The JumpStart business bootcamp
Before giving their pitches to the judges, the 20 semifinalists of COSE’s and JumpStart’s Cleveland Chain Reaction will attend a four-week bootcamp to help prepare their presentations. Here’s what they’ll learn—and what every business owner should already know.
JumpStart’s intensive, four-week bootcamp will help the Cleveland Chain Reaction semifinalists prepare for their 20-minute final presentations to the judges. (Photo: Greater Cleveland Partnership)
ow that the May 30 application deadline for the ninth season of Cleveland Chain Reaction has passed, the judges are hard at work narrowing the applications to 20 semifinalists. The small-business pitch competition is a program of the Greater Cleveland Partnership’s Council of Smaller Enterprises (COSE ) and JumpStart, which connects local entrepreneurs with capital and mentors and helps place businesses in Greater Cleveland.
Before the 20 semifinalists pitch to a panel of judges during Showcase Days on Wednesday, July 22, and Thursday, July 23, these budding entrepreneurs will first receive help preparing their pitches at a special bootcamp hosted by JumpStart. The non-profit organization helps entrepreneurs move their innovative ideas forward by providing the advising, education and connections they need to launch and grow sustainably.
The bootcamp is important because the three highest-scoring businesses will win cash prizes: First place will receive $40,000, second place $20,000 and third place $10,000.
“At the bootcamp, we help innovators, entrepreneurs and small-business owners craft compelling stories that bring their business plans to life,” JumpStart Chief Services Officer and co-founder of Rust Belt Riders, Dan Brown explains. “The four-week bootcamp covers four modules: Helping the semifinalists develop a business narrative; putting realistic numbers behind that narrative; clarifying marketing and positioning to create a growth strategy; and explaining how the funds will be used if they win one of the three cash prizes.”
Developing a Narrative
In this module, the semifinalist will learn to tell their story, turning an idea into something tangible. “Here, we want to plant the seeds of what the pitch will look like, create a value proposition, and take a complex idea and make it simple for any audience,” Dan says. “A strong business idea should be clear, concise, and easy to understand—even for someone with no background knowledge.” Or if it has to be shorter, “It should be easy for anyone to understand.”
Financials
The module is designed to help the finalists put numbers behind their business narratives. “The financials are essential and need to be backed by evidence,” Dan says. “This includes their customer base, pricing, expenses, sources of income and how receiving the money will help make those real numbers deliver business growth that will impact the neighborhoods of Greater Cleveland.”
Marketing and Positioning
This module focuses on positioning a business as unique. “We want to be able to answer the question, How are you different from the next business doing something similar? Dan explains. How will that difference manifest itself in contracts? The finalists need to use market research and other data to determine how to strategically position themselves and reach customers.”
Using the Prize Money
The fourth and final module is about making a strong case for how the prize money can help the business grow. “Determining how best to spend the funds you receive is about identifying the biggest point of leverage you can exercise on your business,” Dan says. “Is that a new truck, new machinery, a marketing campaign? Informed by all the modules, the finalists should be able to say, ‘I know what I need to be working on to drive impact in ways I intend to grow my business.’”
Dan says some of the finalists’ businesses are not yet generating revenue but still represent a really good idea. Other businesses are generating revenue, but the owner(s) are not sure why. “Success isn’t just about reaching the moment—it’s about knowing how to build from it. What do you do now? Every business owner should know when to take on capital and how to employ it,” Dan says. Ultimately, the whole program is about providing the resources and education that can turn these entrepreneurs’ hard work into lasting success.
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 Medical Mutual, Minutemen Workforce Solutions, MAGNET and the COSE Benefit Plan. Mimi Magazine is the competition’s print publication partner and FreshWater Cleveland is the digital publication partner.
Cleveland Chain Reaction
Greater Cleveland Partnership’s Council of Smaller Enterprises (COSE)
Dan Brown, JumpStart Chief Services Officer.
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