YOUNGSTOWN -  The Youngstown Business Incubator is gearing up for its 5th annual Shark Tank event, which is the organization's largest fundraiser of the year.

A kickoff party introduced a few of this year's celebrity sharks, which include Rob Cochran of #1 Cochran Chevrolet, Sam Boak of Boak & Sons, Stacey Howlett of Howlett Restaurant Group, Ashley Vidale of Sapphire Aesthetics and Wellness and Bo Pelini, a former American Football coach - there is also one mystery shark.

Applications for the event, which will take place October 24, have also opened up.

The event is similar to the show of the same name. People or companies compete hoping to earn a spot to pitch their idea to the sharks in front of a live audience.

Winners of the event can get up to $10 thousand toward their business - but the goal is really to help launch successful new businesses in the valley.

"If people have an idea they've been thinking about, and it's some idea they have for a company they want to start, now is the moment," said Barb Ewing, CEO of the Youngstown Business Incubator. "We invite them to come out and swim with the sharks."

Ewing says this is also a great way to gain exposure and network for the company.

This is the fifth year the Youngstown Business Incubator is hosting this event, if you would like to apply click here.

You can read about who won last year's competition below.

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