38.3 F
Fort Worth
Tuesday, October 27, 2020
Business Texas Showcase Invests $600k in local minority entrepreneurs

Texas Showcase Invests $600k in local minority entrepreneurs

Other News

Second round of business grants underway

Applications for the second round of Preserve the Fort business grants to help local businesses who have been hit hard by the...

CORE Fort Worth offers nonprofit workshop

SCORE mentor and volunteer Astrid Laws Gulley will lead a Zoom workshop Saturday, Aug. 22, 2020, from...

Fort Worth-area CEOs named finalists for EY’s Entrepreneur of the Year award

EY has announced the finalists of the Entrepreneur Of The Year 2020 Award in the Southwest region. Widely considered one of the most...

Loan program ends, hard-hit businesses hope for 2nd chance

By JOYCE M. ROSENBERG AP Business Writer NEW YORK (AP) — Small businesses are in limbo again as the...

Previous fwbp story:

Dallas Cowboys Pro Bowl linebacker, Jaylon Smith, hosted the second annual Minority Entrepreneurship Institute (MEI) Showcase in Dallas on July 10 at The Star. Five finalists presented at the premiere pitch competition and were awarded $600,000 in investment capital.

Smith created the MEI as a way to help minority entrepreneurs gain access to capital and mentorship to grow their businesses.
The MEI Texas Showcase raised $350,000 pre-event to invest in the top three companies, but the entrepreneurs and businesses were so compelling that the MEI Texas Sharks and investors huddled together after the pitches and threw in another $250,000, investing a total of $600,000 in five new MEI portfolio companies, a news release said.

The top 10 finalists were selected from a competitive group of 147 applicants representing 42 Texas cities.

Winners were selected by celebrity judges to receive investment into their businesses and strategic counsel.

The Top 10 Texas entrepreneurs included: Afroland TV, Duke.AI, The Etho, Kanarys, Laundris, REV+, ShearShare, Snag My Wedding, Trinity Utility, and Zirtue. Outside of the finalists, several dozen companies qualified for the MEI Texas Marketplace, an evergreen online showcase of minority entrepreneur exemplars from across the nation.

The top finalists went through a rigorous pitch training session with consultant Brandon Andrews who scouts minority talent for ABC’s Shark Tank, the news release said.
After the top five finalists were chosen, entrepreneurs broke out into 1:1 sessions with Andrews to prepare for the competition.
“This is one of the best pitch competitions I have seen anywhere,” said Andrews. “All five of these businesses are building incredible solutions. Thanks to Jaylon and the team for supporting entrepreneurs of color.”

Afroland TV, Duke.AI, Kanarys, ShearShare, and Zirtue, presented in front of a small group of investors, Smith and the MEI Texas Sharks. The MEI Texas Sharks were five-times MLB All-Star Torii Hunter, founder and CEO of S2 Capital, Scott Everett, and CEO and owner of Parrish Restaurants LTD Roland Parrish.
The presentations were in as room at The Star lined with the Super Bowl trophies and championship rings.
The news release said the final presenter stole the show.

Dennis Cail founded Zirtue to help tackle the $4 trillion consumer debt problem in America. His relationship-based social lending app simplifies loans among friends, family, and trusted relationships with automatic monthly or deferred loan payments.
The MEI Sharks and investors were motivated to put money into his fast-growing company, but also admired the social impact.
“I grew up in the housing projects of Monroe, Louisiana, and came from very humble beginnings,” said Cail. “Everyone needs a financial lifeline from time-to-time. My way of paying it forward is to help people access low-interest loans in times of need. MEI is helping us create a more financially inclusive world.”
Companies and individual supporters and included Corporate Partner Reliant Energy, Investment Partners: Jaylon Smith, S2 Capital, and COHatch. Event included S2 Foundation, Goldman Sachs, Stifel|PearlStreet Investment Management, Beck Group, Michael K. Hurst, SVP Dallas, and Dallas Entrepreneur Center.
– FWBP Staff

Latest News

Fort Brewery to relocate to former historic site

Fort Brewery & Pizza announced Oct. 27 the brewery and restaurant will relocate to a 25,000 square-foot facility located at 2737 Tillar...

$27M, 112-unit multifamily community coming to Arlington

OM Housing LLC has announced plans for and the upcoming groundbreaking of the 112-unit, approximately $27-million multifamily community known as Bardin Apartment...

Sept. new home sales fall 3.5%, after strong summer season

By KEN SWEET AP Business WriterCHARLOTTE, N.C. (AP) — Sales of new homes fell by 3.5% in September to a seasonally-adjusted annual...

Stocks have their worst day in a month as virus cases surge

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA AP Business Writers U.S. stocks fell sharply Monday, deepening last...

Dunkin’ shares soar after buyout talks with Arby’s owner

By DEE-ANN DURBIN AP Business Writer The Dunkin' doughnuts and coffee chain confirmed it's held talks to be taken...