If you've decided to raise funding (instead of bootstrapping), it's certainly a possibility. I think you'll have to factor in if you're willing to appear on television and go through auditions and recordings to get funded, when you can do the same thing by "traditional" ways. What is the added value for you to pitch there? Publicity, at least, but ponder your options.
There have been similar initiatives, notably MSNBC's "Elevator Pitch" series on "Your Business" show and PicthTV. I recommend you see the archive and the youtube videos (MSNBC's pitches) to get a feeling of what might be expected.
Finally, applications close by the 27th of July, hurry up! :)