Fredericton-based fintech company Profitual has launched a startup competition that assesses founders’ business models rather than their talent for spinning a yarn.

Entries for the “No-Pitch Competition” are open until the end of the month, and the winner of the $10,000 first prize will be announced on June 16.

Profitual, a financial intelligence startup that specializes in working with other young companies, asks participants to merely upload an Excel file of their financial model. Then Profitual will use its AI-driven forecast evaluator to analyze every submission against investor-grade benchmarks

The company said the goal of the competition, which is open to startups across Canada with less than $1 million in annual recuring revenue, is that “founders can compete on substance, not spin.”

Applicants with the top 5 models will be invited for a 15-minute virtual call to confirm eligibility.

You can find more information and enter the competition here.