce looking to establish an “entrepreneurial ecosystem” full of resources and insight on how to grow small businesses.
That is the end goal of the Butler County Chamber of Commerce’s inaugural Butler County Emerging Entrepreneurs Shark Tank Competition, according to chamber president Jordan Grady, which officially kicked off during a launch party Wednesday, Jan. 28, at Fun Fore All Family Fun Park.
Grady said the event was designed to bring awareness to the competition’s pitch event that will take place 5 to 9 p.m. on April 28 at the RLA Learning and Conference Center in Cranberry, where four entrepreneurs will pitch their business or idea to six sharks, with grants and potential capital investments on the line.
The competition is based on the ABC television show “Shark Tank,” a business reality series where entrepreneurs pitch their startups to a panel of wealthy investors, or “sharks,” hoping to secure funding and mentorship in exchange for equity.
“This is our first new event in like three years,” Grady said. “I am very excited for it, and based on the crowd here, it looks like the community is excited for it. It's going to be existing (businesses) and startups participating. This is just the beginning. We want to build off this.”
The chamber also introduced the six sharks participating in the pitch event, with the majority of them being what Grady called “qualified investors” who have a history of taking equity stakes in businesses.
The sharks include Adam Whitaker, vice president and SBA business development officer at First National Bank; Kenny Bonus, founder of Bonus Accounting in Butler; Christey Browne, vice president and team lead of business banking at Key Bank; Eric Cunningham, CEO and founder of Green Cabbage; Brian Hess, CEO and founder of 1Team Media; and Nick Molea, vice president and senior business lending specialist at Huntington Bank.
Whitaker said he has been in small business lending for more than 20 years, and he is excited for these businesses to showcase what they have so he can help them grow.
“I always tell people when they come in for a loan request that one of the most basic things they need to know is how much you need and what do you need it for,” Whitaker said. “I’d say contestants should know their scope and need (coming into the pitch event).”
Bonus also works with small businesses on a daily basis, and his advice to contestants is to not overlook the application processes and make sure every detail is filled out.
“I think the ability to support a growing business with an idea and bringing that to fruition is the coolest part,” Bonus said. “Have a good business plan coming in and a well-rounded idea. Also, do research on what the sharks might ask.”
During the April event, sharks will see four 12-minute pitches from entrepreneurs, with two grants up for grabs to help their businesses grow.
After the pitches, the sharks will deliberate and determine their winner. The audience also will be asked to vote for its favorite entrepreneur. That winner also will receive a grant.
An element to the event will allow investors to offer their capital in exchange for a stake in the businesses or ideas of the four entrepreneurs.
“You don't know who will be in the audience,” Grady said. “What we have also done is we have compiled a list of private equity contacts that we have been able to figure out, and they will be invited to attend the shark tank pitch event in April.
“You could be in a position where someone could inject capital in exchange for stakes in your business. That is the exciting part and the unknown part.”
The Butler County Chamber took inspiration for the competition from the Youngstown (Ohio) Business Incubator, which helps startups and entrepreneurs launch and grow.
The Youngstown Business Incubator has hosted its own shark tank competition for the past couple of years, and Grady said bringing a shark tank competition to Butler County will serve as a foundation for potentially building an incubator within the county.
“As you move into the less-populated counties, it is apparent that the entrepreneurial ecosystems in those counties have no support system,” Grady said. “Outside of referring someone to SCORE, that is our only option right now. That is a need, and now we are working toward a solution.”
Grady said the chamber plans to bring back the shark tank competition in the future.
The application to pitch your business in front of the sharks is open until Feb. 28 and can be found at www.butlercountychamber.com/butler-county-emerging-entrepreneurs-shark-tank-competition.
