WASHINGTON, D.C. — The U.S. Small Business Administration has selected 10 companies from 1,182 applicants to advance in its Patriot Pitch Competition, moving them closer to a September final in Washington and a share of $1 million in privately funded prize money.
The competition is part of the SBA’s Freedom 250 initiative marking the nation’s 250th anniversary. Clover Network Inc. is funding the cash prizes.
The semifinalists are Compotech Inc. of Brewer, Maine; Better Team USA Corp. of Clifton, New Jersey; D. Gillette Industrial Services of Easton, Pennsylvania; Winton Machine of Suwanee, Georgia; MSP Aviation Inc. of Bloomington, Indiana; Maxivolt Inc. of Amarillo, Texas; Plas-Tech Tooling of Garner, Iowa; Red River of Gillette, Wyoming; VetPowered LLC of San Diego, California; and Goodwinds Composites LLC of Mount Vernon, Washington.
The companies advanced through district and regional judging and will compete for five places in the live final. Those finalists will present their businesses to a panel of judges and an audience in Washington this September.
First place will receive $400,000, followed by $250,000 for second place, $150,000 for third, $125,000 for fourth and $75,000 for fifth.
SBA Administrator Kelly Loeffler characterized the semifinalists as businesses demonstrating innovation, risk-taking and the potential to support economic and job growth.
“Out of 1,182 small businesses that submitted pitches from every state across the nation, these 10 semifinalists emerged from a highly competitive process,” Loeffler stated.
The SBA launched the competition in May for eligible companies that have used agency-backed financing or investment programs, including 7(a), 504 and Microloan funding, Small Business Innovation Research and Small Business Technology Transfer awards, and Small Business Investment Company capital.
Judges evaluate contestants on business performance, innovation, economic impact, job creation, competitiveness and execution readiness. The SBA also reviews eligibility, legal compliance, reputation and potential conflicts of interest.
D. Gillette Industrial Services is the lone Pennsylvania company among the semifinalists. The Easton-based business will compete against firms from nine other states for a place in the final round.
Competition terms and additional information are available at SBA.gov/freedom250.
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