Local entrepreneurs with dreams of inventing the next great product that will get the world's attention, might receive a helping hand this spring.

The Southeast Indiana Small Business Development Center will host the third annual "Risk It" competition at the Venture Out Business Center on May 15.

"Risk It" is a contest similar to the television show Sharktank, according to Kelsey Brown of the ISBDC. Aspiring entrepreneurs can submit their ideas online and, if they're chosen, present their products to guests and a panel of judges for a chance to win prizes.

First- and second-place prize packages will be awarded, along with an audience choice winner.

"It's really neat. It's my favorite event that we do," Brown said.

The ISBDC will select from six to eight finalists. The deadline to enter is April 15.

"We're already taking entries now," Brown said. Those looking to enter their ideas should go to www.riskitindiana.org to register.

Finalists will be chosen by ISBDC members, and all entrants will be eligible for free counseling from ISBDC staff members.

Finalists will be contacted by email within a week of entry.

Each of the finalists will have five minutes to present their pitch to the audience and judges. The audience and judges will then vote on which product they believe is the best and most marketable.

"We had some great entries last year. Anything from a stand for a cake all the way to safety signs that light up," Brown said.

The winners will be announced the night of the competition and honored at the Leaders in Entrepreneurship Awards Day Indiana awards luncheon in Jeffersonville on Nov. 12.

The winners of both awards will be given the opportunity to work with the ISBDC and other local business professionals to develop their idea into a viable business venture.