Now Accepting
Afro You Can Business Plan Competition — Apply Now
Entrepreneurship
Why This Competition Matters
Recent events in our nation have highlighted that there is not enough business ownership in the Black, and particularly Black immigrant, community. To help support and encourage entrepreneurship in this community, GK Folks has created a business plan competition that awards $3,500–$5,000 as seed funding to the top performers to help them launch their companies. By empowering these organizations to thrive, the hope is that these successful business owners will then facilitate and drive additional investment in the development of entrepreneurs in the immigrant community or in their country of origin.
We are recruiting participants who have a business plan or idea that is innovative and implementable — students or non-students, as long as they have a business idea they would like to implement. Delegates will work with mentors and judges who are investors or entrepreneurs themselves to develop their plan, attend workshops, structure financials, and craft a strong pitch. The competition culminates in a final presentation and an awards ceremony where the cash prize is distributed to the winner as seed funding.
Prize
Cash Awards
Top performers receive $3,500–$5,000 in seed funding.
Benefits of Participating
- Potential seed funding
- Mentorship from industry experts
- Potential business investors
- Exposure to industry leaders
- Business resources
- Website coaching
- Social media/marketing coaching
- Networking
Eligibility
- Must be 18 or older
- Individuals or groups can enter
- All participants must be Black immigrants or children of Black immigrants
- Submit an official Entry Form
Requirements
- No fees to apply or compete
- Once submitted, no changes can be made
- Designated startup leader completes the online application
- Short survey + business plan (max 5 pages) + pre-recorded video pitch (≥1 minute)
Sectors
Startup Categories
Judging
How Entries Are Evaluated
Round 1 — Video Pitch & Business Concept
- Detailed business idea & value proposition
- Market potential justification
- Implementable within the next year
- Investor value proposition
- Engaging concept
- Complete business plan: Executive Summary, Company Summary, Products/Service, Market Analysis, Competitive Analysis, SWOT, Marketing Strategy, Marketing Plan, Start-up Funding, 3/5-year P&L, Balance Sheet & Cash Flow, Break-even Analysis, Graphs & Tables
Round 2 — Final Presentation
- 7-minute PowerPoint + 8 minutes of judge questions
- Value created
- Market attractiveness
- Competitive advantage
- Operational / technical viability
- Management team capability
- Capital requirements & financial forecast
- Exit strategy
- Presentation strength
Timeline
Important Dates
Sept 30, 2020
Applications open
Jan 31, 2021
Application deadline
Feb 8, 2021
Round 1 judging — top 5 selected
Feb 22, 2021
Top 5 announced
TBD
Round 2 & awards ceremony
Resources
Get Ready to Compete
Apply for the Business Plan Competition
Complete the online application to submit your idea.
Apply NowVirtual Workshop — How to Write a Business Plan
Oct 28, 2020 · 6:30pm MST · Zoom
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