The largest BIPOC entrepreneurial competition in the United States has returned for its third year. Meda (Metropolitan Economic Development Association) has opened up applications for the Million Dollar Challenge for Minority Entrepreneurs, awarding $1 million in funding to BIPOC businesses from across the nation.
Meda has worked with several Native-owned businesses including restaurateurs, contractors and professional services. The nonprofit stated that it would like to see more Native-owned business leaders recognized for their innovation and to benefit from this unique program.
Studies reveal troubling disparities between non-minority and BIPOC businesses due to lack of financial, human and social capital as well as racial discrimination, specifically, for Native-owned firms specialized in professional services.
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“Meda’s Million Dollar Challenge provides so many opportunities for entrepreneurs of color to highlight their creativity and innovation, and accelerate their business growth,” said Alfredo Martel, President and CEO of Meda. “Investing in BIPOC businesses is more important than ever as the economy is ravaged by the effects of COVID-19 and civil unrest. BIPOC entrepreneurs are resilient and adaptable, and investing in them has proven to create jobs and boost economic development. We are excited to bring the Million Dollar Challenge back for a third year to continue that impact and support on a national level in these unprecedented times.”
This year’s competition will continue to include the Boot Camp for Successful Pitches as well as the final pitch and award ceremony, hosted entirely online. Find the application form here: http://meda.net/challenge2020.
Applications opened on October 1, 2020, and the 15 finalists will be announced November 30, 2020. Finalists will virtually attend Boot Camp for Successful Pitches from December 7, 2020 until January 22, 2021. The final pitch event will take place January 27, 2021.
Meda is a nonprofit organization dedicated to helping minority businesses succeed. The past two years of the Million Dollar Challenge resulted in 12 minority businesses from five states receiving financial awards, totaling nearly $3 million.
Meda provides business consulting, access to capital, and market opportunities for minority entrepreneurs. Since its inception in 1971, Meda has assisted more than 20,500 BIPOC entrepreneurs and helped start more than 500 minority-owned, small businesses.
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