National Black MBA Association® launched the Scale-Up Pitch Challenge in 2017 which works to satisfy the mission of the Association to help create and support wealth-building opportunities for its members, with previous winners experiencing great success with investors due to exposure and funding provided through this challenge. Scale-Up Pitch Challenge is a pitch competition designed to “Make Big Ideas Bigger” by encouraging our members to create startups that are scalable. We provide startups the unique opportunity to connect with early-stage investors and venture capitalists who are ready to invest.
The 3 finalists will compete at NBMBAA annual conference in Pennsylvania to a panel of judges on sept. 15th. The winners will be awarded a $50,000 Grand Prize, with additional top prizes for 2nd place and 3rd place.
If you think your startup embodies a “Big Idea” that can be even bigger, this challenge is for you!
Prizes
The top three finalists, selected by judges, will be awarded cash prizes. The audience will also the opportunity to vote for the People’s Choice Award winner, which will also receive a cash prize.
1st Prize: $50,000
2nd Prize: $10,000
3rd Prize: $7,500
People’s Choice Award: $1,000
*Finals will be held on Sept. 15th at NBMBAA annual conference in Pennsylvania.
About the Pitch
- Entrepreneurs selected as semi-finalists will pitch their businesses virtually to a panel of judges.
- Entrepreneurs selected as finalists will pitch their businesses at NBMBAA annual conference in Pennsylvania.
- Entrepreneurs will present their ideas/concepts to a panel of judges with a 3-minute time limit (semi-finals) and a 5-minute time limit (finals).
Pitch Components
Entrepreneur will present their ideas/concepts to a panel of judges with a 3-minute time limit. Pitches should include:
1. Product or Service – Briefly describe the product or service.
2. Value Proposition – How is the product or service going to add value for customers?
3. Target Audience – Who will be buying the product or service?
4. Market Size – How big is the target market?
5. Differentiation – How is the product or service different from existing products or services? What is the competitive advantage? (patent, algorithm, unique service model, etc.)
6. Revenue Model – How will the product or service generate revenue? (sales, subscription, advertisement, etc.)
7. Revenue Estimate – How much is expected to sell in the first year of business?
Time
Each team is allocated three (3) semi finals and 5-minutes finals for presenting and an additional 6-minutes-finals for a Q&A session with the judges.
Presentation & Materials
Entrepreneurs should submit a PowerPoint presentation to accompany the pitch. Entrepreneurs can also display/share/show their prototype, samples, or posters. However, materials may not be distributed to the judges or the audience during the pitch.
Judging Criteria
Judges will evaluate companies based on four core criteria designed to test the merit and scalability of businesses:
1 – Business/Revenue Model
Does the business have a defined, realistic, tested and scalable business model? Is there a current positive trend in revenue growth? How will the company use the funds to promote sustainable growth? Is the IP protectable? What is the barrier to entry? Does the company run efficiently?
2 – Product/Market Fit
Have you conducted customer feedback/market research? Is there demand for this product? Will the market bear your pricing structure? How will future trends affect the business trajectory?
3 – Team Capabilities & IP
Does the founding team have the requisite skill-set and core competencies to execute on the idea? Do you have deals in place with vendors and suppliers? Have you identified team weaknesses? How do you plan on filling these gaps?
4 – Execution (Technical, Business & Product)
How has the business executed on ideas to date? Is the product well-designed? Is the business set up efficiently/effectively? Where is the product in its lifecycle? How will you advance the product to its next stage?
Submission Details
- The deadline for all submissions will be provided.
- The top 3 finalists will be invited to attend the NBMBAA® Conference & Career Fair
- At least one founder of each Scale-Up Pitch Challenge team must be an active member of the National Black MBA Association® in order to participate in the Scale-Up Pitch Challenge.
Eligibility
Ideas and concepts pitched must be in the initial or early stages of development. Individuals or teams must disclose any funding already received at the time of registration. There is an allowance for an idea or concept to be already funded before this Challenge by personal or family funds, small amounts of seed capital from outside investors, or modest amounts of funding stemming from institutional or research grants.
