Rates of minority-led startups are regrettably low. According to a 2010 study by CB Insights
, less than 1 percent of venture capital-backed startups were black, and latino-owned startups weren't even mentioned.
That's where Pitch 313
comes in. Taking place on September 7 at Grand Circus Detroit
, this pitch competition will give minority-led businesses the chance to sell their businesses to inventors for funding and in-kind services. The exact prizes and amounts have not been determined.
The competition is exclusively for companies led by black & latinx founders.
According to Pitch 313's website, "The event provides an opportunity for these underrepresented groups to receive some foundational resources to get their idea, concept, or business off of the ground."
The competition is sponsored by Code2040, Google for Entrepreneurs, and Grand Circus.
Deadline for application is August 23 at midnight. Apply for Pitch 313 here.