THE CNMI Small Business Development Center Network is calling all local entrepreneurs to participate in its SEED-to-Sail Competition on Sept. 16, where the top three business pitches will win seed money to jump-start their businesses. SEED stands for “Supporting Entrepreneurs and Economic Development.”
The application process will soon be open for three weeks, open to local entrepreneurs interested in kick-starting their businesses.
Competitors will present their business pitches to a panel of seven judges, who will critique each entrepreneur based on a standard rubric provided by the CNMI SBDCN.
The top scorer will be awarded $20,000; the second, $10,000; and the third, $5,000 in seed money.
CNMI SBDCN Network Director Nadine Deleon Guerrero said in an interview with Variety that the seed money is intended to aid local entrepreneurs in addressing needs for their business project, whether it’s purchasing raw materials or hiring personnel.
“We’re hoping that we’ll be able to close the gap on that part of their operation,” she said.
Not only will they win seed money, but the top entrepreneurs will be given a free ticket into the CNMI SBDCN’s incubator program, which would provide free rental space for the winning business for a year.
Deleon Guerrero said a common barrier that local entrepreneurs face is finding a space to sell their items, whether it’s selling t-shirts, baking, or some other business venture.
“The incubator program is going to provide an avenue for them to set up shop, free of charge for a whole year. That way, they can save their money and hopefully build up their capital, so that they can expand in the next year,” she said.
“We’re hoping we’re going to get a lot of traction. We do know there’s a lot of interest right now. It’s going to be great.”
The competition is open to the general public.
For more information, contact the CNMI SBDCN from 8 a.m. to 5 p.m., Monday through Friday, at (670) 237-6888 (Saipan), (670) 532-9513 (Rota), or (670) 433-0657 (Tinian).
