Tens of millions of dollars worth of funding and investments will be up for the taking when the United States Air Force comes to New York in March to host its Pitch Day event.
After submitting ideas through an application platform, chosen companies will be given the chance to make their final pitches in the Big Apple.
Partnerships with the Air Force are then made the same day if entrepreneurial experts from the Pentagon like the business idea of a given startup.
“Pitch Days are new fast tracks for startups to work with the Air Force,” said Will Roper, assistant secretary of the Air Force for Acquisition, Technology and Logistics. “Modeled after commercial investment pitch competitions, our goal is to award $40 million to startups using one-day, one-page contracts. These awards use convenient credit card payments— we want partnering with the Air Force to be easy and energizing.”
Trying to avoid bureaucracy and red tape normally associated with government partnerships, the Air Force’s Pitch Day is prioritizing fast deals that can benefit both sides. Immediate awards given out via PayPal will be up to $158,000 per the Air Force’s announcement.
Roper said that the Air Force gave out 100 contracts in 40 hours last month in a sort of trial run that was gearing up for the two day event that will last from March 6-7.