Essence 2017 PitchCity Competition

Transcription

1 Essence 2017 PitchCity Competition What Makes Cities Work? Saturday, July 1, 2017 Time: 5:00P.M Location Powered by In Cooperation With 1

2 PitchCity Competition Overview What is the PitchCity competition? The 2017 ESSENCE Pitch Competition will highlight innovations that impact urban environments in new ways around commuting, communication, urban design, sustainability and improving the lives of city residents. To enter online, go to millennialsredefined.org/pitchcity and follow instructions to submit your answers to the questions. Entries become sole property of Supporter and none will be acknowledged or returned. By entering, Entrant warrants that his or her entry (1) is original and does not infringe the intellectual property rights of any third party, (2) has not been published in any medium or (3) has not won an award. The competition is geared to attract innovative, early-stage companies that are for-profit and generate smart solutions to challenges that impact dense, urban environments. Competition Timeline The recorded elevator pitches will be reviewed between May 3, 2017 and May 26, Ten semi-finalists will be notified by May 30, 2017 and will be asked to submit a one-page business plan by June 2, Three finalists will be selected and notified by June 5, They will then travel to the Essence Festival June 30-July 1, 2017 to pitch in front of a live audience and esteemed panel of judges. Who may apply? Applicants for PitchCity must be established businesses with a valid Tax ID and can apply either as an individual or a team. Other eligibility requirements are as follows: Applicants must be existing business owners. The company must be headquartered in the United States. The company must have been in existence for at least one year. Companies must have generated annual revenue or venture capital funding between $10,000 and $50,000. Companies that have generated annual revenue or venture capital funding in excess of $50,000 are ineligible to apply. Applicants must sign a waiver with submission of their initial application permitting Essence, the U.S. Black Chambers, Inc. (USBC) USBC Community Economic Development Corporation (USBC CEDC), and affiliate partners to use their submissions for education and marketing purposes. Applicants that apply as teams and advance to the final round may only send two (2) of team members to pitch live at the 2017 Essence Festival. We reserve the right to limit the volume of submissions at any time; therefore, applicants are encouraged to apply early. 2

3 Finalists from previous Essence Festival Pitch Competitions, current members of USBC and USBC CEDC Programs (Millennial Entrepreneurs Redefined; Capital Pathways), and the general public are eligible to apply. Can I apply if I have only an idea? No, PitchCity is designed to fund existing companies that demonstrate potential for growth. Ideas that have not been translated into a formal, incorporated business are ineligible to apply. How can I apply? First Round Submit a 90-second elevator pitch (video and audio) and business profile form via our online submission portal between May 1, 2017 and May 26, You are encouraged to apply early. o Elevator pitches over 90-seconds will not be reviewed. Any statement made over the 90-second time allotment will not be factored into the judge s assessment and will serve as a basis for disqualification from the competition. o Elevator pitches should include key topics like the following: What is your business? What is the problem in the market? How does your business provide a viable solution? What is the market size and opportunity? Who are you and what qualifications do you have? What is the cost of your product/service and how much profit per item/service will/do you receive? Who are your competitors and what is your competitive advantage? How much traction have you gained to date? How much investment do you need and for what? A closing and call to action Elevator pitches must be submitted via a link to the video. The use of visual equipment apart from the recorded pitch is not permitted. You may not use or submit PowerPoint slides or other visual graphic in lieu of a recorded pitch for this round. Semi Final Round 1. Ten applicants will be notified by May 30, 2017 to advance to the semi-final round. 2. Ten semi-finalists will submit a one-page business plan template by June 2, Semi-finalists must submit their business plan template by the deadline indicated and within the stated word count. 4. Templates submitted after the deadline and/or over the word count will not be reviewed and will be disqualified from the competition. Final Round 1. Three semi-finalists will be flown to New Orleans, LA June 30-July 1 to pitch live in front of an audience and esteemed panel of judges. Flights, accommodations and access to the Essence Festival will be sponsored by Essence. Ground transportation and meals are the responsibility of the finalists. 3

