Enterprise Center pitch contest offers $80,000 for diverse tech businesses
The Enterprise Center, Mom Your Business and the city of Philadelphia announced that they have opened the application process for minority-owned tech businesses looking to participate in a new pitch competition whose winner will receive up to $80,000 in funding.
The organizations released the regional call-for-applications for the first “Most Diverse Tech Hub” Pitch Competition, set to be held in West Philadelphia, as part of the city’s Most Diverse Tech Hub (MDTH) initiative, which aims “to position Philadelphia as one of the top—and most diverse — tech hubs in the nation,” according to a news release.
“The PHL: Most Diverse Tech Hub initiative is now in its third year of investments to increase access, economic mobility and opportunity for all. Philadelphia has all the ingredients to become a national leader in fostering a more diverse, innovative tech sector,” Mayor Jim Kenney said.
“The goal is to highlight the best and brightest of our technology sector, enabling more Black and brown Philadelphians — young adults and adults — to be inspired to succeed in one of the fastest growing and world-class industries. Our administration looks forward to the positive impact that these investments will have this year and in years to come.”
According to the city, the goal of the pitch competition is “to provide growing capital or seed funding for Black and brown tech companies” while also helping to “provide mentorship, discounted space and technical assistance for diverse and innovative firms.”
In order to be considered for the pitch competition, interested organizations must be: located within the city of Philadelphia, at least 51% minority-owned, over a year old, and operating as a tech business, amongst other stipulations.
Finalists in the competition can expect to receive an invitation to a 10-week accelerator that would offer support and training, coaching and mentoring from industry specialists, and a high level of promotion and exposure as a result of participation.
“Our overall objective is to spark the creation of tomorrow’s technology for a digital economy in Philadelphia,” said Sarah Bondzie, associate and investment/loan officer at The Enterprise Center.
“This competition will not only shine a spotlight on minority-owned businesses within the Philadelphia region, but will also provide the winners with access to up to $80,000 in seed capital. As a hub of innovation, breaking down barriers is second nature to The Enterprise Center. With the city’s support, we are now doubly empowered to realize our vision of a more inclusive and diverse tech ecosystem that fosters entrepreneurship and drives economic growth in the region.”
The city will be accepting applications through June 26, with an in-person finale event Oct. 3.