Shark Tank Virginia has received funding from the Williamsburg Economic Development Authority.
Lance Zaal of the Ignition Center went before the city’s EDA at its Wednesday meeting with two requests: First, he asked to use the Stryker Center for the April 14 event. Second, he requested a $1,000 grant to help cover the cost of promotional materials like flyers and programs.
The EDA voted unanimously to approve Zaal’s request.
Shark Tank Virginia will place 30 entrepreneurs before a panel of judges of investors and a live audience. Doors to the Stryker Center will open at 4:30 on April 14.
Just like in the ABC TV show, the participants will pitch their startup to the sharks. More than $200,000 in investments was raised in the inaugural 2017 Shark Tank Virginia.
During the meeting, the EDA asked Shark Tank organizers to track data relating to the event, such as the number of attendees and nights that out-of-town guests stay in area hotels.
Zaal said he felt the $1,000 amount was fair based on the success of the event last year, and hopes the event can help draw out-of-town businesses into the city.
“This is exactly the kind of event we need to have to develop the startup community in Williamsburg,” Zaal said.
