Commencing a new business venture is inherently challenging, and for individuals facing additional obstacles such as racialized individuals and new immigrants, the journey is notably more arduous. Securing essential funding, particularly for those lacking conventional assets like a home for collateral, presents a formidable challenge.
To address these adversities, the Black Entrepreneurs and Businesses of Canada Society (BEBC) is presenting the second annual Black Pitch Contest during Black History Month. This distinctive competition extends a substantial prize of £25,000 to aid Black entrepreneurs in initiating or expanding their enterprises. The event also affords participants valuable tools, resources, and opportunities to engage with potential customers. Furthermore, contestants receive guidance on applying for the Black Business Awards.
This endeavour was established by Jackee Kasandy, who personally endured the trials of launching a business without requisite funding. The absence of financial backing led her to exhaust credit cards and invest four years in bringing her business to fruition. Influenced by her own hardships, Kasandy founded BEBC with the objective of addressing the systemic barriers faced by Black entrepreneurs and immigrants in accessing capital for their business ventures.
The triumph of the inaugural contest, which granted £25,000 to a deserving business, and the discovery of more Black-owned businesses in British Columbia than initially anticipated, has spurred Kasandy and her team to persist in their efforts to bolster the business community.
A notable success story from last year’s campaign is Deress Asghedom, founder of Vaster, a technology startup in B.C. As a runner-up in the competition, Asghedom underscores the significance of the networking opportunities and exposure his company gained through the contest, notwithstanding not clinching the cash prize. His experience serves as a testament to the enduring impact and opportunities that emerge from participating in such events.
Nadine Umutoni, the founder and CEO of Neza Coffee, also epitomizes the fortitude and resolve of Black entrepreneurs. Umutoni, a survivor of the Rwandan genocide, has surmounted immense challenges to establish her social enterprise. Despite grappling with substantial funding hurdles, the presence of Neza Coffee in select Safeway stores around Vancouver underscores the company’s expansion and perseverance. Umutoni’s participation in the Black Pitch Contest exemplifies her dedication to growing her business and creating more opportunities for others.
The Black Pitch Contest is presently open for submissions, with the top five entries earning the opportunity to present their business ideas at the 2024 Black Business Summit. For Kasandy and her team, this contest is but one facet of a broader mission to advocate for enhanced access to capital for small business owners and immigrants. While acknowledging the necessity for banks to manage loan risks, Kasandy also advocates a reconsideration of traditional approaches, such as considering long-term rent payments as evidence of creditworthiness.
As the contest continues to empower and support Black entrepreneurs and immigrants, its impact transcends monetary rewards. The resilience, hope, and determination demonstrated by participants like Umutoni and Asghedom underscore the significance of initiatives that not only offer financial aid but also cultivate a supportive and inclusive business community.
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