The 2022 SWVA Regional Pitch Contest is providing an opportunity for small business owners in Southwest Virginia to showcase their talents on a prominent platform. This event aims to connect underrepresented entrepreneurs with the state’s inaugural Hard Rock casino.
The contest workshops were held on September 19 in Abingdon and September 20 in Martinsville. Virginia Community Capital and the US Small Business Administration, the two organizations responsible for the contest, are aiming for a mutually beneficial outcome from the competition.
Bristol Casino — Future Home of Hard Rock at the former Bristol Mall, offers an opportunity for local women- and minority-owned businesses to present their products and services. This connection not only opens doors for these Bristol businesses to potentially collaborate with other Hard Rock Casinos across the country and around the world but also allows them to form partnerships with the upcoming Virginia casinos.
Considering this perspective, individuals who may be considered “losers” in a contest could potentially emerge as winners in the end. This was highlighted by Carl Knoblock, the director of SBA Virginia in Richmond, during a workshop.
Despite not emerging as the victor, your presence at the casino can potentially attract opportunities that prompt them to approach you and express interest in discussing matters further. They may say something along the lines of, “Hey, can we delve deeper into this? We appreciate what you bring to the table, despite not winning.”
During a pitch workshop, Dana Wolfe, the proprietor of GraphXsolution, expressed her belief that the opportunity presented was exceptional for all the local businesses.
The company, Hard Rock, is seeking to establish connections with local businesses in order to gain an advantage. According to Knoblock, the casino is specifically interested in incorporating the unique local essence.
About the contest
Businesses that fulfill the outlined criteria and additional requirements are eligible to participate in the contest and are required to submit a three-minute pitch video.
- A profit-driven company located within the Appalachian Regional Commission area.
- 51% women- or minority-owned
- Has been in operation for a minimum of two years.
- Have a business website
- Individuals who have reached the age of 18 or beyond.
- Current Hard Rock vendors are not acceptable.
- Must apply online only
A $50,000 grant from the Appalachian Regional Commission will be allocated into five $10,000 business investment grants through the contest. The awards will be granted to the five finalists, who will also have the opportunity to engage in business collaborations with Hard Rock.
The regional pitch contest idea was conceived by Knoblock and Sandy Ratliff, who serves as the Vice President for Community Innovation at Virginia Community Capital. This innovative concept materialized following a Southwest Virginia Economic Forum.
According to Allie Evangelista, President of Hard Rock Bristol, we are thrilled to provide local entrepreneurs with new opportunities.
With this project, she incorporated the saying, “a rising tide lifts all boats,” emphasizing that Southwestern Virginia will also experience the positive effects of this development.
The final event’s audience and a panel of judges, in a style reminiscent of Shark Tank, will be responsible for judging the regional pitch contest.
There are a few significant dates to keep in mind.
- The application deadline is 5 p.m. on Friday, October 21st.
- Tentative Date: December 8th – Celebrating and Declaring the Victors (subject to alteration)
Tips on 3-minute video pitches for the Bristol Casino Regional Pitch Contest were also shared by the groups via YouTube.
Regional Pitch Contest partnerships
The workshops not only assist with improving pitches, but also provide small business owners with valuable resources for finding business partners.
According to Knoblock, it is advisable for contestants to seek out partners who share similar goods, services, and business philosophies. The SBA director believes that forming partnerships is more beneficial than excessively promoting a business.
According to Ratliff, the support system is also beneficial in the event that one partner vendor falls ill.
For instance, let’s say a potter enters into a collaboration with Hard Rock. However, considering the need to furnish a whopping 800 forthcoming hotel rooms, having a partner on board can assist the artist in meeting the deadline for completing the order.
Ratliff explained to PlayVirginia that having a small portion of the pie is preferable to having no portion at all.
In addition to assisting businesses with navigating bureaucratic processes, the regional pitch contest offers guidance regarding compliance regulations. Vendors who generate sales below $20,000 are granted an “exempt” status by the Virginia Lottery, freeing them from certain requirements. Conversely, vendors with annual sales exceeding $20,000 are considered “nonexempt” and are obligated to register with and receive approval from the lottery. Once approved, these “nonexempt” vendors are eligible to conduct business with any casinos or other prominent business entities within the state.
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