Elk Grove is bringing back its startup company pitch competition that pays entrepreneurs cash for the best elevator pitches.
Pitch Elk Grove started last year as an economic development initiative to introduce companies in the region to Elk Grove and its Startup Elk Grove Incentive Program, which launched in 2018 and offers direct cash subsidies to companies based in the city.
“Pitch Elk Grove is an invaluable opportunity for founders to practice presenting their companies in front of a live audience,” said Laura Good, CEO of StartupSac, which is organizing the pitch contest.
Eligible startups must be based in the counties of Sacramento, El Dorado, Placer, San Joaquin, Sutter, Yolo and Yuba.
Applications, which can be found at the StartupSac website, are due at 5 p.m. April 17, Good said.
Up to 16 semifinalists will be selected.
The semifinalists will compete in a virtual pitch-off on April 27 to determine eight finalists, and they will be matched with mentors to support their final pitches, which will be in front of an audience in Elk Grove on May 18.
"Working with a mentor will provide high value that will last well beyond the pitch event," Good said.
Last year, $10,000 went to the top pitch, $5,000 went to second place and $2,500 went to an audience favorite. This year, rather than audience favorite, the $2,500 will go to the best pitch from an Elk Grove company, Good said.
More than 120 people attended the final pitches last year, and Good said they anticipate more people this year because at the time of the event last year, the region was still affected by the pandemic.
Previous winners are not eligible.
The Startup Elk Grove Incentive Program offers cash grants to companies that will support new jobs or technology opportunities in Elk Grove. The city takes no equity in the companies and the money doesn’t need to be paid back — as long as the companies remain headquartered in Elk Grove. If the company moves out of Elk Grove, or if the company is acquired, the grant becomes a loan.
