Five small businesses competed in Washington, D.C. on Oct. 20 for the chance to receive their share of $1 million.
The Million Dollar Pitch Competition was organized by the U.S. Small Business Administration (SBA) as part of the Freedom 250 celebrations. Thousands of businesses applied for the competition, but only five were brought to Washington to contend for the prize: Plas-Tech Tooling Inc., Winton Machine, Red River, VetPowered LLC, and Compotech, Inc.
Hosted by actor Dean Cain and SBA Administrator Kelly Loeffler in front of a live audience, each competitor had five minutes to pitch their business plan to the judges: entrepreneurs Grant Cardone, Nicki Minaj, and Joe Gebbia.
The judges considered four criteria:
How much the businesses were, “strengthening American competitiveness.” If the small businesses were “punching above its weight.” The “economic impact and quality jobs” provided by the businesses.
Lastly, the judges studied the “business fundamentals and execution readiness” of the competitors.
Clover Network Inc. provided the $1 million prize purse.
How the Five Companies Fared
Dean, Ryan, and Andrew Sonquist of Plas-Tech Tooling were the winners and received a $400,000 prize with their compelling pitch for Plas‑Tech Tooling Inc. Based in Garner, Iowa, the multi-generational manufacturing company was founded in 1993 by Dean and Marcia Sonquist. Today, their sons Ryan and Andrew Sonquist help continue the family business.
Winton Machine, started by George and Lisa Winton, earned the $250,000 second-place prize. The Georgia-based company builds tube fabrication machines and coax fabrication machines which aid other companies efficiently create products.
During her presentation Lisa Winton stated, “Nearly thirty years ago, the Small Business Administration helped two people with just two screwdrivers and a pair of pliers build a business and look what we have done with it.”
Red River, which manufactures pressure vessels in Wyoming, claimed the $150,000 third prize. Its tubes enable America to have “clean water, social media and energy of almost any kind,” CEO Marshall Sasse stated.
VetPowered LLC won fourth place, claiming $125,000. Founded by Hernan Luis y Prado, a U.S. Navy veteran, VetPowered supports veterans by providing advanced manufacturing jobs in San Diego, California.
Prado acknowledged how SBA has aided him, stating, “When I founded my company VetPower I did not do it alone. I did it with five SBA loans. Five. And we repaid all of them in full.” Now his company has gone on to help thousands of veterans and create 100 full-time jobs in San Diego.
Paul Melrose, founder of Compotech, Inc., took home $75,000 for fifth place. Compotech’s goal is to protect American soldiers abroad by working with the U.S. military to manufacture software and products for the defense space.
A Visit With the President
Before the pitch contest began, the five competitors had the privilege of meeting President Donald J. Trump in the Oval Office. Trump told them, “America was built on small businesses, and they make up 40% of all economic activity.”
One-third of the small businesses in America are family-owned. Many small businesses are kept from getting bigger because they come from small towns and lack employees.
The SBA’s mission is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters” For these contestants the SBA had a powerful impact on their businesses.
For the Sonquist family, the competition highlighted a familiar small-business story: building something that can be passed from one generation to the next.
The Sonquist family has been able to depend on SBA as a partner that has lasted for 30 years. Plas-Tech Tooling started in the family garage and now the company has 50 employees in a town of 3,000 people.
Their company has grown and they have begun passing the business down to their sons. As founder Dean Sonquist said during Plas-Tech Tooling’s winning pitch, “That’s the American dream. Build something. Share the opportunity and pass it on. We are proud of what we have done, and we are just getting started.”
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[ H/T The Daily Signal ]
