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Today, five entrepreneurs from across the United States will compete in Washington, D.C., for a share of a $1 million prize in the Trump administration's Million Dollar Pitch Competition. This event, organized by the Small Business Administration (SBA), features small businesses from California, Georgia, Iowa, Maine, and Wyoming. The competition is part of the Freedom 250 initiative, celebrating the nation's 250th anniversary.
The event will be hosted by actor Dean Cain, known for his role as Superman in the 1990s TV series 'Lois & Clark.' The judging panel includes rapper Nicki Minaj, who has publicly supported President Trump, Airbnb co-founder Joe Gebbia, and investor Grant Cardone. The competition will be taped for a TV special airing in October, and the finalists will meet with President Trump in the Oval Office.
The five finalists, Compotech Inc., Winton Machine, Plas-Tech Tooling, Red River, and VetPowered, were selected from approximately 1,200 businesses nationwide. The first-place winner will receive $400,000, while other prizes range from $75,000 to $250,000. According to The Hill, SBA Administrator Kelly Loeffler emphasized the importance of highlighting the stories of these small businesses.
The competition aims to showcase American entrepreneurship and innovation, echoing the format of President Trump's former reality show, 'The Apprentice.' Fox News reports that the event is part of the Trump administration's efforts to promote small business growth and innovation.