If you're an entrepreneur who's been tinkering around with an awesome business idea but short on capital, we'd love to help.

In this episode, I met up with three of my buddies in the industry, Greg Mercer from Jungle Scout, Steve Chou from My Wife Quit Her Job, and Scott Voelker from The Amazing Seller, to talk about our latest project called the 5 Minute Pitch. It's an opportunity for bootstrapped online businesses to pitch their best business idea to us as judges and win $50,000.

Who are we looking for?

We are on the lookout for an online business with great forward momentum. We want someone who can take a unique business idea and add the meat and bones to it. So, give us your business backstory, be transparent about your numbers, and spill all the details for your chosen venture.

Finally, act natural.

"Let your personality shine through because at the end of the day we are investing in people. Oftentimes, businesses have to make pivots and go on to do different types of things. So we want to know that the founders that we're giving this money to as a gift are going to really exceed with it.", says Greg.

How can you join?

Simply log on to www.5minutepitch.com or fill out the application form here. Please note we only accept 32 entries so time is of the essence.

How do we pick a winner?

The grand prize winner will be selected after a series of elimination rounds. We're starting with 32 contestants who will be giving us their 5-minute pitch on Skype. From that cluster, we'll be selecting 8 contestants to advance to the next round. These 8 contestants will again be narrowed down to 4. The lucky 4 will be flown to San Diego to present their pitch live to the four judges. From these, we'll then select the grand winner of a $50,000 cash gift.

What does the winner get?

We're giving away a cash gift worth $50,000 to the lucky winner plus some mentoring time with each judge.

We're launching this contest in the fall. Sign up for our email list to get the latest updates.

Other Useful Resources:

MyEcomcrew

Jungle Scout

My Wife Quit Her Job

The Amazing Seller

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If you have any questions or comments, feel free to leave them below. Happy selling!