and talks to this year's Lion's Lair top 10

Entrepreneurs pitch their business ideas for a chance to win a $30K cash prize

IT CAN BE EASY for entrepreneurs to get wrapped up in the dayto-day demands of business ownership while neglecting to promote their own companies.

While the startup world shouldn’t be turned into one big pitch contest, says Innovation Factory executive director David Carter, having an opportunity for people to practise is key.

That’s one of the goals of Lion’s Lair — an annual competition hosted by Innovation Factory and the Hamilton Chamber of Commerce that gives entrepreneurs a chance to pitch their businesses to a panel of local professionals.

“It’s a nice way to create some buzz,” Carter says.

The contest, which started six years ago, also offers a way to build awareness around the services available locally to help small busi-

ness owners.

It gives area companies a chance to win $30,000 in cash and in-kind services valued at more than $160,000, including marketing, video production and market research.

In addition to a convincing pitch, one thing judges look for when narrowing down the applicant pool is a product people would pay for, Carter says.

Beyond that, it’s a plan they can execute to get their product into customers’ hands, he adds.

Finally, judges look at prospects — will this company actually generate money for more than one person, and take up local real estate?

“We want to show that this is a company that is going to do something for the economy,” Carter says.

New this year is a Hamilton award, acknowledging a business that has made a significant contribution to the local community.

Half of the competition’s final 10 startups are from nearby municipalities such as Oakville, London and Kitchener.

This year, between 50 and 60 applied.

The gala, where the winners will be announced, is being held Sept. 29 at Carmen’s Banquet Centre.

This year’s panel of local experts includes Cheri Cavalier of Microsoft Canada, Tonia Jahshan of Steeped Tea, Michael Macaluso from Carstar North America, Mario Paron of KPMG and Julie Ellis from Mabel’s Labels.