Pitch competitions serve as an opportunity for entrepreneurs and start-ups to showcase their business idea in hopes of winning funding for their presentation. Organizations in our region have come together to offer a competition that will help spur innovation and business growth.

This month, Radius Indiana, in coordination with Elevate Ventures, the Indiana Small Business Development Center, Indiana Innovation Institute, the Mill, and Naval Surface Warfare Center, Crane Division, will host its third annual virtual pitch competition for entrepreneurs, inventors and start-ups focused on patented technologies and intellectual property (IP) developed at Crane — and the best news — it is royalty-free and there's no cost to enter.

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Radius Indiana created the Crane IP Defense Innovation Pitch Competition after learning of NSWC Crane’s Rapid Response Licensing Program, which launched in spring 2020 in response to COVID-19. The Technology Transfer (T2) Program at NSWC Crane opened its portfolio of more than 300 patented technologies to entrepreneurs to help rapidly transition federal research and development into the commercial sector and to help stimulate the economy — this is an unprecedented opportunity!

Engineers and scientists at NSWC Crane, Indiana’s only federal research laboratory, create technical solutions to solve problems faced by the men and women protecting our nation. Many of the solutions also can apply to the commercial needs of the public sector. The Crane IP Defense Innovation Pitch Competition provides a venue to develop a practical application of technology to create a new commercial product, or launch a new business that can grow in our region.

Entrepreneurs will have the opportunity to connect with industry leaders from the partner organizations, and cash prizes totaling $12,000 will be available to the top three contestants. Additional prize funds will be available for competitors with locations in the Radius region of southern Indiana.

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The pitch competition is being held in conjunction with PROPELS Accelerator, a Mill program offering instruction on how to commercialize cutting-edge technology developed at NSWC Crane. The six-week program focuses on a full business development plan with support from experts in defense and entrepreneurship. Registrants will participate in a demonstration at the end of the session and are then encouraged to pitch their idea at the Radius Indiana pitch competition.

Radius Indiana encourages you to take advantage of this free opportunity to showcase the talent and bright ideas waiting to be discovered right here in southern Indiana. The deadline for registration to participate is June 17, and the pitch competition will be held in a virtual format on June 28. Visit www.radiusindiana.com to register.

Matt Craig is director of Crane Community Support for Radius Indiana.

This article originally appeared on The Herald-Times: Start-ups, businesses can register for virtual pitch contest on June 28