Minority Business Plan Competition

The Enterprise Center hosts an annual Minority Business Plan Competition to accelerate the start-up process of minority entrepreneurs and provide tools and support to increase the formation and success rate of minority-owned businesses. Since 2000, the competitions have received over 700 registrations and has awarded over $400,000 in grant awards and over $100,000 in in-kind office space.

The competitions are open to for-profit businesses in which at least 41% of the beneficial ownership, interest and control are held by a minority or minorities. In the case of corporations, minorities must hold at least 51% of voting interest. Businesses must also be owned and operated by an entrepreneur who is a resident of Pennsylvania, at least 18 years old, and of African-American, Puerto Rican, Spanish-speaking American, Aleut, Asian-Pacific American, Asian Indian, Native American, or Eskimo heritage.

Entrants are first asked to supply an executive summary of their business plans. A panel of esteemed professionals then selects semi-finalists to submit full business plans. For the last round of the competition, the remaining finalists present their plans before a panel of judges.

For the 2005-2006 competition, a total of $85,000 was awarded to six developing entrepreneurs in the following six categories: Growth Innovation Business Plan, Business Innovation Business Plan, Food Retailer Innovation, Neighborhood Retailer, Technology Business, and Emerging Fashion Business. The awards ceremony took place on June 22, 2006, with Kwame Jackson, a finalist on Donald Trump's The Apprentice, as the Keynote Speaker.

The 2007 competition was one of our most successful, with 165 registrations, 29 finalists, and 16 winners. The 2007 awards exceeded the amounts of previous years, with a total of $150,000 awarded in four categories: Established Venture and Emerging Venture winners received a combined amount of $50,000; the Fresh Food Retailer, sponsored by the Reinvestment Fund, awarded $10,000 to one winner; and the Neighborhood Retailer granted $90,000 to 13 winners.

Stay tuned for information about the 2007-2008 version of the Minority Business Plan Competition.