Reeling from the success of the InnovateHER business pitch competition hosted by LABIC this past June, LABIC is excited is announce its new Quarterly Business Challenge! Each quarter, LABIC will host 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 Quarterly Business Challenge live pitch event on October 19th at LABIC's new home, Sip & Sonder, located in Downtown Inglewood. Special DJ Host and open bar! To attend, RSVP below!
For information on how to enter the Challenge, please see below.
Subject of Challenge
This quarter's business challenge is open to businesses in any industry. LABIC is looking for innovative products, services or technologies that meet the following three Challenge 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 October 19th, where finalists will pitch their products and ideas to a panel of expert judges and compete for amazing prizes, including 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!
AUSTIN CLEMENTS of TenOneTen Ventures, an L.A.-based venture firm investing in start-ups that apply data and technology to disrupt exiting industries.
EVERETTE TAYLOR of mobile app Skurt and serial entrepreneur and marketing executive featured in Forbes, TechCrunch, Inc. Magazine, Black Enterprise and Fortune Magazine.
KENE TURNER of The Network for Teaching Entrepreneurship (NFTE), an international non-profit organization providing entrepreneurship training.
Competition rules and guidelines are as follows:
- Finalists will be notified by email by October 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 October 17, 2017 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 October 19th. 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 September 22, 2017.
Applicants must submit the following materials via the below link to enter the Challenge:
- Non-refundable $20 registration fee
- Completed application form
- Executive Summary
Failure to submit any of the required documents will result in the disqualification of your application.
The application period closes on October 11, 2017 at 11:59 pm PT.
