FACE to host pitching competition for Black entrepreneurs in Canada with $200K in prizes

Black Canadian entrepreneurs have an exciting opportunity to get their hands on some huge funding for their business ideas, as a new national pitch competition is offering up to $200,000 in prizes this fall. 

Black business owners face a series of challenges when opening and sustaining a business in Canada, including limited networking opportunities, biases, and unequal access to funding, which often lead to a gap in businesses catered to that community. As a result, only 2.4 per cent of Canada’s total businesses are Black-owned, according to Statistics Canada. 

The Black-led, bilingual non-profit organization Federation of African Canadian Economics (FACE) is working to change this reality by providing entrepreneurs with access to capital investment, working capital and other resources to help their businesses thrive. 

Partnering with the Government of Canada and the Business Development Bank of Canada, the non-profit leads the $160-million Black Entrepreneurship Loan Fund (BELF), which has helped more than 600 Black entrepreneurs across Canada with over $50 million to launch their businesses. 

Now, FACE is set to host Melamoon, a pitching competition happening from September 26–27 at the Globe and Mail Centre in Toronto, with the goal of helping future Black entrepreneurs across Canada take their business ideas to the next level. 

Powered by FACE and U.S.-based non-profit Black Ambition, Melamoon hopes to show what real investment, ecosystem support and cultural intention can do for the future of Black entrepreneurship by offering not only money, but networking, mentoring and resources to help businesses thrive in Canada. 

Black entrepreneurs nationwide are now invited to submit their business ideas and apply for a chance to pitch it at the event. 

FACE CEO Tiffany Callender says the event is a testament to the non-profit’s mission and its partnership with Black Ambition further supports long lasting wealth creation among Black entrepreneurs.

“Melamoon is a National blueprint for what’s possible when Black ambition is met with real investment, ecosystem support, and cultural intention. It is our contribution to Canada’s thrust for economic growth and prosperity that is equitable and representative of the people and communities that call it home,” she told Now Toronto in an email statement. 

On Sep. 26, the 50 top applicants will be invited to an exclusive evening with 120 attendees, including a dinner with cross-sector leaders, investors and cultural changemakers. This will be an opportunity for storytelling, connection and celebration, with lots of chances to meet people and push their ideas forward. 

The next day, on Sep. 27, the six big finalists will put their ideas on the spotlight by pitching them live at the event. After the presentations, a panel of expert judges will award three top prizes of $100,000, $50,000, $25,000. Additionally, the audience will vote to select the winner of the $25,000 People’s Choice Award. Best of all, this is a no-equity prize, with non-dilutive capital designed to fuel their ideas. 

According to Callender, applicants will be evaluated through a rigorous process by experienced judges—seasoned leaders from the business communities of Canada and the USA—to ensure thoughtful and appropriate selection at every stage of the competition.

“With the highest total amount of equity free cash prizes ever awarded to Black entrepreneurs in Canada up for grabs, pitches will be evaluated per a robust criterion that will assess the unique problem discovered and the ingenuity and innovation of the solution created through a service or product,” she said. 

The finalists will also have a chance to engage in virtual workshops leading to the big day to prepare for their pitches, where participants will be able to connect with leaders in key industries, other business owners, supporting mentors, funders and allies. 

The event also features countless networking opportunities across both days, where participants will be able to connect with other business owners, and leaders in key industries, as the initiative aims to amplify their voices and visions, as well as their business ideas. 

Applications are now open for all Black entrepreneurs in Canada, as they are invited to share their ideas and visions for a successful business in the country, with a chance to take home a huge cash prize!

If you are an entrepreneur who wants to share your ideas with the world, don’t miss out on this incredible opportunity and head to Melamoon’s website to submit your pitch. Applications close on Aug. 15.