Updated

Miller Lite is offering over $200,000 to a group of friends who can come up with the next great business venture.

The competition, called "Tap the Future," gets teams of entrepreneurs to compete for a chance to receive advice from Daymond John, a star judge from ABC's "Shark Tank," and ultimately the grand prize money.

The competition will be hosting Live Pitch Events in Miami, Atlanta, Los Angeles, Dallas and Philly during the summer.

To apply, register at MLTaptheFuture.com and fill out the application before April 6.

Lance Rios, founder of Being Latino, will be one of the judges and has some advice for those looking to pitch the next great idea. Check video above.

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