4 2. Each company will be briefly introduced by the host and have two minutes to pitch live, followed by two minutes of Q&A by the judging panel. 3. Time will begin when the presenter begins to speak. 4. First, second and third place prizes will be awarded based on the following scoring allocation: a. 65% Judges Score b. 35% Audience Score, submitted via live voting platform (i.e., proposed platform: What prizes are awarded? ALL FINALISTS (3) VALUE - $13, All-expense paid trip to NOLA, hotel for 3 nights (e.g. June 29-July 2) - double occupancy room + flight for 2 company individuals, such locations designated by Essence, ARV $2,100 Office hours with business leaders at Festival (up to 1 hour each), ARV $ On-site coaching by business coaches determined by USBC CEDC (3 hours on site), ARV $ Virtual coaching (to occur in May and/or June 2017), ARV $ Onsite training in the Millennial Entrepreneurs Redefined or Capital Pathways Program, ARV $0.00 Ongoing resources, support, and eligibility to apply for additional pitch competitions through USBC CEDC programs including the Millennial Entrepreneurs Redefined and Capital Pathways Programs, ARV $0.00 FIRST PLACE - Overall Competition Winner All of the above for the Finalists, plus: $5,000 cash prize money for business venture Designation as winner of the 2017 ESSENCE Pitch City Competition VIP Experience on Saturday, July 1, 2017 at Festival, including o VIP All-Access passes - $250/person (two people total) o Meet & Greet & Photo Opp. with ESSENCE Execs and Partners Feature on Essence.com Thirty-minute coaching session with one judge from the pitch competition panel (first place winner has first-choice with coach selection) On-going access to resources and mentors through the USBC CEDC Millennial Entrepreneurs Redefined Program or the Capital Pathways Program Automatic advancement to final-round of USBC CEDC Millennial Entrepreneurs Redefined Program (pending venture eligibility) 4

5 SECOND PLACE (in addition to ALL FINALISTS package) Thirty-minute coaching session with one judge from the pitch competition panel (second place winner has second-choice with coach selection). On-going access to resources and mentors through the USBC CEDC Millennial Entrepreneurs Redefined Program or the Capital Pathways Program depending upon venture-type. Automatic advancement to final-round of USBC CEDC Millennial Entrepreneurs Redefined Program (pending venture eligibility for the MER competition). THIRD PLACE (in addition to ALL FINALISTS package) Thirty-minute coaching session with one judge from the pitch competition panel (third place winner has third-choice with coach selection). On-going access to resources and mentors through the USBC CEDC Millennial Entrepreneurs Redefined Program or the Capital Pathways Program depending upon venture-type. Automatic advancement to final-round of USBC CEDC Millennial Entrepreneurs Redefined Program (pending venture eligibility for the MER competition). Winners will be encouraged to participate in USBC Entrepreneur Training Program powered by the University of Phoenix located at 5

6 PitchCity Competition Tips If selected as a finalist, please be prepared to speak about the following in your presentation: Introduce yourself and your idea. Identify the problem to be solved and propose your solution. Describe your product, service, innovation or idea. Explain how you derived the idea. Establish how your idea is original, creative or an improvement over existing ideas, products or services. Perform a demonstration and/or describe how the idea works. Present the target market for your product, service or idea. Define your target in detail and establish why there is a need for the product, service or idea in your target market. Demonstrate that the target market is measurable and sustainable. Explain how your solution will benefit the target/ideal customer. Identify competitors and establish uniqueness. Describe your uniqueness or how you will differentiate your idea from competitors. Explain how your idea will be sustainable or profitable. Communicate your business strategies, management strategies, and funding requirements. Define how you will make a profit and or/accomplish your mission and vision. Provide recommendations on how your product, service or idea should be communicated and promoted. Explain how much funding is needed to produce your idea. Explain how you derived at that amount. Share what you perceive to be your biggest challenge in the future. Communicate the ultimate goal for your idea and how will you succeed. Share why you and/or your management team will succeed with this idea. Please also be prepared to answer questions from an esteemed panel of judges. 6