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's next Black Business Pitch Competition will be held on Thursday, May 21st, and this time we’re going VIRTUAL!
Tickets to attend are $10. Ticket proceeds will go towards funding our GoFundMe campaign, which will enable us to sustain our programming and assist black businesses in taking advantage of available capital resources.
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 group that has been traditionally underrepresented in the receipt of startup funding
Operating your business for less than three years
An entrepreneurial start-up without a 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.
All applicants will receive free access to a complimentary The Learning Series workshop on business strategy and how to pitch, and free access to the live virtual pitch event on May 21st. All companies interested in applying are encouraged to attend our Virtual Fireside Chat with Arlan Hamilton on May 7, 2020.
Up to 10 finalists will be selected to compete in the live pitch event on May 21st, where finalists will pitch their products and ideas to a panel of expert judges and compete for amazing prizes. Past prizes have included free consulting sessions with top VC fund managers and LABIC partners, automatic entry into an accelerator program, a one year subscription to Entrepreneur Magazine, AMEX gift cards, and more! This quarter’s prizes will be:
1st Place - $3,000
2nd Place - $1,500
3rd Place - $500
Meet our judges!
AUSTIN CLEMENTS is Managing Director of On Purpose Ventures (OPV), an early stage venture capital firm created to address the unmet investment needs of small business owners and the technologies that support them. He was previously a Principal at TenOneTen Ventures and began his career in investment management with AllianceBernstein. He also founded Pi Digital Media, an LA based firm which developed web and mobile applications for SMBs. Austin serves as the Chair of PledgeLA, an initiative created by the Annenberg Foundation and the Mayor of Los Angeles to promote civic engagement and diversity within the tech community. He also serves on the board of HBCU.vc and the Library Foundation of Los Angeles. Austin received his MBA from NYU Stern and his BA from Morehouse College.
Socials: @austinlac on Twitter; @AustinLAClem on Instagram
TRACY GRAY is the Founder and Managing Partner of The 22 Fund (The 22), an impact, growth equity and advisory firm with a mission of creating the quality jobs of the future by increasing the export capacity of manufacturing companies, intentionally targeting women- and minority-owned businesses. She is a Board of Director of Applife Digital Solutions, Inc (OTC: ADLS), a publicly traded, fully reporting start-up incubator and venture studio, and of the California State University, Dominguez Hills Philanthropic Foundation endowment. She is also an Executive in Residence at the Los Angeles Cleantech Incubator (LACI) and chairs LACI’s Diversity in Entrepreneurship Advisory Council. Following an overwhelming response from a 2015 TEDx Talk she gave, Ms. Gray founded the non-profit We Are Enough (WAE), whose mission is to educate all women on how and why to invest in women-owned, for-profit businesses or with a “gender lens.”
EARNEST SWEAT is an Associate Partner at GreatPoint Ventures, which focuses on verticals whose emerging technologies will have the most significant impact on global GDP, specializing in retail, supply chain, real estate, and manufacturing. Prior to joining GPV, Earnest was a founding team member at Prologis Ventures, the venture arm of the world’s largest industrial real estate owner. Earnest is also a founding Board Member of BLCK VC, a community built for and by black investors, and, shortly after college, founded an online marketplace to provide college advisory and professional development services, which was acquired four years later. Earnest is an alum of Columbia University and earned his MBA from Northwestern’s Kellogg School of Management.
Socials: @earnestsweat, @greatpointvc, @blckvc on Twitter
Competition rules and guidelines are as follows:
Finalists will be notified by email by May 13th at 11:59pm PT.
LABIC reserves the right to adjust the number of finalists at any time.
Finalists must confirm their intent to participate in the live virtual pitch event by submitting their business plan by May 17, 2020 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 present during the live virtual pitch event on May 21st. No pre-recorded presentations will be allowed.
All public sessions of the live virtual 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 April 16, 2020.
Applicants must submit the following materials via the below link to enter the competition:
Non-refundable registration fee. Early Bird registration fee is $39 through April 23rd, $49 after.
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 closes on May 10, 2020 at 11:59 pm PT.
