MIAMI BEACH, Fla. -

Five teams of entrepreneurs will compete Tuesday for the chance to win $20,000 to kick off their business.

Daymond John, the founder of FUBU and investor on the hit ABC show, "Shark Tank," will join a panel of judges for the Miller Lite Tap the Future competition. The judges also include Wifredo Fernandez, CEO of The LAB Miami, and Neal Gottlieb and Sadie Ash Boggs, co-owners of Three Twins Ice Cream.

The judges will also award $500 to one of three lucky attendees who will be randomly selected to pitch their business on the spot.

The event will be held at Nikki Beach at 7:30 p.m.

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