Last May, Addy Graves won $10,000 for her startup without stepping on stage, pitching her vision, or even making a deck.
Cashew Research was the winner of Profitual’s No-Pitch Competition, where startups are judged on the strength of their financial numbers.
The first No-Pitch Competition, held in May 2025, drew submissions from across Canada.
“The competition stood out because it emphasized the operational discipline behind building a company, not just a big pitch or the ultimate vision,” Graves said.
“The focus on real business fundamentals really resonated with our team and where we are in our journey.”
Profitual is bringing back the No-Pitch Competition, an event that flips the script on traditional startup contests by rewarding founders for sound financial planning rather than flashy pitches. For founder and CEO Ray Fitzpatrick, it’s a chance to spotlight a skill that often gets overlooked: knowing how your business will actually run.
“There is value in having a dynamic founding team that has the ability to tell the story of their startup’s potential,” Fitzpatrick said. “There is also value in execution and careful consideration of how a business will operate and fund itself.”
“What we’ve identified is that the latter doesn’t get the attention it deserves, and we’re hoping to change that.”
Profitual’s No-Pitch Competition is a Canada-wide contest designed around the realities of running a startup.
Founders submit one thing: their financial model, and Profitual, which simplifies financial modeling and forecasting for startup founders, uses its AI-driven evaluator to score each competition submission against investor-grade benchmarks drawn from thousands of startup data points.
Every applicant receives a venture-grade feedback report on their forecast, written in plain English. The prize: $10,000 in cash, no strings attached.
The first No-Pitch Competition, held in May 2025, drew submissions from across Canada. Founders uploaded their financial models, which were analyzed against benchmarks tailored to each company’s stage, from pre-revenue startups to those approaching $5 million in annual recurring revenue.
Even those who don’t win walk away with new insight. Many submissions revealed common weaknesses, Fitzpatrick said, such as missing cost of goods sold, one-year projections, or revenue growth unaccompanied by adequate sales and marketing investments.
“The goal would be for founders to take the feedback they receive on their financial models and ensure that it matches the story of their pitch deck, and to consider any recommendations provided,” Fitzpatrick added. “If they can do that, they will be much more prepared for the next pitch competition or investor meeting.”
By translating raw data into actionable feedback, Profitual aims to raise the bar for startup financial literacy among Canadian startups. Fitzpatrick envisions a future where the company’s scoring system is used alongside traditional pitch competitions, giving investors a clearer picture of how well a startup can actually operate.
The second No-Pitch Competition launches November 1 with the backing of RBCx and Bloom Funding. Canadian startups from any sector, with less than $5 million in annual recurring revenue, can apply by November 30. The winner will be announced on December 10.
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You can submit your application to the No-Pitch Competition by November 30. Apply here.
All photos provided by Profitual.