Obtaining the funds to start a business is always a challenge. Whether a business owner is taking out a loan, accepting money from investors or saving up to launch or sustain their business, the money is always the big conversation.
With DEI (diversity, equity and inclusion) cutbacks affecting small business owners that rely on incentives to help grow their business, it’s important now more than ever to find all the grants and free money that is available. The Garden Pitch Party Competition, hosted by Mom Your Business, at the historic Belmont Mansion is offering just that on Saturday.
The pitch party is a yearly event that awards capital to Black and brown entrepreneurs, and this year the competition is awarding over $30,000 in cash and prizes. It’s like “Shark Tank,” where business owners pitch their businesses and the best one gets the money.
“We received over 65 applications that we had to drill down to a solid nine. We were going to go with eight, but someone else stood out, so we went with nine,” Tanya Morris, founder and president of Mom Your Business, says. “It’s an opportunity for us to support Black businesses in a different kind of way.”
Morris has been doing these pitch competitions since 2021 as a way to equip Black and brown entrepreneurs with the skills, resources and capital to start and grow successful businesses. Morris started pitching herself in 2018 at the Black Girl Ventures Pitch Competition, a national organization, and came in second place. This inspired her to create one for Philadelphia, and under her leadership, Mom Your Business has helped businesses raise over $500,000 in funding.
Morris says there is symbolism in having the competition at the Belmont Mansion.
“The Belmont Mansion was once a safe haven for runaway slaves on the Underground Railroad,” she explains. “It was a safe space and where those folks were seeking liberation, looking for economic justice. And so that was why we chose the Belmont Mansion.”
Out of the nine local business finalists, seven are women-owned. In the Greater Philadelphia area, women-owned businesses are on the rise. According to Axios, the “she-economy” is surging, however these businesses still represent a fraction of the existing businesses. And per The Philadelphia Citizen, women-owned businesses make up approximately 18% of all businesses, while women make up 53% of the population.
Although more woman-owned businesses are emerging, the fact remains that Black and brown women businesses still get the smallest piece of the pie when it comes to grants and capital. According to Forbes, there are vast disparities in venture capital — in 2022, women of color received just 0.39% of available funding.
This is why the work Morris is doing is important for entrepreneurs, especially women entrepreneurs, in Philadelphia.
The finalists for the Garden Pitch Party include BTW Its Vegan, a hand-crafted, plant-based product line; AQUA Waterproof Headwear, glam waterproof turbans and headwraps; Brown Girl Candle Care, hand-crafted dessert candles; Polish Meunbothered, a beauty, cosmetic and personal care brand; Scoutz App, a college basketball recruiting app; Steve The Legacy, helps innovators patent and sell their ideas; Rye’tious Nails, podiatrist-trained medical nail care business; and Sunkissed Group, a creative marketing agency.
The nine finalists will pitch live before a panel of expert judges, competing for over $30,000 in cash and prizes, including a $20,000 grand prize that could change the trajectory of their tech-enabled businesses.
“It’s really important to note that we serve the Philadelphia-region community, and we include some folks from New Jersey, Delaware and Maryland,” Morris says. “But It’s really important to note that the majority of the folks that are in this pitch competition are from Philadelphia. And we’re excited to give them an opportunity for the exposure as well as an opportunity to get some capital into the aims.”
You may also read this in The Philadelphia Tribune.