Business bootcamp

The 141 small business owners who applied to participate in Greater Cleveland Partnership’s (GCP) Council of Smaller Enterprises’ (COSE) Cleveland Chain Reaction have been narrowed down to 22 semifinalists who are now participating in a bootcamp where experts will help them prepare to pitch to a panel of judges at showcase days taking place Wednesday, August 20, and Thursday, August 21.

And the stakes are high.

The semifinalists are vying for prizes that include $40,000 for first place, $20,000 for second place and $10,000 for third place. 

Cleveland Chain Reaction is an annual small business pitch competition that connects entrepreneurs to capital and mentors and helps business grow and expand in Greater Cleveland to create jobs and build prosperity.

At the Bootcamp

The bootcamp is hosted by the non-profit venture development organization JumpStart, Inc. “At JumpStart, we help small businesses and start-ups thrive by providing high-impact services, funding opportunities, and a network of support,” explains the organization’s interim CEO Lorne Novick. “COSE’s Cleveland Chain Reaction complements what we do. By partnering with other economic development groups, we can work together to support entrepreneurs where they are on their journey.”

JumpStart’s intensive, four-week bootcamp will help the semifinalists prepare for their 20-minute final presentations to the judges. “Our goal is to ensure that each participant’s pitch includes key elements like financials, growth planning, marketing and market share—refining the edges of their target market—as well as capital access and capital planning. They need to shift their thinking because they’re not selling their products and services to the judges; they are selling their business, and they need to be able to tell a great story.”

After four weeks of classroom training, the participants work one-on-one with a market research professional to prepare their final pitch.

Lorne says nothing is more intimidating to JumpStart clients than their own financials, so helping them become comfortable discussing numbers is key.

“It’s important for participants to be able to articulate their financial projections and have an understanding of the assumptions in there,” Lorne says. “Twenty minutes is not a long time, and the founder needs to demonstrate that they understand their business and what triggers success.”

Media Coverage

Throughout the season, semifinalists have the opportunity to showcase their businesses and promote their products and services on “Kickin’ it with Kenny” during FOX 8 “News in the Morning.” They also receive media coverage in Mimi Magazine, Cleveland Chain Reaction’s print publication partner, and in FreshWater Cleveland, the competition’s digital publication partner. The publications will also offer semifinalists discounted advertising rates and will award winners complimentary advertising space.

Since its inception (the competition was put on hold in 2020 due to the pandemic), Cleveland Chain Reaction has received 732 applications, coached and prepared 146 small business semifinalists, connected winning businesses to more than $1.8 million in capital and provided over 660 hours of technical assistance.

Cleveland Chain Reaction is produced by COSE in collaboration with FOX 8 “News in the Morning’s” “Kickin’ it with Kenny.” This season of Cleveland Chain Reaction is sponsored by COSE Benefit Plan, Medical Mutual, Minutemen Workforce Solutions and MAGNET. Mimi Magazine is the competition’s print publication partner, and FreshWater Cleveland is the competition’s digital publication partner. Visit ClevelandChainReaction.org for more information.