Today, a group called StartupNation announces its Elevator Pitch Contest for 2009 -- a competition designed to reward bright business ideas with capital.
Sponsored by Toshiba and GoToMeeting, it will give winners a chance to pitch their ideas to top venture capitalists in their industries, as well as win a Toshiba Satellite laptop and one-year GoToMeeting account, and of course legitimacy in an economic environment that doesn't favor fledgling enterprise.
Prospective competitors are asked to submit a pithy two-minute video pitch online (the deadline in March 20). From this batch, 100 contestants will move onto the next round where they will be assessed by StartupNation judges and panels of outside angel and seed-stage investors. Only five teams will move on from there, required then to deliver an hour-long pitch to even more venture capitalists with the power to turn their ideas into reality.
StartupNation says the goal is to give young entrepreneurs constructive feedback on their pitch routines and how they might improve in the future. StartupNation otherwise focuses on providing advice and support resources to businesses struggling to gain traction.