Each quarter, LABIC hosts a prize competition that provides an opportunity for entrepreneurs to showcase their innovative products, technologies, or services in particular industries.
LABIC will have its first Black Business Pitch Competition of 2018 on January 25th at Sip & Sonder, located in Downtown Inglewood. Special DJ Host and open bar! To attend, RSVP below!
For information on how to enter the competition, please see below.
Subject of Challenge
This quarter's business pitch is open to businesses in any industry. LABIC is looking for innovative products, services or technologies that meet the following three criteria:
- Has a measurable impact on target consumer / population (30%);
- Has the potential for commercialization (40%); and
- Fills a need in the marketplace (30%)
Eligibility
Participants must meet the following criteria:
- At least 18 years of age
- A member of a minority group
- Operating your business for less than two years
- An entrepreneurial start-up without an direct or indirect operating relationship with an existing large scale corporation, investment fund, or government agency
All determinations of participant eligibility shall be made in the sole discretion of LABIC.
Competition Guidelines & Rules
LABIC has an open call for applications. Up to 10 finalists will be selected to compete in the live pitch event on January 25th, where finalists will pitch their products and ideas to a panel of expert judges and compete for amazing prizes. Last quarter's prizes included free consulting sessions with a top VC fund manager and LABIC partners, a one year subscription to Entrepreneur Magazine, AMEX gift cards, and more!
Meet our judges!
SHERRI BREWER is the Senior Vice President and Chief Retail Officer of OneUnited Bank, and works with World Impact’s Young Entrepreneur Program (YEP) as a judge of business plans.
MEGGAN OIRECH is the founder and CEO of CHNO Brands, LLC, a startup that curates black-owned products for your everyday life and makes them available in their online store.
DEMARCUS WILLIAMS is the Director of Silicon Valley Bank’s Early Stage Practice in Los Angeles where he focuses on guiding entrepreneurs from incorporation through Series A financing.
Competition rules and guidelines are as follows:
- Finalists will be notified by email by January 15th.
- LABIC reserves the right to adjust the number of finalists at any time.
- Finalists must confirm their intent to participate in the live pitch event by submitting their business plan by January 22, 2018 at 11:59 pm PT. The business plan can be in any format, including PowerPoint, financial model, Word document, etc., that best portrays your company's operations and future plans. Failure to confirm will result in disqualification.
- To qualify for the prize, participants must be physically present for the live pitch event on January 25th. No pre-recorded presentations will be allowed.
- All public sessions of the live pitch event may be recorded and re-broadcast by the event organizers, the public at large, or members of the media. Participants should not expect or assume any rights of confidentiality related to data or information presented or discussed during public sessions.
- Competition organizers reserve the right to disqualify any application submission that it deems inappropriate, unethical, or offensive, or to disqualify any finalist that violates the rules of the live pitch event.
By submitting an application, you agree to the competition terms and conditions.
How to Enter
The application period opens on January 1, 2017.
Applicants must submit the following materials via the below link to enter the competition:
- Non-refundable $25 registration fee
- Completed application form
- Executive Summary (4 pages maximum)
Failure to submit any of the required documents will result in the disqualification of your application.
The application period closed on January 12, 2018 at 11:59 pm PT.
