Anyone with an idea to improve the Shoals area could find themselves with the cash to help make it happen by entering to win the Shoals Idea Audition.

The Shoals Idea Audition is designed to foster new businesses, help entrepreneurs polish their presentations and introduce community leaders who might be instrumental in helping make their ideas a reality. For the seventh year, hopeful participants will have an opportunity to present their business ideas to a panel of area professionals, and the top-scoring idea will be awarded a $5,000 cash prize, with $2,500 and $1,000 to second- and third-place winners, respectively.

The submission deadline for ideas is Oct. 30. The finals for the Shoals Idea Audition is slated for Tuesday, Nov. 10.

“This year’s event will look a little different, but we welcome anyone with a great idea for a new or existing product or service to be a part of the competition,” said Mary Marshall VanSant, a founder of the event. “This is a great way to earn seed money to make it happen or simply test the viability of your idea.”

Last year, Limestone County native Lillian Glanton won the event with her idea to develop Muscle Shoals Song Rooms, a music venue in Sheffield near the Muscle Shoals Sound building where songwriters can have a creative space to advance their skills.

Participants’ initial pitch will take place Monday, Nov. 9, via Zoom. The finalists will gather at a location that is to be determined in order to pitch live before a panel of judges. The pitches will be broadcast via Facebook starting 5:30 p.m. Tuesday, Nov. 10.

Finalists will have three minutes to make their pitch, and the panel of judges will feature local entrepreneurs.

Visit www.shoalsideaaudition.com for more information about the event.