The Black Entrepreneurs Association (BEA) is offering $2 million to an Afro-Guyanese industrialist in its ‘Emancipation Pitch’ business competition.
The Association started as a simple WhatsApp group of likeminded persons in 2020 and has evolved into a structured organisation with over 300 businesses and individuals in its membership.
A survey last year recorded the main challenge facing black businesspersons to be access to financing. It found that 40 per cent of the BEA membership were seeking financing between $500, 000 to $5 million to upskill their businesses or introduce new products.
The Emancipation Pitch business competition is, in part, a response to this need. It is not closed to current members of BEA as the Association looks to also increase its membership in numbers and reach.
It is open to all Afro-Guyanese with a business less than four years in existence.
Applicants are advised to submit a one-page document offering a brief summary of the business idea with a description of the model and concept. Eight persons will be selected as finalists to pitch their business ideas towards winning $2 million in investment capital.
Businessman Clinton Urling, as member of the organizing committee, has promised that there will also be prizes for runners up even as the Association has promised long term support for the businesses and individuals beyond the competition.
The aim is to make the competition annual.
“We want to really attract some of the best and brightest entrepreneurs,” Urling said as he pointed out that $2 million is among the highest sum offered locally for business pitches of this nature.
The event is slated for August 05 from 13:00hrs to 16:00hrs at Herdmanston Lodge.
