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This morning in our Fifth Third Business Spotlight we were joined by David Hunt, the founder of Framewrk, and Renee Hode, Director of Business and Entrepreneurship at South Piedmont Community College.
Renee and her team run the 53 Ideas Pitch Competition which is supported by Fifth Third Bank and has been since the inception in 2020. The competition gives entrepreneurs a platform to grow their ideas and businesses. The competition launched this year on May 1st and all submissions are due by May 31st. Contestants not only compete for cash awards they have access to training resources and expanded networks to build social connections. Training and coaching on pitching, financing, forecasting and general business will be available to every participant, even if they do not make the top 53. “We want to give budding entrepreneurs a platform to pitch their ideas and start their businesses” says Hode.
In the inaugural year, David’s Company Framewrk won the first ever competition. Framewrk has been able to assist and provide for small business. Framewrk helps entrepreneurs in two ways: first, by providing an AI consultant to mentor the entrepreneurs and finally by putting the entrepreneurs into cohorts where they can help each other grow. Over 2400 entrepreneurs have used the services provided by Framewrk. “Winning the competition allowed me to hire help and get Framewrk moving in the right direction” says Hunt. If you have an idea this competition is for you.
Here are the details of the competitions:
How it works
Anyone in the 10-counties surrounding Charlotte can submit an idea. It only takes a minute.
Ideas in the form of a 53-second video can be submitted online May 1 thru May 31, 2023.
Entry is limited to residents in the following NC counties: Anson, Cabarrus, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union.
The 53 finalists will be announced in early June 2023.
Mid-June finalists participate in online training sessions to help prepare for the next round.
The 53 finalists pitch the week of July 10, 2023 for a chance to place as a top semi-finalists.
The top ten semi-finalists will be announced on Monday, July 17, 2023. Watch our social channels for the reveal.
The top ten compete for first, second and third place at Virtual Pitch Day which will be broadcast to a public audience.
Visit the Frequently Asked Questions page for more details.
Awards
First place winner $10,000
Second place winner $ 5,000
Third place winner $2,500
Top 10 finalists $250
Competition Entry
Entries for the 53 Ideas Pitch Competition are open now through May 31, 2023. When you are ready to record or upload your 53-second business idea click the button below. Recording and uploading will vary based on the device you are using to submit your entry. If you need instructions to record or upload check out these available guides.
For more information how FifthThird can help your business visit 53.com/businessbanking or to find out more about the competition visit 53ideas.com.