After a three-year hiatus due to Covid-19, Legacy Investment Solutions is reviving its Business Pitch Day offering up to $75,000 to aspiring entrepreneurs to get their business off the ground or expand.
This year’s event will be held at 1451 Road 2 E. in Kingsville. It will be held at Tryson Farms on December 3rd from 8am to 5pm.
“The first one was an amazing variety that came up,” said Josh Mastronardi, chief operating officer of Trison Firm, one of the three founders of Legacy Investments, along with Geoffrey Di Liberato of Thrive Business Solutions and another friend who prefers to remain anonymous.
“We are open to any art or idea. We are not looking for anything back in particular,” he said.
Email [email protected] to apply to compete on pitch day or for more information.
Mastronardi said the inspiration behind the competition began with his interest in the Dragon’s Den television show, his desire to diversify his business interests and to help others pursue their own dreams.
“We started Legacy Solutions in 2018 with the understanding that it’s not easy for these businesses to access capital,” Mastronardi said. “With interest rates and covid it is more difficult to get money now.
“We have created a strategic partnership that can help and guide new businesses and entrepreneurs.”
Mastronardi said there were 25 applicants for the first event, and six of them made the shortlist to present.
The trio ended up giving $25,000 to back an agri-tech software firm that is now preparing to launch after a delay due to Covid.
This time, Mastronardi says 10 applications have been received that look like three or four solid bets to get invited to pitch sessions.
“We still have two or three spots available,” he said, adding that it’s difficult to narrow down what criteria will be used to select the winning business.
A lot of crucial information will be extracted during the one-hour pitch. Contestants get half an hour to sell their ideas and themselves, and the judges spend the rest of the time answering their questions.
“There are so many variables in making this decision,” Mastronardi said. “Certainly a key factor is the person we invest in, especially if it’s a business idea that’s conceptual or doesn’t yet have a track record of revenue.
“It will depend on the person whether he is capable, passionate and whether we can trust him. We need to know what he plans to do with the money, how it will affect the business and what the outlook is for the next two or so years.”
Mastronardi said the panel will make its decision within days of the event and then contact attendees. Those selected for funding will go through a series of meetings to discuss next steps, clarify funding terms and legal requirements.
“How much we invest will vary based on business needs,” Mastronardi said. “They usually outline a number in their application.
“We can give $75,000 to a business or we can split it. It will be determined by the presentation.”