The Southwest Michigan Regional Chamber has announced a new Shark Tank-style pitch competition to help aspiring entrepreneurs present their ideas and compete for start-up funds.

Chamber President Arthur Havlicek tells us HYPE, or Highlighting Young Professional Excellence, will take place on November 20 at the Watermark Solarium in Stevensville. It will be both a competition and a learning opportunity.

“The first half of the event actually features a panel of established business owners,” Havlicek said. “So, businesses with familiar names like Watermark Brewing, Basin Bowls, Sticky Spoons Jam, and Pipestone Creek Golf Course. They’re going to share their journey, successes, setbacks.”

Those panelists will also be the judges for the competition, which starts after the discussion. Havlicek says they’ll hear pitches from about seven budding entrepreneurs.

So, what kind of pitches tend to be successful?

“Typically, whichever pitch is able to not just articulate what the product or widget is, but demonstrate the passion for that business. When it comes to entrepreneurship, usually it’s that passion and grit that’s the determining  factor of whether a venture is successful or not.”

The pitches could result in actual funds being won because the Upton Foundation and the Whirlpool Foundation have stepped up to offer support. Havlicek says the top three contestants will win funding, along with the crowd favorite if it’s not also one of the top three picked by the judges.

Those who want to enter the competition can submit their ideas online. You can do so right here.