Posted: Feb 28, 2013 7:14 AM by Kristen Holloway
Updated: Feb 28, 2013 7:25 AM
Think you have the idea for the next big thing? A competition gives you a chance to put your idea to the test.
This competition is helping local inventors get their products on the market. It's called the Vault. This event is an open-pitch night with contestants vying for $150,000 from InventureWorks investors. The Vault will take place during Festival International at the Acadiana Center for the Arts.
Five qualifying contestants will present their product or business innovation in front of motivated investors and a cheering audience. During the event, a brief video will be shown of each product followed with a short pitch. If investors like what they see and hear, they will negotiate a deal on the spot.
"We've seen really good ideas, we've seen cooky ideas, we've seen a lot of ideas. It is hard to find the right ones but we're looking for that X-factor, you know that one you look at and say I gotta have it, thats a winner," said Chief Idea Officer Pete Praodes.
So if you have a great idea, there's still time, you can apply at http://inventureworks.com/vault/ click submit and follow the steps. Idea officers say ideas should have an X-factor, a business plan summary and be prepared for a possible interview. The actual event Vault is April 25th at 6p.m. in the ACA building. In last years competition, two ideas were fully funded and taken to the next level. So get the creative juices flowing!