Fredericton entrepreneurship hub Planet Hatch will hold its first Newcomer and International Student pitch competition, which has a total prize purse worth $10,000 on Friday.

Scheduled for Aug. 26, the competition will include two streams: an idea stream for prospective entrepreneurs and a business plan stream for those with existing companies. Competitors in the idea stream will be judged based on a one-minute pitch and business plan stream companies will be judged on a five-minute pitch.

The idea stream will offer a $1,300 first prize, a $900 second prize and a $400 third place prize, as well as $200 audience choice awards for best idea and best pitch. The business plan stream will offer a larger $3,000 first prize, a $2,000 second prize and a $1,000 third prize, as well as the two audience choice awards at $500 each.

The competition complements Planet Hatch's Newcomer Startup Accelerator, which is geared towards helping entrepreneurs gain an understanding of Canadian business practices and culture, as well as one-on-one business counselling and access to Planet Hatch’s workspace facilities.

Anyone interested in watching can register here.