FIRST ON FOX: The Small Business Administration is bringing a celebrity panel to Washington next month to judge five entrepreneurs competing for a share of a $1 million prize pool, Fox News Digital has exclusively learned.
"As our nation marks its 250th anniversary, the SBA is celebrating America’s legacy of free enterprise through the Million Dollar Pitch Competition—a historic live event showcasing the essential contributions of America’s small businesses," SBA Administrator Kelly Loeffler told Fox News Digital.
Entrepreneurs from across the nation submitted their ideas earlier this year, leaving five finalists to participate in a live pitch competition in Washington, D.C., on Sept. 18.
Rapper Nicki Minaj, entrepreneur and private equity fund manager Grant Cardone, co-founder of Airbnb and U.S. Chief Design Office Joe Gebbia will judge the final competition. Award-winning actor Dean Cain will host the event, Fox News Digital has exclusively learned.
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The competition is another example of the Trump administration’s efforts to spotlight American ingenuity and partner with the private sector to support innovation and small-business growth, Fox News Digital learned.
"Their participation brings invaluable real-world perspective as our five exceptional finalists compete for a share of $1 million in growth capital. I look forward to joining them next month as we recognize the innovators and job creators who power American strength," Loeffler added.
The participants were evaluated based on categories of strengthening American competitiveness, examples of small businesses "punching above its weight," economic impact and quality jobs and business fundamentals and execution readiness.
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The five finalists are defense technology company Compotech, Inc. in Brewer, ME, metalworking machinery manufacturer Winton Machine in Suwanee, GA, plastic mold manufacturing company Plas-Tech Tooling in Garner, IA, pressure vessel manufacturer Red River in Gillette, WY, and machinery manufacturing firm VetPowered LLC in San Diego, CA.
No finalist will go empty-handed with the first-place winner scoring $400,000, second place winning $250,000, third place gets $150,000 and fourth place will take home $125,000, leaving fifth place with $75,000.
The competition also echoes the format of Trump’s hit early-2000s reality show, "The Apprentice," which put aspiring business leaders through a series of challenges for a chance to work for his company.
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The successful show aired for 14 seasons with Trump as host.