The pitched idea or concept must be the original work of the individual or team pitching it. The individual or team represents and warrants that (i) it or they are the author or owner of the idea they are pitching and the owner of any intellectual property right(s) upon which the idea is based and (ii) that the idea does not contain any libelous material, does not invade or violate any right of privacy, personally or proprietary right, or other common law or statutory right. Ideas and concepts deemed by the NBMBAA® Organizing Committee to be fake, insincere, offensive, immoral, libelous, or unethical or in violation of any right of privacy, personally or proprietary right, or other common law or statutory right may be screened and disqualified.
The NBMBAA Organizing Committee has the sole discretion to disqualify and/or remove any individual for any reason that it deems appropriate before and/or during the Challenge for violation of these rules. All decisions regarding an individual’s or team’s removal and/or disqualification from the Challenge are final. All entrants and winners must:
1. Be a U.S. resident, and over the age of 18.
2. Have a founder who is Black (of African descent), who maintains an ‘at least equal stake’ in the startup (if the startup has three owners, at least 33% of its ownership must be Black).
3. At least one member of each Scale-Up Pitch Challenge team must be an active member of the National Black MBA Association in order to participate in the Scale-Up Pitch Challenge semi-finals virtual event. Become a member here.
Judges
The Challenge judges are a panel made up of investors, business development and startup experts from local and surrounding areas of each round.
Entry & Registration
- The Committee’s decisions will be final. Applications must be received by the submission deadline.
- All semi-finalists must be a member of NBMBAA® in order advance to the finals and compete at the NBMBAA® Conference & Career Fair
- The maximum number of team members for a single pitch is limited to 1 person.
Ties
In the event of a tie, the cash awards will be split equally between the competitors. By participating in the challenge, participants agree to be bound by the decisions of the judges. All competitors will gain access to free business consulting, mentoring, and partnership development.
Confidentiality
Confidentiality is not guaranteed in any way. Do not include confidential material in your submissions. There is no way for NBMBAA® to enforce a prohibition of other competitors, audience members, or the Judges who see and hear a pitch competitor’s materials from sharing the idea and/or materials. Sharing your idea or concept may be deemed a public disclosure, so if you are interested in filing a patent, you may need to consult with a patent attorney before entering the Challenge. NBMBAA is not responsible for any confidentiality issues that may occur during the course of the Challenge and will not be involved in any way with disputes arising therefrom. Competitors may exclude any proprietary information or materials that the competitor feels are at risk of disclosure.
Miscellaneous
Release – By participating in the Challenge each participant and winner agrees to indemnify and defend NBMBAA®, its officers, directors, employees, agents, contractors, members, or event participants from any loss, liability, costs, or damages arising from actual or threatened claims or causes of action which may occur from the conduct of, or participation in, the Challenge, or from the use of any prize. In order to receive a prize, participants will be required to sign a separate waiver form provided by NBMBAA.
Publicity; Use of Personal Information – By participating, where allowed by law, all participants and winners grant NBMBAA the exclusive permission to use their names, characters, photographs, voices, videotape, and likeness in connection with the promotion of this and any future Challenge. By participating in the Challenge, where allowed by law, participants agree that NBMBAA may disclose personal information obtained from participants in the Challenge to third parties and use such information for marketing and other purposes.
Taxes
The value of any prize awarded to a winner may be reported for tax purposes as required by law. Each winner is solely responsible for reporting and paying any and all applicable taxes related to the prizes and paying any expenses associated with any prize which are not specifically provided for in these rules. Each winner must provide NBMBAA® with valid identification and a valid taxpayer identification number or social security number before any prize will be awarded. Any person winning over $600 in prizes from NBMBAA will receive an IRS Form 1099 at the end of the calendar year and a copy of such form will be filed with the IRS.