Entrepreneurship is a buzzword in today's tech-obsessed world. Which, in some ways, is an incredible reality. Our obsession with CEO's, “The Valley," and girl bosses have created a wave of dedicated innovators to solve our biggest problems and make our world a better place.
If you are a woman, a person of color or LGBTIA+ identified and are a part of a start-up company, this is the competition for you. The SoGal Global Pitch Competition is being hosted in over 25 cities and will culminate in a final contest in Silicon Valley as well as a "3-day immersive educational bootcamp." This could be an unprecedented opportunity for you, your business and for the future of entrepreneurial diversification.
We all know how important diversity is for the world and for any business entity. But the statistics need to catch up with these ideals, because diversity isn't just a moral imperative it can also have an impact on the success and efficiency of a business. So if the ethics isn't enough to get you interested, maybe these statistics will.
- Companies in the top quartile for ethnic and racial diversity are 35% more likely to have above-average financial returns
- Companies in the top quartile for gender diversity are 15% more likely to have above-average financial returns
- Bottom quartile companies (in both gender and racial diversity) are less likely to achieve even average returns
- In senior executive teams in the US for every 10% increase in racial and ethnic diversity EBIT (earnings before interest and tax) rose 0.8%
Despite the fact that diversity is good for business, funding as a woman or a minority is incredibly challenging, but this competition could be someone's game-changing opportunity.
SoGal is a global education and empowerment platform focused on diverse investors and entrepreneurs. Their mission is "to close the diversity gap in entrepreneurship and venture capital." A tall order, given that 2.2% of VC funding went to women in 2018. Compounding the gender gap with race shows an even poorer picture: in the past decade only 0.1% (yes, that is a decimal) of funding was allocated to black women.
It is a straight up fact that companies with higher levels of diversity perform better, so why is it so hard for diverse start-ups to get funded? Oh right, racism, sexism, homophobia, implicit biases, inequality, classism... the list goes on, but thankfully that's where SoGal comes in! According to Kelley Elizabeth Henry, director of SoGal, "We're done waiting for these statistics to change; we're taking action to point investment capital toward these diverse-led startups. [...] We will change the future of entrepreneurship."
To enter this competition all you have to do is be a part of a pre-Series A startup (raised less than $3M) and have at least one "woman or diverse" founder. After you apply to pitch, you'll have to be able to make it to one of the "regional round location," which range from the more typical options of New York and Los Angeles to global locations such as Nairobi or Bangalore. And, if you're really playing to win, you better earmark February 28 to March 1 of next year, because that's when the top teams will be in San Francisco duking it out to the very end. And by "duking it out," I mean participating in "curated educational programming," talking to press and getting "facetime in front of top-tier investors." Though not everyone can win, the experience in itself looks to be well-worth the time it takes to fill out an application form and huff it to the nearest large city for the first round.