Trivelle Simpson, the founder of Toronto venture capital firm The Drive Group, is paying it forward with a $250,000 pitch competition inspired by CBC’s “Dragon’s Den” and “The Apprentice.”

“There comes a time when you got to bet on a founder, you got to bet on an idea. You got to bet on somebody who's addicted to what they're doing, and then you create products that will change the world,” Simpson told CTV.

Drive 250 will see the startups will participate in a series of weekly challenges on social media following The Drive Group's selection of a shortlist of semi-finalists. From there, four finalists will be chosen to head to Toronto, where they will present their concepts live to a panel of judges for the chance to win the top prize.

The Drive Group is accepting applications until April 1 and plans to announce semi-finalists on April 14.

Founded in 2016, Simpson, from Brampton, Ont. created The Drive Group with just $1,500 in tax refund money and has since expanded through increasing investments in derivatives, financial markets, real estate, and other areas. The company is a venture capital and real estate development organization that partners with innovative entrepreneurs and businesses.

He acknowledged how hard it can be for Black founders to raise capital and wanted to lend a helping hand through the competition.

“One time at a startup, finding money was the hardest thing,” Simpson told CTV. “The whole idea was that smart startups need easy access to capital. It was one of the visions that we had, that when we get through the door, we'll take it back to smart businesses that need investment.”

Interested participants can apply here.