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, March 18th, and that’s right—we’re going VIRTUAL again!
Tickets to attend are $11. 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. To enter, there is a non-refundable registration fee. This fee includes:
Entry to Round 1 of the Black Business Pitch Competition
Entry to The Learning Series sessions on 3/11/2021
Entry to the virtual Black Business Pitch Competition on 3/18/2021
Round 1
Applicants submit their non-refundable registration fee, application form, and Executive Summary. Applicants are considered for advancement to Round 2.
Round 2
Up to 10 finalists will be selected to move forward to Round 2 and compete in the live pitch event, 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!
Shane, founder of Wolverine Angels, has invested in over 20 tech startups and participated in financing over 20 feature films. He has also immersed himself in the application of artificial intelligence to mitigate human bias in venture investment decision-making and iterative startup strategy. He has been featured for his work by Forbes and Female Founders Alliance. He regularly speaks about bias and venture capital at conferences and organizations including Google Developers and Startup Runway. An active member of the tech startup community, Shane has served as Entrepreneur in Residence for Techstars Los Angeles, Advisor for Plug In South LA, and Mentor for programs including Backstage Capital and Nex3. Shane holds an MBA with distinction from University of Michigan and a BS cum laude from Morehouse College.
Eda is the founder of Henries & Co., a financial advisory firm that serves small and emerging privately held companies. Eda has 15+ years of entrepreneurial, advisory and investment experience in the U.S. and Africa. Her past roles include Principal at an early stage investment firm, Vice President in Citigroup's Investment Banking division and co-founder and operator of food service and agribusiness ventures in West Africa. Eda has a lifelong commitment to public service and volunteerism. Ms. Henries is a mentor to teens, startup advisor, angel investor and a board member of the Brooklyn Kindergarten Society, and Founder and Volunteer Coordinator of Covid19BizRelief. Eda is an alumna of Georgetown University, Columbia Business School and Teach For America.
A native of Columbus, Ohio, Jarrod Barnes currently serves as the Managing Director of the Minority Entrepreneurship Institute, a seed stage impact investing fund that invests in minority founders across the midwest and southeast. Jarrod began his career working in collegiate and professional sports as a college football coach at the Ohio State University and as an NFL front office employee with the Los Angeles Rams. Prior to joining the Rams, Jarrod was the Founder & CEO of Prime U, a learning and development platform for elite athletes and coaches, where he worked with over 10,000 athletes to measure and manage personal growth at scale. As a former athlete, Jarrod is active within the sports tech community, serving as a mentor with the leAD Sports Accelerator and the Athlete Development Lab.
JARROD BARNES
Managing Director, Minority Entrepreneurship Institute
Instagram: @JarrodBarnes | Twitter: @JarrodBarnes
Competition rules and guidelines are as follows:
Finalists will be notified by email by March 10, 2021 at 11:59pm PST.
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 March 14, 2021 at 11:59 pm PST. 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 March 18, 2021. 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 February 11, 2021.
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 February 17, 2021, $49 after.
Completed application form
Executive Summary (4 pages maximum)
Failure to submit the registration fee or any of the required documents will result in the disqualification of your application.
The application period closes on March 7, 2021 at 11:59 pm PST.
