The Trump administration's Small Business Administration will host a live pitch competition in Washington, D.C., on September 18 featuring rapper Nicki Minaj and actor Dean Cain. The event, called the Million Dollar Pitch Competition, will pit five small business finalists against each other for shares of a $1 million prize pool.

Minaj will serve as one of three judges alongside private equity fund manager Grant Cardone and Airbnb co-founder Joe Gebbia, who holds the position of U.S. Chief Design Officer. Cain, known for his role in the 1990s series Lois & Clark: The New Adventures of Superman, will host the event. All five finalists are guaranteed payouts, with the top winner receiving $400,000, second place $250,000, third place $150,000, fourth place $125,000, and fifth place $75,000.

The competition draws comparisons to the television show Shark Tank, with entrepreneurs presenting their businesses to a panel of prominent figures. It also echoes the format of President Donald Trump's former reality series The Apprentice. The prize money comes from private funding by Clover Network, Inc.

SBA Administrator Kelly Loeffler described the event as part of the agency's celebration of America's 250th anniversary through the Freedom 250 initiative. She stated that the competition highlights the contributions of small businesses to the nation's free enterprise system.

The five finalists include Compotech, Inc. of Brewer, Maine; Winton Machine of Suwanee, Georgia; Plas-Tech Tooling of Garner, Iowa; Red River of Gillette, Wyoming; and VetPowered LLC of San Diego, California. These companies represent sectors such as defense technology, manufacturing, and tooling.

Minaj, Cardone, and Cain have each publicly supported President Trump in recent years. The announcement aligns with the administration's emphasis on supporting Main Street businesses and economic growth.