FLORENCE, Ala. (WHNT) – Shoals Shift is hosting the eighth annual Shoals Idea Audition, a competition for people to share their business ideas.

Event co-organizer Mary-Marshal VanSant told News 19 that dozens of entrepreneurs sign up every year to compete in the event.

“The Shoals Idea Audition is a three-minute business pitch contest,” VanSant said. “It’s really for entrepreneurs or small businesses that are in that first phase of bringing their idea to either market or fruition.”

The competition will have two rounds. The second round will be performed in front of a live audience and panel of judges, including local business owners and business development specialists.

The top three winners will be awarded $5,000, $2,500, and $1,000 respectively.

“We have initial pitches that are done via zoom,” VanSant said. “If you are the winner of your room, you go on to the finals.”

VanSant later said that this experience is invaluable for up-and-coming entrepreneurs.

“It gives you some exposure in the business community. You never know who is going to be sitting in the audience. A venture capitalist could be sitting there and you don’t even know it, and you could get your idea fully funded. It’s happened to us twice,” VanSant said.

To sign up for the event and look at their rules, you can visit the Shoals Shift website here.