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Do you have a big idea that you would like to get in front of early-stage investors and venture capitalists? Here is your chance. Applications are now open for the 2019 National Black MBA Association Scale-Up Pitch Challenge. The winning team will be awarded a $50,000 grand prize. Additional prizes will be given to second place ($10,000), third place ($1,500), and the People’s Choice winner ($1,000).
It’s not a secret that black startup founders struggle to gain visibility and funding in the venture capital world. According to a 2015 CB Insights analysis, black founders received just 1% of the funding provided by VCs, and the statistics haven’t gained much momentum since then.
That’s why the National Black MBA Association Scale-Up Pitch Challenge was launched in 2017. The goal is to award $2 million in business grants to members as part of the 2020 Vision.
Last year, a young millennial entrepreneur walked away from the 40th Annual National Black MBA Association (NBMBAA) Conference with $50K to scale his startup.
“A friend who was a National Black MBA member really pushed us to apply last year and then we were skeptical [this year]. But we’re happy that we did it,” says Kwame Boler, the co-founder and CEO at NEU Inc.
If you meet the eligibility requirements, submit your application by Monday, July 15 at 11:59 p.m. EST. Top 15 finalists will be notified in August and receive complimentary conference registration, $500 for travel expenses, and lodging.
You’ll need to upload a 90-second elevator pitch, complete the business canvas, create an Angel List profile, and send in your submission form. At least one member of your Scale-Up Pitch Challenge team must be a member of the NBMBAA.
Semi-finalists will present their pitch in front of a panel of judges during the NBMBAA conference. The 41st Annual NBMBAA Conference and Exposition will be hosted in Houston from Sept. 24–28. The Scale-Up Pitch Challenge will be announced after the finalists round on Thursday, Sept. 26.
Black Enterprise Contributors Network
Charlene Rhinehart
Charlene Rhinehart is a Financial Coach, Certified Public Accountant, and Author of “Invest in 5 Minutes a Day!”.
Charlene is on a mission to help more people build stock portfolios that are bigger than their shoe collection. She is the Editor-in-Chief of Wealthy Women Daily, an investment research and education platform designed to help women build wealth.
Charlene also teaches women how to increase their income and impact as the Founder of Career Goddess Academy. Charlene writes career, money, and travel insights for publications all over the web. Connect with Charlene on Instagram @charlenerhinehart or get access to weekly investing ideas by subscribing to Wealthy Women Daily at https://wealthywomendaily.com/wealthy-women-weekly/
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