As flocks of tycoons and start-up stars arrived in Philly this weekend for the Forbes Under 30 Summit, two local entrepreneurs already made headlines as possible winners of the "$400,000 Pressure Cooker,” contest that will award the best bold idea with a potential to change the world.

Finalist were selected from more than 115 submissions and will have the  chance to pitch their ideas on Tuesday to competition judges, Revolution's Steve Case; Forbes Media President & CEO, Mike Perlis, and Atom Factory Founder, Chairman and CEO, Troy Carter.

The winner will receive a $125,000 equity investment in their startup from Steve Case and Forbes, and $275,000 in free Forbes advertising and other services.

The five competing finalists are:

MilkCrate (Philadelphia), an app that helps people live sustainably in their neighborhood.
TowerView Health, a medication schedule management solution.
Enrou (Los Angeles), an online, content-driven marketplace for socially-conscious consumers.
LifeShel (Pittsburgh), which creates smartphone cases that crowdsource community safety.
Readycart (Chattanooga), a commerce solution bridging content creators and retailers on any platform.

The summit runs Oct. 19-22 at the Pennsylvania Convention Center and other venues in Philly. The agenda will include panel discussions, TED-style presentations, an "Under 30 Music Festival" with leading bands under the age of 30, as well as mentorship from successful business leaders. The summit will conclude with the "Under 30 Food Festival,” highlighting some of America's most notable young chefs.

The Under 30 Summit is an extension of Forbes magazine's annual "30 Under 30" list — which features 30 game-changing entrepreneurs under 30, in 15 fields, as judged by some of the greatest minds in each category.

Check out the full agenda at Forbes